Primorus Investments plc
("Primorus" or the "Company")
Investment in Stream TV
Primorus Investments plc (AIM: PRIM, NEX: PRIM) pleased to announce a US$200,000 equity investment in Stream TV Networks, Inc. ("Stream TV") on a fully-diluted valuation of US$336m.
Stream TV is a Philadelphia-based new media company created to serve a consumer market seeking enhanced entertainment and communications experiences through devices with unlimited accessibility and superior quality. Through its wholly-owned research subsidiary, SeeCubic B.V., Stream TV has developed breakthrough glasses-free 3D display technology launched under the trade name Ultra-DT. Stream TV is on the cusp of commercially launching, via licence, a range of TV, tablet and smartphone glasses-less 3D screens in 2018. Further licenced products will follow including laptops, PCs, gaming, medical, and automotive. Stream TV intends to IPO on NASDAQ in 2018.
Stream TV currently has small revenues from licenced sales of its screens for digital signage. It made an operating loss of US$18.9m and a net loss of US$42.6m in the year ended 31 December 2016, partly due to US$12.25m of R&D costs.
Following the investment in Stream TV noted above, the Company will have available cash resources of approximately £350,000.
Alastair Clayton, Executive Director commented:
"Primorus is very excited to be able to participate in what we believe will be the next generation of visual screens. We have been tracking the company for several years and believe the next 12 months will be transformational for the business as years of R&D convert into commercial products. In a world where 3D TVs with glasses have failed to gain momentum and where tablet and smartphone manufacturers need to demonstrate a strong differentiation for their next generation of models, Ultra-D is extremely well-positioned to be the technology that drives the replacement cycle."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Primorus Investments plc: |
+44 (0) 20 7440 0640 |
Alastair Clayton |
|
|
|
Nominated Adviser: |
+44 (0) 20 7213 0880 |
Cairn Financial Advisers LLP |
|
James Caithie / Sandy Jamieson |
|
|
|
Broker: |
+44 (0) 20 3137 1902 |
Optiva Securities Limited |
|
Christian Dennis / Jeremy King |
|
