SOURCE: KIT digital, Inc.

KIT digital, Inc.

November 04, 2009 09:46 ET

KIT digital and IMG Enter Into Agreement

LOS ANGELES, CA and PRAGUE, CZECH REPUBLIC--(Marketwire - November 4, 2009) - KIT digital, Inc. (NASDAQ: KITD), a leading global provider of Internet Protocol (IP) based video management technologies, has agreed to a minimum two-year agreement with IMG, the world's premier and most diversified sports, entertainment and media company.

Nunet AG, which KIT digital acquired from IMG earlier this month, has provided IMG with platform support for various IMG events for the past three years. It is intended these services be continued and that the companies will work closely to find new areas of entrepreneurial activity and collaboration.

"IMG is one of the world's leading entertainment brands, and has shown tremendous foresight in using online and mobile video to grow its brands," said KIT digital's president, Gavin Campion. "This agreement reflects our commitment to continuing to provide world-best platform technology to Nunet customers, and we're confident that IMG will look to benefit from the broader range of products and services now available as part of the KIT digital offering."

Under the agreement, KIT digital will support certain key IMG properties, such as Fashion Week.

"IMG is focused on its core competencies in representation for sports, fashion and rights," said Carmi Zlotnik, head of IMG media operations. "We look to partner with the best and brightest in other areas such as digital technology, and believe KIT digital has distinguished itself as a leader in the relevant categories. Instead of viewing the sale of Nunet as an ending, we view the purchase of Nunet by KIT as the beginning of a collaborative relationship that will hopefully benefit both of our businesses."

The agreement with IMG complements KIT digital's leadership in the sport arena, in which the company has worked with leading brands, including ESPN, Eurosport, MLB, La Liga, The AFL (Australia), and Tabcorp Racing to provide rich IP video experiences to end-users.

Barak Bar-Cohen, KIT digital's executive vice president of business development, added: "We believe that sports content is perfectly suited to a 'three-screen' approach. Our technology allows content owners and telcos to serve fans sporting matches and highlights anywhere and anytime, on a mobile phone, a computer screen, or an IP-enabled TV."

About KIT digital, Inc.
KIT digital (NASDAQ: KITD) is a leading, 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, Telefonica, the U.S. Department of Defense, Verizon, and Vodafone. KIT digital maintains principal offices in Prague, Cologne, Dubai, London, Melbourne (Australia), New York, Stockholm and Toronto. For additional information, please visit www.kitd.com.

About IMG Sports & Entertainment
Operating in 30 countries, IMG Sports & Entertainment's diverse businesses include: consulting services; event ownership and management; fashion events and models representation; licensing; golf course design; and client representation in golf, tennis, broadcasting, speakers, European football, rugby, cricket, motor sports, coaching, Olympic and action sports. IMG Academies are the world's largest, multi-sport training and educational facilities, delivering world-class training experiences to more than 12,000 junior, collegiate, adult, and professional athletes each year.

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 "anticipates," "believes," "estimates," "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 any 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.

The securities offered in the acquisitions described in this press release have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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

    IMG Contact:
    Jim Gallagher
    SVP, Corporate Communications
    Tel. +1-212-774-4419
    Email Contact