Big Picture Technologies Inc. and Biz2Biz.com of Irvine, Calif., have signed a Web site promotional strategies agreement.
Under the deal, Biz2Biz.com, an Internet portal for small and medium-sized businesses, will promote Big Picture’s line of e-commerce products and services to its customers. Big Picture will in turn promote Biz2Biz.com services.
The Web-based promotional strategies are expected to be active on both sites by the end of February.
“Partnerships with resellers like Biz2Biz.com are key to the expansion of the Big Picture product line,” said Michael Anthony, BP’s president and CEO.
The Big Picture line to be promoted through Biz2Biz.com contains three individual software solutions that enable users to build, staff and market a small business online.
Earlier in the week, Big Picture announced the first closing of a financing with Network Capital Inc. Under the financing, Big Picture issued $2 million worth of Special Notes exercisable into convertible secured debentures and Series 1 and Series 2 common share purchase warrants.
The debentures, carrying an annual interest premium of 10 per cent, are convertible into fully paid, non-assessable common shares at the rate of $1 per share. The Series 1 and Series 2 warrants entitle debenture holders to purchase one common share of the company at a price of $0.80 per share, with the proviso that Series 2 warrants are subject to early cancellation should the debenture be repaid within 12 months.
Network Capital is an Alberta-based venture capital firm which invests in technology and energy companies.
In a related item, Big Picture also announced it has secured a Western Diversification loan of up to $1 million through the auspices of the Knowledge Based Business Unit of the CIBC. Big Picture has issued to the CIBC 100,000 warrants exercisable into common shares at $0.92 per share.
