28th Feb 2014 13:56
LONDON (Alliance News) - TMT Investments PLC, which invests in internet-based companies, Friday said it has made an additional USD200,000 investment in KitApps Inc, which offers a platform that enables event planners to create customised mobile apps for conferences and exhibitions.
According to TMT, the app, Attendify, is used by Google, Disney, Philips and Bloomberg, among others.
"Attendify has made strong progress in getting blue chip companies to use its mobile apps at their events, and we are pleased to be able to support further growth in the company," Alexander Selegenev, executive director, said in a statement. TMT predominantly makes money by investing in Silicon Valley companies that it thinks will grow in value.
The latest investment was made in the form of an unsecured, convertible promissory note. It carries an interest rate of 2% a year.
Unless the note is previously converted into equity, TMT can request repayment from February 27, 2016.
The note will be automatically converted into equity if KitApps raises equity or if there is a change in control at the app maker.
If automatic conversion doesn't take place, the note can be converted at TMT's option at an equity valuation equal to USD6,000,000 for the whole of KitApps's fully diluted equity capital.
The original investment was also a USD200,000 unsecured convertible promissory note.
TMT shares were Friday quoted up 1.1% at 1.55 pence.
By Samuel Agini; [email protected]; @samuelagini
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