rollApp, Inc. - New equity financing

RNS Number : 2103I

TMT Investments PLC

01 July 2013

 



1 July 2013

TMT INVESTMENTS PLC

("TMT" or the "Company")

rollApp, Inc. - New equity financing

TMT Investments PLC, which invests in high-growth internet-based companies across a variety of sectors, is pleased to announce that yesterday its portfolio company rollApp, Inc. ("rollApp") completed the initial closing ("Initial Closing") of a new US$1,000,000 equity financing round.

As part of the Initial Closing, TMT has acquired newly issued preferred shares in rollApp for an aggregate consideration of US$50,000.  After the initial closing, TMT will hold 10% of rollApp's fully-diluted equity capital.

In addition, TMT has agreed to acquire additional preferred shares in rollApp for an aggregate consideration of US$50,000 ("Second Closing"), subject to certain milestones been reached by rollApp in the first 8 months after the Initial Closing.

The transaction implies an approximately 39% uplift in the fair value of TMT's investment in rollApp, compared to the latest reported amount as of 31 December 2012.  TMT originally invested US$350,000 in rollApp in August 2011.

RollApp provides a software-on-demand service designed to instantly deliver existing third-party software applications to any web-browser-equipped device over broadband/3G.  The service aims at allowing end-users to launch virtually any third-party software application in the "cloud" and use it inside a standard web-browser.

For further information contact:

TMT Investments Plc Mr. Alexander Selegenev www.tmtinvestments.com	[phone] [e-mail]
ZAI Corporate Finance Ltd. NOMAD and Broker Marc Cramsie/Irina Lomova	[phone]
Kinlan Communications David Hothersall	Tel. [phone] [e-mail]

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 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

 

END

 

 

STRUWVNRONANUAR