Last checked at 28 Feb 2014 07:01
28 February 2014
TMT INVESTMENTS PLC
("TMT" or the "Company")
Additional investment in KitApps, Inc.
TMT Investments PLC, which invests in high-growth, internet-based companies across a variety of sectors, is pleased to announce the completion of an additional investment in KitApps, Inc. ("KitApps").
Incorporated in Delaware and headquartered in San Francisco, California, KitApps offers a mobile app platform ("Attendify") that enables event planners to create customized mobile apps for conferences, tradeshows, exhibitions and other types of events. With a focus on boosting attendee engagement, Attendify's apps deliver a private social networking experience complete with a timeline, photo sharing, messaging and attendee profiles, as well as full event guide functionality. Attendify is used by Google, Disney, Philips, Bloomberg, and thousands of event and meeting planners to increase attendee participation and create a more dynamic event experience.
TMT's original investment in KitApps was completed on 10 July 2013 and consisted of a US$200,000 unsecured convertible promissory note in KitApps (the "First Note").
TMT's new investment consists of a US$200,000 unsecured convertible promissory note in KitApps (the "Second Note") on the following terms:
· Interest rate - 2% per annum.
· Term - unless previously converted, the Second Note will be repayable in whole or in part at par at TMT's option on any date after 27 February 2016.
· Conversion -
o Automatic conversion: any outstanding principal and unpaid accrued interest on the Second Note will be automatically converted into KitApps's equity securities upon the earliest of (i) closing of the next equity financing, or (ii) change of control of KitApps, in either case at an equity valuation equal to the lower of (a) 80% of the equity valuation of KitApps applicable to the next equity financing or change of control, or (b) US$6,000,000 for the whole of KitApps's fully diluted equity capital.
o Optional conversion: any outstanding principal and unpaid accrued interest on the Second Note may be converted after 27 February 2016 at TMT's option at an equity valuation equal to US$6,000,000 for the whole of KitApps's fully diluted equity capital.
Alexander Selegenev, Executive Director of TMT Investments PLC, said: "Attendify has made strong progress in getting blue chip companies to use its mobile apps at their events and we are pleased to be able to support further growth in the company".
Definitive agreements for the transaction were entered into, and the transaction was completed, yesterday.
For further information contact:
TMT Investments Plc Mr. Alexander Selegenev www.tmtinvestments.com
| +44 1534 281 843 alexander.selegenev@tmtinvestments.com
|
ZAI Corporate Finance Ltd. NOMAD and Broker Marc Cramsie/Irina Lomova
| +44 20 7060 2220 |
Kinlan Communications David Hothersall
| Tel. +44 20 7638 3435 davidh@kinlan.net |
About TMT Investments
TMT Investments PLC invests in high-growth, internet-based companies across a variety of sectors and has a significant number of Silicon Valley investments in its portfolio. Founded in 2010, TMT has raised USD28m and invested in over 25 companies to date. The company's objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation. The company is traded on the AIM market of the London Stock Exchange. www.tmtinvestments.com