GlassBOX Television Receives C$5 Million in Financing

June 9, 2008 World Screen

TORONTO, June 9: GlassBOX
Television, the Canadian company that operates BITE TV, has received C$5
million in financing from several investors, including former Alliance Atlantis
executive Ted Riley and ex-CHUM chief Jay Switzer.

The series A financing,
led by Toronto venture capital firm JLA Ventures, includes investments from Ted
Riley, the former head of international television distribution at Alliance
Atlantis; Jay Switzer, the former chief of CHUM; Stephen Tapp, who previously
headed up television operations at CHUM; and Gary Slaight, formerly with
Standard Broadcasting. The television and feature film financing company Aver
Media and the live-action production company Frantic Films Corporation are also
key strategic investors and advisors. The funding will be used to facilitate
GlassBOX’s strategy of developing broadcast and VOD channels across TV and
new-media platforms.

The company also today
announced the appointment of Raja Khanna as co-CEO and investor in Glassbox.
“Our new structure, together with our extraordinary list of backers, propels us
toward our goal of becoming one of the most relevant broadcasters to today’s
digital media generation,” Khanna said. “We believe Canadian consumers and
advertisers are ready for something new.”

GlassBOX’s founder,
president and CEO, Jeffrey Elliott, added: “Our first channel, BITE TV, has
helped define a new genre of digital media broadcasting. I am thrilled not only
to be joined by Raja, but by the upcoming re-launch of BITE TV and the new
multiplatform channels we will be announcing in the months ahead.”

BITE TV was launched in 2005
and last year won an International Interactive Emmy. It is available on cable,
satellite and IPTV through Rogers Cable, Bell ExpressVu, Cogeco, Videotron,
Telus TV, SaskTel and MTS. Its content is also available on numerous mobile
carriers including Rogers, Bell Mobility, Telus, Virgin and Fido, in addition
to broadband sites like Joost, YouTube, MySpace, Facebook and iTunes.

—By Mansha Daswani