LONDON (Alliance News) - YOLO Leisure and Technology PLC Monday said it has invested GBP244,977 in Audioboom Group PLC, to acquire 2.5 million shares which represents 0.47% of the issued share capital in the company.
"We are very pleased to have taken a strategic investment into Audioboom, on the basis that the business has strong growth and value potential within the global mobile audio and streaming sector," said YOLO Chief Executive Simon Robinson.
"As the leading spoken-word audio on-demand mobile platform, Audioboom is well positioned to establish a global userbase of listeners covering sport, news, business, entertainment and current affairs," added Robinson.
YOLO is an investment company focused on opportunities in the travel, technology and leisure sectors, while Audioboom is a spoken-word audio on-demand mobile platform, which aims to provide the very best spoken-word content in news, current affairs, business, entertainment and sports.
Earlier Monday, Audioboom Group posted a widened loss for its recently ended financial year, while announcing it has signed a content deal with comedian Russell Brand.
YOLO shares closed down 1.9% to 2.65 pence per share on Monday, while Audioboom shares closed down 1.3% to 10.00p.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Audioboom Grp. (BOOM)