TMT Investments PLC Disposal of investment in Kanvas Labs, Inc. (5878X)
September 01 2015 - 2:04AM
UK Regulatory
TIDMTMT
RNS Number : 5878X
TMT Investments PLC
01 September 2015
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 +44 1534 281 843
Mr. Alexander Selegenev alexander.selegenev@tmtinvestments.com
www.tmtinvestments.com
ZAI Corporate Finance
Ltd.
NOMAD and Broker
Richard Morrison/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 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
This information is provided by RNS
The company news service from the London Stock Exchange
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