SOURCE: KIT digital, Inc.

January 22, 2010 09:33 ET

KIT digital Approved for Trading on Prague Stock Exchange

Following Successful $30.1 Million U.S. Offering, Company Opts to Cancel European Regulation S New Share Offering

PRAGUE, CZECH REPUBLIC and NEW YORK CITY, NY--(Marketwire - January 22, 2010) - KIT digital, Inc. (NASDAQ: KITD), a leading global provider of IPTV software and integration solutions, announced that the Listing Committee of the Prague Stock Exchange (PSE) has accepted its common stock for trading on its Main Market effective Monday, January 25. KIT digital has at the same time opted not to pursue an issue of new primary shares under a Regulation S stock offering in Europe.

The PSE listing will be in addition to the company's current listing on the NASDAQ Global Market in the United States. The stock will trade on the PSE under the same symbol, "KITD," with an International Securities Identification Number (ISIN) of US4824702009. PSE-listed shares will be fully fungible with NASDAQ-listed shares immediately upon trading and Patria Finance, a.s. will act as a market-maker for the KIT digital common stock on the PSE.

"The PSE is a natural fit for us, given our Prague headquarters and the significant business we have developed in the Eurozone," said Kaleil Isaza Tuzman, KIT digital's chairman and CEO. "While we are globally-oriented with enterprise clients around the world, this listing underscores our commitment to EMEA and provides a gateway for European and regional CEE investment funds that have expressed interest in our business, but are limited to investing in European-listed securities."

"Our original plan was to simultaneously consummate U.S. and European stock offerings of up to 5.25 million shares, to support our stated business objectives of (a) financing future acquisitions, (b) fortifying our balance sheet to allow us to better compete in RFPs which require certain cash levels and bond assurances, and (c) eliminating our outstanding in-the-money warrants," said Isaza Tuzman. "But given yesterday's issuance of 3 million shares in the U.S. and successful raise of US$30.1 million at nearly market price -- allowing us to achieve objectives (a) and (b) -- we have determined that our third goal of eliminating our warrants may be better achieved through less dilutive alternatives like a small offering of shares at a later date, facilitating open-market transactions between third-party investors, or utilizing the issuance of debt. As such, we have decided not to issue any new shares in Europe at this time."

There will be a closing bell ceremony related to the Prague Stock Exchange listing on Monday, January 25, 2010 at 3:30pm Central European Time.

Conference Call
As previously announced, management will hold a conference call to discuss the recent U.S. stock offering, its intended use of proceeds, and the PSE listing on Monday, January 25, 2010:

Date: Monday, January 25, 2010
Time: 11:30 a.m. Eastern time (4:30 p.m. GMT)
Dial-in # (North America): +1-800-895-0198
Dial-in # (outside North America): +1-785-424-1053
Conference ID: 7KITDIGITAL

The conference call will be broadcast simultaneously and available for replay via the Investor Relations section of the company's website at

Please call the conference telephone number at least 5-10 minutes before the scheduled start to allow for processing time. If there is any difficulty connecting with the conference call, please contact the Liolios Group at +1-949-574-3860.

A replay of the call will be available after 2:30 p.m. Eastern time on the same day and until February 25, 2010:

Toll-free replay # (North America): +1-800-283-9429
International replay # (outside of North America): +1-402-220-0871
(No passcode required)

About the Prague Stock Exchange
The Prague Stock Exchange (PSE) is the largest securities market in the Czech Republic and the second largest in Central and Eastern Europe. While Prague's first security and commodity exchange opened in 1861, the present-day PSE was established in 1992. In 2004, the PSE became a full member of the European Securities Exchanges (FESE) in connection with the accession of the Czech Republic into the European Union. That year the U.S. Securities and Exchange Commission officially granted the status of a "designated offshore securities market" to the PSE and included it on the list of reliable offshore exchanges. The PX Index gained 30% in 2009, with an average daily trading volume of 1.8 billion CZK in shares. For additional information, please visit

About KIT digital
KIT digital (NASDAQ: KITD) is a global provider of on-demand, Internet Protocol (IP)-based video asset management solutions. KIT VX, the company's end-to-end software platform, enables enterprise clients to acquire, manage and distribute video assets across the three screens of today's world: the personal computer, mobile device, and IPTV-enabled television set. The application of VX ranges from commercial video distribution to internal corporate deployments, including corporate communications, human resources, training, security and surveillance. KIT digital's client base includes more than 600 enterprise customers across 30+ countries, including The Associated Press, Best Buy, Bristol-Myers Squibb, Disney-ABC, General Motors, Google, IMG Worldwide, Intel, McDonald's, News Corp, Telefónica, the U.S. Department of Defense, Verizon, and Vodafone. KIT digital has its headquarters in Prague and maintains principal offices in Cologne, Dubai, London, Melbourne, New York, Stockholm and Toronto. For more information, go to

KIT digital Forward-Looking Statement
This press release contains certain "forward-looking statements" related to the businesses of KIT digital, Inc., which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product development and commercialization, the ability to obtain or maintain patent and other proprietary intellectual property protection, market acceptance, future capital requirements, regulatory actions or delays, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our public filings with the U.S. Securities and Exchange Commission. KIT digital is not under obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Contact Information

  • KIT digital Contact:
    Daniel Goodfellow
    VP, Marketing and Communications
    Tel. +1-646-873-3086
    Email Contact

    KIT digital Investor Relations Contact:
    Matt Glover
    Liolios Group, Inc.
    Tel. +1-949-574-3860
    Email Contact

    KIT digital Media Contact in the Czech Republic:
    Vladimír Bystrov
    Bison & Rose
    Tel. +420 777 130788
    Email Contact