TMT Investments PLC Investment in KitApps, Inc. (1067J)
July 11 2013 - 4:32AM
UK Regulatory
TIDMTMT
RNS Number : 1067J
TMT Investments PLC
11 July 2013
11 July 2013
TMT INVESTMENTS PLC
("TMT" or the "Company")
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 investment in KitApps, Inc.
Incorporated in Delaware and headquartered in San Francisco,
California, KitApps, Inc. ("KitApps") offers a mobile app platform
("Attendify") that enables event planners to create fully
customized mobile apps for conferences, tradeshows, exhibitions and
other types of events. Attendify allows anyone to build an app
quickly and affordably in a fully guided, step-by-step process that
puts the user in control, with event apps starting at US$399.
Event apps have seen dramatic growth in recent years as planners
look for new ways to engage attendees and exhibitors and offer a
better, all-round experience, while also gathering data to improve
future events. According to IBISWorld's Party & Event Planners
market research report (June 2012), with over 1.8 million
conventions, conferences and incentive meetings taking place
annually in the US alone, the market growth opportunity is
huge.
TMT's investment consists of a US$200,000 unsecured convertible
promissory note in KitApps ("Note") on the following terms:
-- Interest rate - 2% per annum.
-- Term - unless previously converted, the Note will be
repayable in whole or in part at par at TMT's option on any date
after 10 July 2014.
-- Conversion -
o Automatic conversion: any outstanding principal and unpaid
accrued interest on the Note will be automatically converted into
KitApps's equity securities upon closing of the next equity
financing of at least US$1,000,000, at an equity valuation equal to
the lower of (a) the equity valuation of KitApps applicable to the
next equity financing, or (b) US$3,000,000 for the whole of
KitApps's fully diluted common stock.
o Optional conversion: prior to a change of control of KitApps
or after 10 July 2014, any outstanding principal and unpaid accrued
interest on the Note may be converted at TMT's option at an equity
valuation equal to US$3,000,000 for the whole of KitApps's fully
diluted common stock.
Michael Balyasny (CEO) and Artyom Yaremchuk (COO) co-founded
KitApps in 2011. Michael previously founded Shift Labs, a software
development company serving clients in the US, Europe and Israel.
Artem has strong marketing, management and leadership skills. He
previously worked at Vivex Invest, where he led a number of
successful online ventures.
Alexander Selegenev, Executive Director of TMT Investments PLC,
commented: "The event industry's infrastructure has transformed
significantly in recent years. We believe Attendify provides all
parties involved in an event with a winning solution: attendees can
discover, sign up, attend and pay for events in minutes using
mobile apps; event organisers can reduce printing and other costs;
while exhibitors can interact with attendees more effectively."
Definitive agreements for the transaction were entered into, and
the transaction was completed, yesterday.
For further information contact:
TMT Investments Plc +44 1534 281 843
Mr. Alexander Selegenev alexander.selegenev@tmtinvestments.com
www.tmtinvestments.com
ZAI Corporate Finance
Ltd.
NOMAD and Broker
Marc Cramsie/Irina Lomova +44 20 7060 2220
Kinlan Communications Tel. +44 20 7638 3435
David Hothersall 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 26 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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