TORONTO July 19, 2011
Kobo management provides the following facts regarding the company:
- Kobo is a privately-held company that offers over 2.4 million eBooks, newspapers, and magazines — one of the largest eReading catalogues in the world.
- Readers from over 100 countries across the globe download and read using Kobo’s top-ranked free eReading applications for iPad, iPhone, BlackBerry, Android, Windows and MacOS. Kobo is the eReading application of choice for leading tablet OEMs.
- While Borders is one of the early investors in Kobo, it holds only a minority stake in Kobo, approximately 11 percent. The Borders shares are subject to the terms of the Kobo shareholders’ agreement which, among other things, restricts their transfer or disposition.
- Borders serves as part of Kobo’s distribution in the U.S. along with Best Buy, Walmart, Sears and other top retailers.
- St. Martin
- For some time, Kobo and Borders have been in the process of transitioning Borders’ customers’ eBook accounts to Kobo, in order to provide such customers direct access to the most up-to-date eReading functionality, apps and devices. All Borders customers that have transitioned to Kobo shall enjoy uninterrupted access to their e-Reading accounts. Kobo shall continue to work with Borders to transition customer accounts to Kobo.
- Owners of Kobo eReaders will continue to use their Kobo eReader as usual, and be able to browse and shop for new titles in the Kobo Store with no interruption or change in service.
- Kobo continues to grow in the U.S. and around the world. Kobo is very pleased with progress of the launch of the new Kobo eReader Touch Edition which is available at leading retailers including Indigo, Walmart, Best Buy and WH Smith.
As an interested party in the Borders bankruptcy proceedings, Kobo has made certain filings with the court to preserve its legal rights moving forward.
Kobo offers their continued support to the Borders’ community of employees, families and friends.
Statement from Michael Serbinis, CEO, Kobo, Inc.:
"As one of the early investors in Kobo, Borders has a minority stake in our company and serves as part of our distribution in the U.S. along with Walmart, Best Buy, Sears and other leading retailers. As a member of the broader book publishing and retailing community, we are watching Borders’ story and will offer our support to Borders and their employees. Kobo will continue to serve Borders customers – in this time of transition as well as moving forward – to provide the ultimate eReading experience and one of the widest selection of eBooks available to the eReading community worldwide."
About Kobo, Inc.
Wendy Zaas/Karina Tang
Rogers & Cowan
SOURCE Kobo, Inc.