Milamber Ventures Plc

January 27, 2016 02:00 ET

MusIT ? A New Portfolio Company

                                                                                            27 January 2016

                                           Milamber Ventures plc
                                       ("Milamber" or the "Company")
                                      MusIT - A New Portfolio Company

Milamber  (ISDX:  MLVP),  a specialist business incubator, is delighted to announce  it  has  signed  Music
Interactive  Technology  A/S  ("MusIT"), a Norwegian developer of interactive and  immersive  online  music
technology as a new Portfolio Company.

Milamber  has  facilitated securing a grant for MusIT from Innovation Norway for NOK 2.5  million  (approx.
EUR260,000) to help the company develop its latest consumer music product, OiiD. Innovation Norway  is  the
Norwegian  Government's most important instrument for innovation and development of  Norwegian  enterprises
and industry. They support companies in developing their competitive advantage and to enhance innovation.

Milamber will also work in conjunction with its new US based strategic partner, Hatch Group, to provide its
tailor  made  range  of services which it offers to all Portfolio Companies, such as;  access  to  capital,
business  mentoring, support in sales and marketing, cross-fertilisation of clients and knowledge  sharing.
Hatch will also enable MusIT to access industry professionals and large music corporations in the US, where
the company feels it has the greater opportunities.

Andy  Hasoon,  Chairman of Milamber Ventures, commented, "Milamber and Hatch Group are very excited  to  be
working with the Music Interactive Technology team - they have two highly market disruptive products -  one
for the education of music through Music Delta and one for the wider consumer market through OiiD.

"Both  products  are highly scalable and will generate significant profitable revenues  as  we  deploy  the
products  into  markets  around the world. We are receiving significant investment  interest  from  leading
investment brands wanting to participate and share the up-side in this exciting venture."

Music Delta
MusIT,  which  has  been described as the "Rosetta Stone for Music Education" amongst its  industry  peers,
focuses  on two key products. The first, Music Delta, is their lead product for the education sector  which
has  secured  a 23% market share in Norway since its launch in 2012 and is now already being used  by  over
140,000  school children. This robust comprehensive repository of highly interactive music education  which
is aligned to the curriculum is packed with rich content, engaging tools, videos and animations designed to
enthral  and  effectively educate children and young adults of all ages, plus give teachers the  management
resources to track and monitor progress. It is ready to scale globally.

It  is  estimated  that  1.23  billion  students attend primary or secondary  school  programmes  worldwide
currently.  In 2016, approximately 615 million of those young people, ie those younger than 14  years  old,
will have lived in countries that MusIT has defined as educational core markets for Music Delta (The United
Nations Population Division's World Population Prospects).

MusIT's  second  product  is  OiiD and is for the wider global consumer market.  This  downloadable  mobile
application allows users to engage with artists songs in an immersive and engaging way so that a user feels
they are literally "stepping into the music". Research shows the following; that 62% of internet users aged
16  to 64 have engaged in some legitimate digital music activity in the previous 6 months; analysis of  67%
of  social  network users in 20 countries showed they discuss music and movies, ahead of  community  issues
(46%), sports (43%) and politics (34%) as topics of conversation.

About MusIT
Founded  in 2000 in Bergen, Norway, one of Europe's leading centres for Music, by Gisle Johnsen  and  Yrjan
Tangenes,  both  world renowned music leaders and innovators, with the purpose of researching,  developing,
and  evolving  the  creation of cutting edge, next generation music, and music education products  for  the
digital age.

During  that  period  MusIT has secured over US$10 million in funding for research and product  development
from  a  myriad  of sources such as; US$150,000 per year (totalling over US$2 million) from  the  Norwegian
government, universities, leading music organisations such as the Norwegian Organization of Music  Schools,
via  various  EU  grants  and philanthropic investors to create a deep library of proprietary  intellectual
property and state of the art products.

The Directors of the Company accept responsibility for this announcement.



Milamber Ventures plc
Andy Hasoon
T: 07768 875 681

Peterhouse Corporate Finance Limited (ISDX Corporate Adviser)
Mark Anwyl and Fungai Ndoro
T: 020 7469 0930

Cadogan Leander (Financial PR)
Christian Taylor-Wilkinson
T: 07795 168 157

Contact Information

  • Milamber Ventures Plc