Captivision Announces Venture with digiLED and Canary Wharf Group

Rhea-AI Summary

Captivision (Nasdaq: CAPT) has announced a strategic venture with digiLED and Canary Wharf Group (CWG) to enhance Canary Wharf's transformation from a financial center into a mixed-use neighborhood. The collaboration involves designing and implementing state-of-the-art LED and architectural media glass throughout the campus, with initial installations at Adams Plaza and Thomson Reuters Plaza scheduled for completion in February 2025. The project will create platforms for customer engagement across entertainment, information, and advertising. Captivision will provide transparent and non-transparent LED media solutions, while digiLED will lead the design and installation of LED screens.

Positive

• Strategic partnership with major property developer Canary Wharf Group
• Project implementation in high-profile London location
• Confirmed timeline for initial installations by February 2025

Negative

• None.

Insights

Market Research Analyst

This venture into London's prestigious Canary Wharf represents a strategic expansion for Captivision, but requires careful analysis of its actual impact. While partnering with established players like digiLED and Canary Wharf Group adds credibility, several factors temper immediate enthusiasm:

The project's scope appears to two initial locations with a relatively short-term completion timeline. For a $42.5M market cap company, this deal's financial terms and revenue potential remain undisclosed, making it difficult to quantify the material impact. The partnership could open doors for future projects in the UK market, but execution and profitability are yet unproven.

The transformation of Canary Wharf into a mixed-use neighborhood could create sustained demand for digital displays, but competition in the LED solutions market is intense. Success will depend on project delivery, technology differentiation and ability to secure follow-on contracts.

MIAMI and LONDON, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Captivision Inc. (“Captivision” or the “Company”) (Nasdaq: CAPT), a pioneer manufacturer of architectural media glass and innovative LED solution provider, today announced a venture with digiLED, a leading LED innovator and solution provider, and Canary Wharf Group (“CWG”) to enhance Canary Wharf’s transformation from a world-class financial center into a thriving mixed use neighborhood.

Working in collaboration with CWG, Captivision and digiLED will design and create state-of-the-art LED and architectural media glass throughout the iconic campus, providing a vibrant platform for customer engagement and immersion across the spectrum of entertainment, information, and advertising. The initial Canary Wharf LED installation includes Adams Plaza and Thomson Reuters Plaza slated for completion in February, 2025.

Eden Dock, Canary Wharf, London

"We are privileged and thrilled to join forces with Canary Wharf Group," said Gary Garrabrant, CEO of Captivision. "We are excited about collaborating with digiLED at the iconic Canary Wharf, establishing our partnership. This is an extraordinary opportunity for our company."

"Returning to Canary Wharf in collaboration with Captivision in this remarkable, next-generation project is immensely rewarding," said Graham Burgess, CEO of digiLED. "This is indeed a rare opportunity to bring our bespoke and highest-standard expertise to enhance the transformation of one of our earliest and most important works."

Captivision’s transparent and non-transparent LED media solutions provide a versatile and dynamic platform showcasing high-resolution content without compromising architectural integrity and user experience. Captivision’s partner, digiLED, known for its innovative and bespoke digital solutions, will lead the design and installation of the LED screens, ensuring cutting-edge and highest-quality technology. In addition to the original Canary Wharf LED, digiLED has designed and completed a number of high-profile London installations including the home of Arsenal Football Club Emirates Stadium and The O2 Arena.

About Captivision
Captivision is a pioneering manufacturer of media glass, combining IT building materials with architectural glass. The product has a boundless array of applications including entertainment media, information media, cultural and artistic content as well as marketing use cases. Captivision can transform any glass façade into a transparent media screen with real time live stream capability. Captivision is fast becoming a solution provider across the LED product spectrum.

Captivision’s media glass and solutions have been implemented in hundreds of locations globally across sports stadiums, entertainment venues, casinos and hotels, convention centers, office and retail properties, and airports. Learn more at http://www.captivision.com.

About digLED
Premium supplier digiLED pushes the boundaries of LED display technology, offering innovative solutions specifically designed for sports venues and high-impact public displays. Displays are built with energy-saving patented technology, which optimize power consumption without compromising brightness or visual clarity, a critical feature for high-demand environments.

digiLED displays bring sharper image quality, vibrant colours, and dynamic refresh rates that are perfect for capturing audience attention in large venues. The energy-efficient design aligns with modern sustainability standards, appealing to organisations that prioritise eco-friendly technology without sacrificing performance.

Noted for their innovation digiLED specialise in customised, bespoke solutions for discerning users who value the quality and attention to detail that comes with the experience of decades in providing large format video screens. Learn more at https://www.digiled.com/.

About Canary Wharf Group
Canary Wharf Group (CWG) is the developer of the largest urban regeneration project in Europe. CWG develops, manages and currently owns interests in approximately 9 million square feet of mixed-use space and over 1,100 Build to Rent apartments.

CWG is committed to turning sustainability ambition into impactful action. Examples include purchasing 100% electricity from renewable sources since 2012, our partnership with the Eden Project creating a place for nature and people and working to deliver our Science-Based Target.

CWG has created a 24/7 city where people can live, work and thrive on the Canary Wharf estate and enjoy all the benefits: great transport links, access to 16.5 acres of green spaces and waterside living; and a wide range of amenities including an award-winning arts and events programme. Canary Wharf’s retail offering comprises over 70 bars, cafes and restaurants and over 300 shops, including 8 grocery stores, pharmacies and health clubs all within 15 minutes’ walk.

Website: www.canarywharf.com
LinkedIn: @CanaryWharfGroup
Instagram: @canarywharflondon
X: @CanaryWharfGrp @Level39CW

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies, or expectations for the Company’s respective businesses. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot assure you that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts, and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “believe”, “can”, “continue”, “expect”, “forecast”, “may”, “plan”, “project”, “should”, “will” or the negative of such terms, and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The risks and uncertainties include, but are not limited to: (1) the ability to raise financing in the future and to comply with restrictive covenants related to indebtedness; (2) the ability to realize the benefits expected from the business combination and the Company’s strategic direction; (3) the significant market adoption, demand and opportunities in the construction and digital out of home media industries for the Company’s products; (4) the ability to maintain the listing of the Company’s ordinary shares and warrants on Nasdaq; (5) the ability of the Company to remain competitive in the fourth generation architectural media glass industry in the face of future technological innovations; (6) the ability of the Company to execute its international expansion strategy; (7) the ability of the Company to protect its intellectual property rights; (8) the profitability of the Company’s larger projects, which are subject to protracted sales cycles; (9) whether the raw materials, components, finished goods, and services used by the Company to manufacture its products will continue to be available and will not be subject to significant price increases; (10) the IT, vertical real estate, and large format wallscape modified regulatory restrictions or building codes; (11) the ability of the Company’s manufacturing facilities to meet their projected manufacturing costs and production capacity; (12) the future financial performance of the Company; (13) the emergence of new technologies and the response of the Company’s customer base to those technologies; (14) the ability of the Company to retain or recruit, or to effect changes required in, its officers, key employees, or directors; (15) the ability of the Company to comply with laws and regulations applicable to its business; and (16) other risks and uncertainties set forth under the section of the Company’s Annual Report on Form 20-F entitled “Risk Factors.”

These forward-looking statements are based on information available as of the date of this press release and the Company’s management team’s current expectations, forecasts, and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the control of the Company and its directors, officers, and affiliates. Accordingly, forward-looking statements should not be relied upon as representing the Company management team’s views as of any subsequent date. The Company does not undertake any obligation to update, add or to otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws.

Media Contact:
Dukas Linden Public Relations
+1 212.704.7385
captivision@dlpr.com

Investor Contact:
Gateway Group
Ralf Esper
+1 949.574.3860
CAPT@gateway-grp.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2a6cd344-40d2-4ea2-9356-77f429db787a

FAQ

What is the timeline for Captivision's (CAPT) Canary Wharf project completion?

The initial LED installations at Adams Plaza and Thomson Reuters Plaza are scheduled for completion in February 2025.

Who are Captivision's (CAPT) partners in the Canary Wharf project?

Captivision is partnering with digiLED and Canary Wharf Group (CWG) for this project.

What type of LED solutions will Captivision (CAPT) provide at Canary Wharf?

Captivision will provide transparent and non-transparent LED media solutions for customer engagement across entertainment, information, and advertising.