Last checked at 1 Sep 2015 07:04
1 September 2015
TMT INVESTMENTS PLC
("TMT" or the "Company")
Disposal of investment in Kanvas Labs, Inc.
TMT, which invests in high-growth, internet-based companies across a variety of sectors, is pleased to announce that its portfolio company Kanvas Labs, Inc. ("Kanvas") has been acquired by AOL, Inc.
The transaction represents an approximately US$0.46 million (or 134%) uplift in the fair value of TMT's investment in Kanvas, compared to the latest reported amount as of 31 December 2014.
Kanvas's flagship product is a social network for self-expression (www.getkanvas.com) - enabling users to create videos from various forms of multi-media content and share privately in a messaging environment or publicly on social networks.
Alexander Selegenev, Executive Director of TMT, commented: "The sale of Kanvas Labs is the second of our portfolio exits to a major international player, which underlines our ability to identify winning combinations of teams, products and technology in our investment selection process."
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 Richard Morrison/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 net assets of over US$37m and has invested in just under 40 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