Shares of Espial (TSX:ESP) were on the move Monday after the company announced it had signed a deal with Panasonic to preintegrate the company’s TV browser on Panasonic Corp.’s semiconductor business group chipset technology.
Espial’s Japanese country manager, Yukio Kanemori, commented on the deal: “We’re excited to partner with Panasonic Semiconductor to deliver a more personalized and interactive media experience to today’s connected television generation,” he said, adding “By preintegrating the Espial TV browser on Panasonic’s Connected TV platform, device manufacturers can offer rapid access to a whole new range of powerful applications and interfaces optimized for connected devices.”
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Despite record annual revenue of $14.7-million for fiscal 2011, Espial has to date been awash in red ink. The $2.5-million, or eighteen cents a share the company was down last year, however, will likely be trimmed considerably this year as 2012’s first half loss was just over $658,000.
The Ottawa-based company, which is a supplier of IPTV television software, says it is gaining traction. CEO Jaison Dolvane says recent wins with operators and consumer electronics vendors are a sign of increasing demand for Espial services that facilitate demand for programming across multiple platforms.
The deal with Panasonic was the second major announcement the company has made this summer. In June, it announced that the Espial TV browser has been selected to power new Sharp Aquos LED TVs in Japan, China and North America.
Shares of Espial closed Monday up 32.6% to $.57 cents.