September 27, 2016 11:36 AM ET

Internet Software and Services

Company Overview of Delivery Agent, Inc.

Company Overview

Delivery Agent, Inc. turns audiences into revenue generating customers for brands, device manufacturers, and media companies worldwide. It offers ShopTV, a technology that allows audiences to engage with and transact directly from advertisements and television shows through Web, mobile, and advanced television applications; a cloud-based shopping platform, which enables omni-channel commerce for its clients with simplicity; eCommerce platform for omni-channel shopping; relevant and personalized product offers to viewers based on the content they are watching with the help of contextual database; and advertising solutions. The company works with broadcasters, advertisers, MVPDs, and smart TV ...

300 California Street

3rd Floor

San Francisco, CA 94104

United States

Founded in 2001

Phone:

415-248-5800

Fax:

415-358-8033

Key Executives for Delivery Agent, Inc.

Founder, Chairman and Chief Executive Officer
President, Chief Operating Officer and Director
Age: 54
Chief Financial Officer
President of Ecommerce
President of Consumer Products & Licensing
Age: 54
Compensation as of Fiscal Year 2016.

Delivery Agent, Inc. Key Developments

Interim DIP Financing Approved for Delivery Agent, Inc.

The US Bankruptcy Court gave an order to Delivery Agent, Inc. to obtain DIP financing on an interim basis on September 16, 2016. As per the order, the debtor has been authorized to obtain a senior secured credit facility in the amount of $3.5 million out of a total commitment of $5.43 million from Hillair Capital Investments L.P. with Hillair Capital ManagementLLC acting as the administrative agent. The debtor shall also receive advances to pay the roll-up amount of $13.49 million plus accrued interest and other fees and amounts owing under the respective pre-petition loan documents. The DIP loan would carry an interest rate of 12% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the DIP facility includes a closing fee of $0.15 million on initial commitment to the DIP facility. The DIP facility would mature either on the first business day occurring on or after December 1, 2016 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.27 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The final DIP hearing is scheduled for. The proceeds of the DIP facility shall be used by the debtors to fund general corporate and working capital requirements.

Motion for Asset Sale Filed by Delivery Agent, Inc.

Delivery Agent, Inc. filed a motion for sale of substantially all of the assets in the US Bankruptcy Court on September 14, 2016. As per the motion, the debtor is seeking Court's approval for sale of substantially all its assets to Hillair Capital Investments L.P., the stalking horse bidder, for a purchase price of $18.91 million in credit bid plus a cash payment in an amount not to exceed $0.25 million to cover the Sellers' post-Closing wind-down costs and assumption of assumed liabilities pursuant to the asset purchase agreement. The stalking horse bidder will make a 10% deposit into escrow account. The sale is subject to highest or better bid at the auction. The initial minimum bid must be at least equal to or greater than purchase price plus dollar value of the bid protections and $0.1 million in cash. At auction, the subsequent bids must be in increments of $0.1 million. In the event of termination of purchase agreement, the stalking horse bidder is entitled to receive a breakup fee in the amount to 3% of the cash purchase price or $0.5 million, whichever is less, and expense reimbursement not to exceed $0.35 million. The interested parties seeking to submit a qualified bid are required to submit a deposit of no less than 10% of the total purchase price of their bid by October 31, 2016. The auction will be held on November 4, 2016. The sale closing hearing will be held on November 8, 2016. Any objection related to sale must be filed on or before November 1, 2016.

Loton Corp. Partners with Delivery Agent to Bring Digital Commerce to Streaming Music Service LiveXLive

Loton's LiveXLive subsidiary has entered into a partnership with Delivery Agent to enable contextual commerce within the live stream of San Francisco's music festival, Outside Lands, taking place August 5 – August 7, 2016. Delivery Agent provides digital commerce solutions across a multitude of devices and platforms for a portfolio of partners including media companies, music labels, CE and streaming device manufacturers, and brand advertisers. Delivery Agent's proprietary commerce platform enables contextual product mapping to entertainment content, delivering the right product at the right time to audiences across connected devices. The LiveXLive partnership will leverage Delivery Agent's Outside Lands contextual product mapping capabilities across the various channels fans can stream the festival.

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