KIT digital Relocates Corporate Headquarters to New York City, Voluntarily Delists From Prague Stock Exchange
Jul 19, 2012 (Marketwire via COMTEX) -- KIT digital, Inc. (
"New York sits at the intersection of the global media industry and our own investor and financial community. Our relocation supports our growth in the important broadcaster and network operator markets, and grants us greater access to U.S. investors and industry analysts," said Barak Bar-Cohen, Chief Executive Officer of KIT digital. "The move also streamlines and consolidates many key corporate functions, allowing us to realize additional cost savings."
The company's corporate marketing, communications, finance and administrative teams will now reside in New York City. The company's location in Prague will become a technology and development center, supporting ongoing product development efforts.
"We will continue to leverage our highly skilled Prague-based technology group to further develop our Cosmos video platform and broader product portfolio, supporting compelling IP video experiences for our customers," Mr. Bar-Cohen continued. "Our decision to delist from the Prague Stock Exchange was made in support of our ongoing consolidation process and desire to reflect that process in our investor relations activities."
As per regular delisting procedure, KIT digital's common stock will continue to be traded on the Prague Stock Exchange for a short transitional period. The delisting is not expected to have any material impact on KIT digital's overall trading volume or on the liquidity or marketability of the company's shares.
About KIT digital, Inc.
KIT digital (
Additional Information Regarding the Solicitation and Where to Find It
KIT digital Inc. and its directors, director-nominees and executive officers may be deemed to be participants in the solicitation of proxies from KIT digital Inc.'s stockholders. Information about KIT digital Inc.'s directors, director-nominees and executive officers will be set forth in KIT digital Inc.'s proxy statement on Schedule 14A which the company intends to file with the SEC and furnish to its stockholders.
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," "estimates," "expects," "intends," "anticipates," "will continue," "projects," "plans" and variations of such words or similar expressions, but their absence does not mean that the statement is not forward-looking. Statements in this announcement that are forward-looking include, but are not limited to, statements made concerning the cost savings we anticipate to realize. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product development and commercialization, integration of acquired businesses, 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. 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. Except as required by U.S. federal securities laws, 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.
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