May 25, 2011

Kobo Starts $10 Million Fund to Inspire People to "Read On" and Make a Difference - Launches Reading Revolution and Epic One Trillion Minute Challenge

Kobo, a global leader in eRead­ing with over 3.6 mil­lion read­ers today an­nounced a new $10 mil­lion fund to in­spire read­ers of all ages to read more and make a dif­fer­ence in their com­munity. For every 10 mil­lion minutes read with Kobo up to one tril­lion minutes, Kobo will sup­port an ini­ti­at­ive sug­ges­ted by Kobo cus­tom­ers to bring eRead­ing to schools and com­munit­ies in need. Read­ers can sign up and begin mak­ing a dif­fer­ence now at www.​kobo.​com/​readon.

“At Kobo we be­lieve in the power of read­ing. Today, the av­er­age per­son spends five times more time watch­ing TV than read­ing, schools con­tinue to be un­der­fun­ded and lib­rar­ies are dis­ap­pear­ing. We have an op­por­tun­ity to change that with Read On,” said Mi­chael Serbinis, CEO, Kobo. “At a time when tech­no­logy is tak­ing the prin­ted word through an evol­u­tion, we are start­ing a re­volu­tion – a read­ing re­volu­tion.”

Kobo has cre­ated the one tril­lion minute chal­lenge to in­spire people to make read­ing a big­ger part of their lives, and make a dif­fer­ence in their local com­munity. Every minute read with Kobo counts to­wards achiev­ing this epic chal­lenge and fund­ing eRead­ing pro­grams in schools and com­munity or­gan­iz­a­tions.

Read­ers can get star­ted with Read On today:

• Sign up at kobo.​com/​ReadOn
• Name your Cause: A school, or com­munity or­gan­iz­a­tion ded­ic­ated to learn­ing
• Start read­ing with Kobo: Every minute read counts
• Track pro­gress: Using Kobo’s in­nov­at­ive so­cial plat­form Read­ing Life
• Tell friends: Use Face­book, Twit­ter, Read­ing Life, blogs and po­di­ums at schools and com­munity cen­ters to spread the word, and help make a dif­fer­ence
• Check the one tril­lion minute counter, up­dated in real-time at www.​kobo.​com/​ReadOn

For every 10 mil­lion minutes read, Kobo will make a con­tri­bu­tion of eRead­ing val­ued between $1,000 and $20,000 to a re­cip­i­ent chosen through the Read On pro­gram. Re­cip­i­ents will re­ceive Read On kits in­clud­ing eRead­ers, eBooks and the ma­ter­i­als needed to start di­gital read­ing pro­grams in their com­munity. Kobo is con­trib­ut­ing the first mil­lion dol­lars and will work to en­list ad­di­tional part­ners in­spired by this in­nov­at­ive new pro­gram.

“With Read On, our goal is to bring read­ing to more people in more places, in­spir­ing people to read more and make a dif­fer­ence in their schools and com­munit­ies. Over 500 years ago, it took only one per­son and a print­ing press to start a re­volu­tion. Ima­gine what we could ac­com­plish today if we just Read On,” said Mi­chael Serbinis, CEO, Kobo.

More in­form­a­tion about Kobo’s Read On ini­ti­at­ive is avail­able at www.​kobo.​com/​readon. Kobo ex­ec­ut­ives will also be at Book­Expo Amer­ica (booth 2102) from May 24-26, 2011 to dis­cuss their “Read On” ini­ti­at­ive with at­tendees.

About Kobo, Inc.
Kobo is a global eRead­ing ser­vice with more than 2.3 mil­lion eBooks, magazines and news­pa­pers – one of the largest eRead­ing cata­logues in the world. Kobo be­lieves con­sumers should have the free­dom to read any book on any device and has at­trac­ted mil­lions of read­ers from over 100 coun­tries across the globe. Kobo has top ranked eRead­ing ap­plic­a­tions for iPad, iPhone, Black­Berry, An­droid, Win­dows and MacOS, and is the eRead­ing ap­plic­a­tion of choice for lead­ing tab­let OEMs. The Kobo Wire­less eReader is also avail­able at lead­ing re­tail­ers in­clud­ing In­digo, Wal­mart, Best Buy, Bor­ders, WH­S­mith, Angus & Robertson’s and Whit­coull’s. Kobo’s in­nov­at­ive Read­ing Life is an in­dustry-first com­pre­hens­ive so­cial eRead­ing ex­per­i­ence – Kobo users can earn awards simply for time spent read­ing and en­cour­aging oth­ers. Kobo is backed by ma­jor­ity share­holder In­digo Books & Music Inc, Ch­eung Kong Hold­ings, and in­sti­tu­tional in­vestors.