Hyro Limited (HYO) is pleased to announce it has entered into a Security Purchase Agreement with KIT digital Inc for the Company to sell its main undertaking to KIT digital for the purchase price of AUD$17,215,485.00 in cash, or 2,079,972 NASDAQ listed ordinary shares in KIT digital (at the discretion of KIT digital).
“Both Hyro and KIT digital’s service offering in Australia and the Asia Pacific region are strongly complementary, particularly in areas such as video technology, strategy development and user experience. KIT digital brings significant experience in video and IP-solutions which will be of great benefit to existing Hyro clients. In addition, Hyro will continue to fully support our customer’s solutions throughout the region” said Hyro Chairman, Mr Rob Clarke. Dr Anthony Poiner, Hyro Chief Executive Officer said “This is an exciting development for all Hyro staff and clients. We will now be able to contribute our talent and experience to KIT digital’s global business and bring their video technology experience and expertise to our customers across Asia- Pacific.”
KIT digital is a NASDAQ listed company with a market capitalisation in excess of US$300 million as at 22 April 2012, and is one of the world’s leading video technology and services companies. KIT digital services almost 2,500 clients including some of the world’s biggest brands, and has over 20 offices globally. Under the Agreement, the Company will sell to KIT digital the Company’s shareholding in the following wholly owned subsidiaries of the Company: Hyro Australia Pty Ltd; Idaptive Pty Ltd; Hyro Digital Pty Ltd; Hyro Asia Limited, a company registered in Thailand.