Business
Statement re Investment in Tracks Media, Inc.
Statement re Investment in Tracks Media, Inc..
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 7597S TMT Investments PLC 25 November 2011 \n \n\n25 November 2011\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nInvestment in Tracks Media, Inc.\n \nThe Board of TMT is pleased to announce the completion of an investment in Tracks Media, Inc. (\"Tracks\"), a rapidly growing mobile social network headquartered in New York City, NY.\n \nTMT's investment consists of a US$436,500 unsecured convertible promissory note in Tracks (the \"Note\") on the following terms:\n \nØ Interest rate - 5% per annum;\nØ Term - 24 months from the date of issuance of the Note;\nØ Conversion - the outstanding principal and unpaid accrued interest of the Note will be automatically converted into Tracks's equity securities upon the earliest of (i) closing of the next equity financing, or (ii) a change of control of Tracks, in either case at an equity valuation equal to the lowest of (i) 85% of the equity valuation of Tracks applicable to the next equity financing or change of control, or (ii) US$4,500,000;\nØ Right to participate in the next equity financing - TMT will have the right to purchase up to thirty (30%) percent of the total number of Tracks's equity securities sold in the next equity financing.\n \nDefinitive agreements for the transaction were entered into, and the transaction was completed, yesterday.\n \nIncorporated in October 2010, Tracks is a mobile social networking platform that enables users to effortlessly make social photo stories around real world experiences. The company has pioneered the concept of a 'track', a social photo story that captures real-world experiences. 'Tracks' can be geo, temporal or last forever. Each track is a living social network based on thematic experiences in the real world. Tracks are framed around rich media and made over time and across locations. This lightweight concept lets users map fluid real world networks. The company has over 10,000 social networks under management.\n \nThe rise of the smartphone has led to an explosion of digital photos as people are now walking around with an always-connected camera in their pockets. The ubiquitous camera phone has enabled anyone to create high quality digital media. In 2011, the number of camera phones is expected to surpass 1 billion a...