ROO Group, a global leader in online video solutions for content providers, advertisers and websites, today announced it has completed a private equity financing with gross proceeds of $25 million, in a common stock transaction. The participants in the transaction are accredited institutional investors, the majority of which are existing investors.
ROO will use the net proceeds from the sale of common stock to fund ongoing operations, to pursue previously announced acquisitions, further develop the ROO VX video platform and expand the company?s sales and marketing resources.
The company issued 10 million common shares at $2.50 per share and 3,000,000 warrants exercisable at $4.50 per share and callable at $6.00 per share. The company is expected to file a registration statement pertaining to the transaction within 30 days.
?Our ability to secure this important financing highlights our growth potential and the tremendous progress we have made in strengthening our suite of integrated online video solutions for publishers, content producers and advertisers,? said Robert Petty, Chairman and CEO of ROO Group. ?We are well-positioned to continue to expand our business and product offerings globally, while strategically aligning with key players in the rapidly growing online video industry.?
Selected web sites of the hundreds of web sites powered by ROO globally include:
The Sun http://www.thesun.co.uk/
The Times http://www.timesonline.co.uk/tol/audio_video/
The Mirror http://www.mirror.co.uk/
Verizon Surround http://surround.verizon.net/
The Street http://videoplayer.thestreet.com/
MTVu - NYU and University of Massachusetts http://www.nyunews.com/videos/ and http://www.dailycollegian.com/videos/
Network 10 http://www.ten.com.au/ten/video.html and http://www.bigbrother.3mobile.com.au/video-on-demand.html
The Herald Sun http://www.news.com.au/heraldsun/
ROO Group Inc. through its 100% subsidiary ROO Media Corporation, is the online video solutions company focused on meeting the specific needs of large enterprise companies globally. The company's proprietary platform, the ROO Video Exchange, simultaneously services multiple video channels, audience segments and advertisers and, as such, has become a leading platform in content aggregation, distribution and targeted advertising. ROO's unique ability to offer a "many-to-many" service has helped secure its position as the Internet broadcast company of choice for companies seeking effective strategies for monetizing online video. The company has offices in the United States, United Kingdom, Germany and Australia. For additional information, please visit the Company?s Web site at .