Business
Investment in KitApps, Inc.
Investment in KitApps, Inc..
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 1067J TMT Investments PLC 11 July 2013 \n\n11 July 2013\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nInvestment in KitApps, Inc.\n \nTMT 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. \n \nIncorporated 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.\n \nEvent 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.\n \nTMT's investment consists of a US$200,000 unsecured convertible promissory note in KitApps (\"Note\") on the following terms:\n \n· Interest rate - 2% per annum. \n· 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.\n· Conversion -\no 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. \no 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 full...