Key Developments For KIT digital, Inc.
KIT digital, Inc. (KITD.O) (Consolidated Issue listed on NASDAQ Global Market)
PMT Appoints KIT digital, Inc. To Build Video Subscription Platform
KIT digital, Inc. announced that it has extended its relationship with Personal Media Technology (PMT), a division of Sigmalink Investments Ltd., and been formally appointed to provide a technology platform for the delivery of video content to customers throughout Russia. The deal is the second new business announcement from KIT digital at the MIPCOM conference in Cannes, France. The new service, called 'OViVO,' will be delivered via KIT digital's 'VX' video management platform. Under the terms of the minimum two year deal, PMT will have the right to deploy the customized KIT VX video management solution in other countries and regions around the world, under similar commercial terms.
KIT digital, Inc. Renews Alliance With Associated Press To Manage And Deliver Video Content Globally
KIT digital, Inc. and The Associated Press (AP) have signed a new deal to manage and deliver video content globally. The agreement inaugurates a new contractual phase in a highly successful ten-year alliance between AP and KIT digital, deepening technology integration and enhancing service provision for AP's clients around the world. The new agreement, which builds upon and extends existing license and service agreements between AP and KIT digital, was executed in the context of ongoing discussions between the companies regarding potential collaboration in emerging IP video areas, including IPTV enabled television and high-bandwidth mobile networks. AP will continue to use KIT's scalable, enterprise level VX Video Management Platform to manage, modify, syndicate and deliver digital video news content. Under the agreement, APTNvideo.net (AP's content distribution exchange, built by KIT digital) will continue to be operated by KIT digital and further developed jointly. The APTNvideo.net platform is designed to allow website and mobile operators, along with commercial news broadcasters, to browse and download AP news, entertainment, and sports video content in the appropriate format for their individual needs. KIT digital will also continue to edit, localize and syndicate exclusive, unedited AP content for KIT digital customers, including the highly popular Wow!TV service.
KIT digital, Inc. Announces Acquisitions of Nunet AG and The FeedRoom, Inc.
KIT digital, Inc. announced that it has executed separate definitive agreements to acquire two of its competitors, Nunet AG of Cologne, Germany and The FeedRoom, Inc., based in New York City. Nunet was acquired from IMG Worldwide, Inc. and is considered a global provider in the management and delivery of video on mobile devices, while The FeedRoom is a venture capital-backed, privately-held in live video and digital asset management for corporations. The terms of the acquisitions were not disclosed.
KIT digital, Inc. Announces Chief Financial Officer Change
KIT digital, Inc. announced that Robin Smyth will return to the position of Chief Financial Officer (CFO), effective September 28, 2009. Smyth will reassume the position currently held by Jonathan Hirst, who had stepped into the role when Smyth took a personal leave from the organization in April of this year. He was CFO from 2003 to 2006 and then spent 10 months establishing the UK operations before returning to the CFO position from 2007 until early 2009.
KIT digital, Inc. Announces Full Exercise of Over-Allotment Option
KIT digital, Inc. announced that it has closed the sale of an additional 594,000 shares of common stock at the recent public offering price of $7.00 per share, pursuant to the 15% over-allotment option exercised in full by the underwriters in connection with its public offering that closed on August 13, 2009. The full exercise of the over-allotment option brings the total number of shares sold by the Company in its registered public offering to 4,004,000 and the aggregate net proceeds received by the Company to approximately $22.2 million, after deducting the proceeds from secondary shares sold by unaffiliated stockholders, underwriting discounts, commissions and deal-related expenses payable by the Company. The Company intends to use the net proceeds of this offering primarily to finance acquisitions of competitive businesses, with a limited portion used to repay certain outstanding debts and for general corporate purposes, including the potential restructuring of existing earn-out arrangements related to prior acquisitions. Roth Capital Partners LLC acted as the lead underwriter for the offering.
