Corporate Update: AppBox Media PLC

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The Board of AppBox Media, a UK based developer of mobile applications and video games, provided the market earlier today with an update on a series of key developments that progress the Company closer towards its vision of becoming one of world's leading game software developers.

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...We shall be looking to make some significant announcements during the first and second quarters of 2015...

Key Points

  •          First, second, and third round funding fully subscribed at prices of £1.00 and £2.10 per Ordinary A share.
  •          Fourth round Offer for Subscription is scheduled to open at 9am on the 2nd February 2015, priced at £4.30 per Ordinary A Share of £1. The Company intends to raise approximately £860,000 from institutional and private investors on the basis of a current Information Memorandum. These shares are to be credited as fully paid and will rank pari passu with the Ordinary A Shares.
  •          The Board considers the price for the new shares to be fair and reasonable insofar as the Company's shareholders are concerned.
  •          The Company has been revenue producing since July 2014.
  •          The Company is presently one year ahead of the forecasted rate of growth in respect of scheduled release titles.
  •          The Company is considering the opportunities (via the potential acquisition or otherwise of the Livewire TV and digital games brand [UK]), pertaining to digital games streaming by way of Smart TV. It is reported Smart TV sales reached 90 million units worldwide in 2013 and will grow at 21% CAGR to reach 228 million in 2018, according to the new Smart TV Report from Futuresource Consulting.
  •          The Company is pleased to announce the release of its new iOS7 and Android based mobile game, titled 'Rage Quit Monkey' ('RQM'); which has been the culmination of many months of hard work and integrates camera functionality with social media connectivity. RQM takes a picture of the player in a frustrated state and allows them to share this picture over social media platforms.

Commenting on today's news, Polat Hassan, CEO, said:

'We are delighted with our progress thus far, we have a team who have worked for major multinational corporations, such as SEGA, Virgin, Spotify, Google, Yahoo and Universal Pictures to name but a few. We shall be looking to make some significant announcements during the first and second quarters of 2015'

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