SOURCE: KIT digital, Inc.

KIT digital, Inc.

November 24, 2010 10:52 ET

KIT digital Closes $96 Million Public Offering of Common Stock

NEW YORK, NY and PRAGUE, CZECH REPUBLIC--(Marketwire - November 24, 2010) - KIT digital, Inc. (NASDAQ: KITD), a leading global provider of video asset management solutions (VAMS) for multi-screen IP-based delivery, has closed the previously announced public offering of 8,000,000 shares of common stock at $12.00 per share, for gross proceeds to the company of $96.0 million.

The net proceeds received by the company are expected to be approximately $89 million, after deducting underwriting discounts, commissions, legal fees, and certain offering-related expenses payable by the company.

As previously announced, KIT digital has granted a 30-day option to the underwriters to purchase up to an additional 1,200,000 shares to cover over-allotments.

KIT digital plans to use the net proceeds of the offering primarily to acquire and invest in competitive and complementary businesses as a part of its growth strategy.

Roth Capital Partners acted as the sole book-running manager for the offering, with Merriman Capital, ThinkEquity LLC, Janney Montgomery Scott, and Northland Capital Markets acting as co-managers.

The offering was made pursuant to a shelf registration statement filed with the Securities and Exchange Commission (SEC) on October 13, 2010, which became effective on October 22, 2010. The offering was made by a prospectus supplement, which was filed with the SEC on November 19, 2010, and is available on the SEC's website located at www.sec.gov.

Copies of the prospectus supplement may be obtained from the offices of Roth Capital Partners by e-mail to rothecm@roth.com, by fax to +1-949-720-7227, or by mail to 24 Corporate Plaza Drive, Newport Beach, CA, 92660, Attention: Equity Capital Markets.

This press release does not constitute an offer to sell or solicitation of an offer to buy any securities. Any such offer may be made only pursuant to the company's final prospectus and prospectus supplement for the offering and only in states in which the offering is registered or exempt from registration and by broker-dealers authorized to do so. The securities offered by the prospectus are speculative and involve a high degree of risk.

About KIT digital
KIT digital (NASDAQ: KITD) is a leading global provider of video asset management solutions (VAMS) for multi-screen IP-based delivery. KIT VX-one, the company's family of end-to-end software platform solutions, 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 nearly 1,300 customers across 40+ countries, including The Associated Press, BBC, Best Buy, Bristol-Myers Squibb, Disney-ABC, FedEx, General Motors, Google, Hewlett-Packard, Home Depot, IMG Worldwide, ESPN Star, MediaCorp, News Corp, Telefonica, Universal Studios, Verizon and Vodafone. KIT digital is headquartered in Prague, and maintains principal offices in Atlanta, Beijing, Boston, Buenos Aires, Cairo, Cambridge (UK), Chennai, Cologne, Delhi, Dubai, Kolkata, London, Los Angeles, Melbourne (Australia), Mumbai, New York, Singapore, Sofia (Bulgaria), Stockholm and Toronto. For additional information, visit www.kitd.com or follow the company on Twitter at www.twitter.com/KITdigital.

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," "plans" 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 Investor Relations Contact:
    Matt Glover or Geoffrey Plank
    Liolios Group, Inc.
    Tel. +1-949-574-3860
    Email Contact

    KIT digital Global Contact:
    Adam Davis
    Global Communications Manager
    Tel. +1-609-468-9500
    Email Contact