Pittsburgh – Wizzard Media, the operator of a podcasting
network, announced on Wednesday that it will raise $3.08 million through a
registered direct offering of shares.
Pittsburgh-based Wizzard provides podcast
publishers with distribution and monetization services. Its 16,700 clients
include Microsoft, NPR and National Geographic.
"We see significant growth
opportunity for our podcast Apps business and with this capital raise we
believe we can now accelerate the growth of our mobile media business to keep
up with the rapidly changing entertainment consumption habits of consumers
worldwide," said Wizzard CEO Chris Spencer.
"This transaction, along
with the conversion of all of our outstanding preferred shares to common stock
and retirement of all debt, will put our balance sheet and capitalization
structure in a much stronger position which should in turn help increase
shareholder value significantly as our media business accelerates with the
continued growth of mobile devices."