PenguinRadio and Internet Partnership Group Monday reached an agreement on a substantial equity investment in connection with a wide-ranging deal to develop next-generation Internet radio and other audio services.
PenguinRadio is developing Linux-based Internet appliances that allow people to listen to thousands of Internet audio feeds with or without a PC.
“The deal with Internet Partnership Group is a great fit for PenguinRadio. In addition to providing the capital we need to expand our business, it gives us access to their wealth of proprietary Internet sports content and global technological support from their Fast Growth Technology Partners,” said Andrew Leyden, CEO of PenguinRadio.
“Internet Partnership Group has a strong international presence which will help PenguinRadio to expand rapidly into the European and Latin markets,” PenguinRadio co-founder Duncan Wood added.
“Our investment and technical support will help PenguinRadio revolutionize both Radio Broadcasting and Internet Audio by providing worldwide access to any radio station,” said Craig Sharon, managing director of Internet Partnership Group’s newly established Washington, D.C., office.