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News | 10/06/2004 4:00 am EDT

Magic Lantern launches new division
Magic Lantern Group Inc., Oakville ON, has formed a new division for the unified creation of catalogue information, DVD masters and online digital streaming files called Parasol Video Inc. The company is seeking financing for the spinoff, with equity positions of up to 50% available. Parasol will offer Magic Lantern partners, educational video distributors and e-learning producers collaborative use of its VideoBase and InSite online video technologies. The goal of the new division is to aggregate, promote and package the largest collected library of online video offerings as an independent or non-specific distributor-affililated company. "Parasol Video follows a scalable business model similar to commercial giants such as Amazon.com. Utilizing our proprietary digital indexing technologies, we are creating a portal that allows for centralized searching and the aggegation of millions of titles from multiple suppliers and producers. The cooperative arrangemet set forth by Parasol Video is revolutionary in that it allows for revenue sharing on a partnership basis to take place among our suppliers, distributors and our competitors," said Magic Lantern president and CEO in a media release.

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