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PhotoChannel to conduct Private Placement VANCOUVER, BC April 20, 2006 – PhotoChannel Networks Inc. (TSX-V: PNI and OTCBB: PHCHF) (“PNI” or “PhotoChannel”) reports that insiders and a friendly shareholder of PNI have arranged a sale of 15,000,000 shares of PNI at a price of $0.10 per share through the facilities of the TSX Venture Exchange. Proceeds from this sale will be used to fund a $2 million private placement of PNI at a price of $0.10 per unit, each such unit being comprised of one common share of PNI and one half of one non-transferable share purchase warrant, each full warrant entitling the purchase of an additional common share of PNI for a period of one year, from the date of close, at a price of $0.15. The proceeds from the private placement will be used to fund the rollout of new technology, customers and for general working capital. The private placement is subject to regulatory approval. About PhotoChannel Networks Founded in 1995, PhotoChannel operates PNI Digital Media to provide services for major retailers, wireless carriers and content providers. The PNI Digital Media Platform connects consumer ordered digital content with retailers that have on demand manufacturing capabilities for the production of merchandise. Currently PNI Digital Media generates transactions for retailers and their thousands of locations across North America, including Wal-Mart Canada, CVS/pharmacy, Eckerd Drugs and Costco Canada. For more information please visit www.pnidigitalmedia.com Investor Information: (866) 345-0115 WARNING: The TSX Venture Exchange has neither approved nor disapproved the information contained in this release. The Company relies upon litigation protection for "forward-looking" statements. |
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