TORONTO, Ontario, January 31, 2014 – Mood Media Corporation (ISIN: CA61534J1057) (TSX: MM) (LSE AIM: MM) (“Mood Media” or the “Company”) today announced that the Board of Directors has appointed Gary Shenk and David V. Richards as new independent directors, effective today. Messrs. Shenk and Richards succeed Lorne Abony and Justin Beckett, who will step down from the Board and have served as directors since 2005 and 2004, respectively.
Mr. Shenk is a seasoned digital media and communications business executive with significant experience in licensing, operations, sales and marketing. He currently serves as the Chief Executive Officer of Corbis Corporation, a leading digital content and worldwide entertainment and licensing company founded and owned by Bill Gates. Mr. Shenk joined Corbis in 2003 to found the Company’s Rights Services unit, responsible for business development, which became the preeminent leader in this market under his direction. Prior to Corbis, Mr. Shenk founded FlixMix, a wholly owned subsidiary of Universal Pictures, which was instrumental in establishing new licensing formats and brokering transactions between studios.
Mr. Richards brings extensive accounting and financial expertise to the Board. He currently serves as the President and Managing Director of Network Capital Management Inc., a private investment management company that invests primarily in energy related companies and special situations. Mr. Richards founded the company in 1997. Mr. Richards is a chartered public accountant and prior to founding Network Capital Management served as a partner at both PriceWaterhouseCoopers and Arthur Andersen and Co.
“On behalf of the Board of Directors, I would like to welcome Gary and David to Mood Media,” said Philippe von Stauffenberg, Chairman of the Board. “I am excited that two insightful business executives of this caliber are joining our Board. As a prominent leader in the licensing and digital media markets, Gary will play an integral role in helping Mood continue to build upon its leadership position in the interactive customer solutions space. We look forward to his contributions as our CEO Steve Richards and the rest of the management team execute our strategy to grow and broaden sound, sight, scent, systems and experiential solutions for Mood’s current and prospective clients. We also look forward to benefiting from David’s in-depth accounting experience and strong analytical background. The Board is excited to work with our strengthened senior management team to help guide Mood into its next phase of growth and innovation.”
Mr. von Stauffenberg added, “I would also like to take this opportunity to thank Lorne and Justin for their years of service to Mood at both the Board and senior leadership levels. Prior to Steve Richards’ appointment, Lorne led Mood Media as its CEO and was key in driving an energetic acquisition strategy, which has positioned the Company as the undisputed world leader in our industry. Justin’s role in founding Fluid Music Inc. and developing solutions that are now owned by the Company has helped provide Mood with its strong portfolio of assets that are our core business and backbone today. We thank both Lorne and Justin for their achievements during their tenures and we wish them all the best in their future endeavors.”
About Gary Shenk
Gary Richard Shenk (43) is the Chief Executive Officer of Corbis Corporation, a leading digital content and worldwide entertainment and licensing company founded and owned by Bill Gates. In this position, he is responsible for leading business strategy to accelerate Corbis’ place as an innovative digital media company and leading creative resource for advertising, entertainment, marketing, and media professionals worldwide. Before being appointed CEO, Mr. Shenk served as both President and Senior Vice President of Corbis, where he oversaw integrated market-facing functions including Sales, Marketing, Image Licensing, and Rights Services and spearheaded a transformation of the image licensing business from an editorial focus to an end-to-end offering with world-class historical, editorial, entertainment, and creative photography. He joined Corbis in 2003 when he founded and led the company’s Rights Services unit, responsible for executing a series of acquisitions and business development strategies. Prior to joining Corbis, Mr. Shenk founded FlixMix, a wholly-owned subsidiary of Universal Pictures that was one of the industry’s leading media licensing agencies. He successfully entered the media and entertainment industries by leveraging his significant knowledge, which he gained as a Project Leader in The Boston Consulting Group’s media and entertainment practice. Mr. Shenk holds a Bachelor’s degree from Harvard College and a Masters of Business Administration from the University of Pennsylvania’s Wharton School of Business.
Mr. Shenk serves and has served on the following boards:
Name of Company
Nature of Business
Period of Directorship
|Corbis Canada ULC (Canada)||Digital Media||January 1, 2008 – May 31, 2013|
|Corbis Corporation (US)||Digital Media||November 24, 2008 – Present|
|Corbis France, SARL (France)||Digital Media||October 31, 2007 – Present|
|Corbis Hong Kong Limited (Hong Kong)||Digital Media||June 4, 2007 – Present|
|Corbis International, LLC (US)||Digital Media||May 7, 2007 – Present|
|Corbis Italia S.R.L. (Italy)||Digital Media||January 18, 2013 – Present|
|Corbis Netherlands BV (Netherlands)||Digital Media||January 1, 2008 – October 28, 2011|
|Corbis Qualified Intermediary, Limited (Cayman Islands)||Digital Media||June 30, 2009 – July 24, 2013|
|Corbis Shanghai Co. Limited (China)||Digital Media||June 1, 2007 – March 22, 2013|
|Corbis Sygma, SARL (France)||Digital Media||November 28, 2007 – May 7, 2010|
|Corbis UK Limited (UK)||Digital Media||February 1, 2013 – July 31, 2013|
|Demotix, Limited (UK)||Digital Media||March 8, 2011 – Present|
|GreenLight Japan K.K. (now Corbis Entertainment Japan K.K.) (Japan)||Digital Media||May 21, 2008 – Present|
Mr. Shenk was a director of Corbis Sygma, SARL from November 18, 2007 to May 7, 2010. Sygma was a French historical photojournalism agency, which Corbis Corporation acquired in 2001. Following an adverse ruling in litigation regarding the entity’s liability for lost analog images belonging to contributors, Sygma was voluntarily placed into judiciary liquidation on May 25, 2012, with Le Tribunal De Commerce de Paris. Liquidator is Monsieur Stephane Gorrias, 1 Place Boieldieu, 75002, Paris, France. Proceedings remain ongoing as all creditor claims are in the process of being first adjudicated before distribution of the remaining assets.
About David V. Richards
David Vernon Richards (59) is the President and Managing Director of Network Capital Management, Inc. a private investment management company investing primarily in energy related companies and special situations that he founded in 1997. Before Network Capital, Mr. Richards served as a senior tax partner in the Calgary division of Arthur Anderson & Co. from 1993 to 1995. In this role, he advised clients on various complex accounting issues, including mergers, acquisitions and financial due diligence. Prior to joining this firm, Mr. Richards was the Partner-in-Charge of PriceWaterhouseCoopers’ (PWC) Calgary taxation operations from 1990 to 1993 and was admitted to PWC’s partnership in 1986. As a fellow of the Institute of Chartered Accountants, Mr. Richards has extensive accounting expertise, and a great understanding of mergers, acquisitions, purchase investigations, restructurings and financial engineering. In the past, Mr. Richards has served as a director for various companies, including Boardwalk REIT, Alliance Atlantis Movie Distribution Income Fund, Valiant Energy Inc., Bear Ridge Resources Inc., and Canada Fluorspar Inc. He currently serves as a director of Madison PetroGas Ltd. and Wilmington Capital Management Inc.
Mr. Richards serves and has served on the following boards:
Name of Company
Nature of Business
Period of Directorship
|Wilmington Capital Management Inc.||Energy & Real Estate||TSX||May 2012 – Present|
|Standard Exploration||Energy||TSXV||September 2013 – Present|
|Madison Petrogas||Energy||Private||March 2011 – Present|
|First National Alarmcap Income Fund||Finance||TSX||June 2008 – September 2009|
|Boardwalk Real Estate Investment Trust||Real Estate||TSX/NYSE||June 1995 – May 2009|
|Parkbridge Lifestyles Communities Inc.||Real Estate||TSX||October 2004 – January 2007|
|Bear Ridge Resources Inc.||Energy||TSX||March 2005 – August 2007|
|Bonnett’s Energy Services Trust||Energy||TSX||April 2008 – May 2009|
|Oil Optimization Inc.||Energy||TSX||January 2008 – August 2010|
Save as disclosed above, there is no further information required to be disclosed under Rule 17 or paragraph (g) of Schedule 2 of the AIM Rules.