Business
Statement re Investment in rollApp Inc.
Statement re Investment in rollApp Inc..
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 7932M TMT Investments PLC 22 August 2011 \n \n\n22 August 2011\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nInvestment in rollApp Inc.\n \nThe Board of TMT is pleased to announce an investment in rollApp Inc. (\"rollApp\"), an early-stage developer of 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. \n \nRollApp Inc. is a Palo Alto (California, USA) based start-up, founded by Vlad Pavlov and two co-founders, and incorporated in Delaware in December 2010. All three founders are global high-tech industry veterans with a combined experience of founding or holding key executive positions at several successful start-ups (including mail.ru and chess.net), working in Fortune 500 companies (including Microsoft and Intel) in four countries, authoring two books and publishing a significant number of research papers. Currently the company's product is in the beta phase.\n \nTMT has agreed to acquire new shares representing 10% of rollApp's equity capital (post-transaction) for an aggregate consideration of $350,000. Definitive agreements for the transaction have been entered into on 19 August 2011 (\"Effective Date\"). The transaction is expected to be completed in two stages, when TMT delivers to rollApp the amounts of $150,000 and $200,000 within ten and sixty calendar days of the Effective Date respectively. The acquisition is conditional on undertakings given by rollApp being fulfilled at each completion date. \n \nIn addition, TMT has been granted an option to increase its investment in rollApp by subscribing for any number of new shares to bring TMT's shareholding in rollApp up to 25%. The exercise date and price for the option shares will depend on the terms of a potential third-party investor's investment in rollApp. \n \nThe agreements between the parties include pre-emption rights in favour of the Company in the event of a proposed sale of shares by any shareholder, and a right on the part of shareholders to participate in any sale of shares where the Company does no...