LONDON, August 4, 2015 /PRNewswire/ --
Enterprise Investment Scheme qualified AppBox Media PLC ("AppBox Media "), a UK-based developer of mobile applications and video games, provided the market today with an update (http://www.londonstockexchange.com: AppBox Media Corp update) on a series of key developments that progresses AppBox Media closer towards its vision of becoming one of the world's leading game software developers.
The company confirmed that the latest fourth round Offer for Subscription, priced at £4.30 per Ordinary A Share of £1.00 each, is now fully subscribed raising c. £860,000. It also revealed that it had secured a contract worth up to £2 million over the next three years. The payment under this contract expected during the first year is £850,000.
Following the interest in AppBox Media and the success of the fundraising to date the company shall be opening a new fifth subscription round at 09:00 on Monday 14th September 2015 priced at £8.12 per Ordinary A Share of £1.00 each. This subscription shall be for 120,000 Ordinary A Shares of £1.00 each. AppBox Media intends to raise approximately £974,400 from institutional and private investors on the basis of a current Information Memorandum. These shares are to be credited as fully paid and will rank pari passu with the Ordinary A Shares.
Formed in 2014 AppBox Media has been revenue producing since July 2014 and is ahead of the forecasted rate of growth in respect of scheduled release titles and contracts won. It is expected that AppBox Media will pass 1 million cumulative downloads for its apps by December 2015.
With AppBox Media's footprint established through the launch of 6 games, the team are now working to diversify the portfolio in a mixture of areas such as marketing and advertising, social networking, medical and financial. The company has today completed its latest app, 'can I cook it'. This app is a competition based cooking app made by a team of app developers who specialise in this genre who have seen previous cooking apps downloaded over 1 million times. It will be available for download through the Apple App store during September 2015.
Over the next 6 months AppBox Media aims to release a further 12 apps. The AppBox Media development team have worked for companies like Sega, Universal, Fujitsu Yahoo, Spotify and Virgin and AppBox Media believes this talent is helping to propel AppBox Media's development and revenue drive.
Commenting on today's news, Polat Hassan, CEO, said: "Our investors have really got behind AppBox and we hope that our potentially strong 2016, 2017 and 2018 revenue figures, including the announced contract, help to repay this support. Our new app 'can I cook it', I believe is a fantastical mix of cooking and competition."
About AppBox Media
AppBox Media Plc is a mobile application software development company. Its products are available across Apple iOS and Google Android, and are available for instant download across smartphone and tablet devices.
The founders, developers and project managers have a proven track-record at a number of worldwide organisations, including designing and building applications for organisations including Universal Pictures, Motorola, Toshiba, SEGA, and Fujitsu.
With Appbox Media's footprint established through the launch of 6 games, the team are now working to diversify the portfolio in a mixture of areas such as marketing and advertising, social networking, medical and financial.
The company's current market valuation stands at £6.5 million.
AppBox Media is a qualified Enterprise Investment Scheme and to date has raised over £2 million, with a further [£860,000] raised so far in its latest round of fundraising.
For further details about Appbox Media and its apps visit: http://www.appboxmedia.com
SOURCE AppBox Media PLC