LONDON (Alliance News) - Falcon Acquisitions Ltd Thursday said it has agreed to acquire direct-to-consumer media technology company Teevee Networks Ltd for GBP500,000.
Falcon noted that this agreement is conditional on a number of things, including Falcon being re-admitted to trading on the London Stock Exchange.
Shares in Falcon are currently suspended as it works to progress a reverse takeover it announced in July of a subsidiary of Hong Kong-based over-the-top video streaming firm Orbital Multi Media Holdings Corp.
Earlier this month it said it will convene an extraordinary general meeting November 24 to seek the approvals it needs to facilitate this acquisition ahead of the publication of a prospectus in relation to the proposed reverse takeover, in an effort to minimise the time its shares are suspended for.
"Our focus has been on securing a range of investments that will enable us to build a scalable multi-divisional global broadcasting media business through which we can generate significant returns for our shareholders. I am therefore delighted to announce the acquisition of Teevee Networks, an innovative early stage media technology company, which will provide Falcon with a strong platform from which to build a recognisable brand in the growing OTT market," said Executive Chairman Gert Rieder in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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