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16 May 2014 10:27
16 May 2014
PeerTV PLC
("PeerTV" or the "Company")
Replacement: Major New Customer Order & Placing
The following amendment has been made to the ' Major New Customer Order & Placing' announcement released on 15 May 2014 at 2.14pm under RNS No. 2417H.
The number of shares subscribed for is 26,630,000 not 2,263,000
All other details remain unchanged.
The full amended text is shown below.
15 May 2014
PeerTV PLC
("PeerTV" or the "Company")
Major New Customer Order & Placing
PeerTV plc (AIM:PTV), a provider of technology solutions for the OTT (TV over the internet) market, and PCB (printed circuit board) production solutions wishes to update the market that its subsidiary company Digitek SMT Assemblies has received an order for sales of approximately $6.3 million from a new customer based in Israel.
The order is for the production of printed circuit boards on a full turnkey basis and has been placed by the customer in order to fulfil an export order received for high volumes of domestic electronic devices.
The project is expected to be completed and invoiced before the end of 2014 and will be paid through letters of credit drawn on a international bank.
Commenting on the order, Avi Vermus the Chief Executive Officer of Digitek said "This is a very important strategic order for Digitek. Mass production gives us the opportunity to fully utilize our production facilities on a continuing basis and maximize our efficiencies and profitability. It is the strongest sign yet of our success in repositioning the business. It is particularly pleasing that our success in winning this order was due to our ability to provide an innovative design and solution, resulting in a win win for Digitek and our customer."
At the same time, the directors are pleased to report that commitments totalling £266,300 ("Funds") have been received in respect of a private placing under which investors subscribed for 26,630,000 new ordinary shares of 0.5 pence each ("Ordinary Shares") at a price of 1p each ("Placing Shares") and received 5 years warrants to purchase an equal number of shares at a price of 1.5p each ("Warrants").
The Funds from the private placement are expected to be received by the end of May 2014 and will be utilized primarily to provide the working capital necessary to commence the major order described above. The Placing Shares will be issued and allotted to investors once the Funds are received.
Further enquiries:
PeerTV Plc
Eitan Yanuv, Chairman
Tel: +972 974 07315
Daniel Stewart & Company
Antony Legge / David Coffman
Tel: +44 (0)20 7776 6550
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