KIT digital (Nasdaq: KITD) Closes Previous Acquisition of Hyro Assets

Shawshank, VA 6/26/12 (StreetBeat) -- KIT digital, Inc. (Nasdaq:KITD), a leading video management software and services company, today announced that it has closed its previously announced acquisition of assets from Hyro Limited ("Hyro") (HYO), the Australia-based digital solutions company. Shareholders voted to approve the transaction at Hyro's Annual Meeting on Friday, June 15, in Southbank, Victoria, and KIT digital took operational control of the assets on Friday, June 22.

The acquired Hyro assets generated revenue of approximately AUD$22 million in 2011.

KIT digital has elected to pay consideration of AUD$2.0 million in cash and 1.84 million shares of KIT digital common stock, subject to adjustment under certain conditions. The cash component of the acquisition price is offset by an equivalent amount of restricted and unrestricted cash on the Hyro balance sheet.

"We are pleased that Hyro shareholders voted to approve this transaction," said Barak Bar-Cohen, CEO of KIT digital. "We expect the combination of our respective video software and service offerings to unlock a significant commercial opportunity in the Asia-Pacific region (APAC), and to further benefit our existing tier-one customer base."

Nicole Dixon, Managing Director of Asia-Pacific for KIT digital, added: "APAC is an area of strategic expansion for us. We believe macro trends in the region will continue driving increased demand for the KIT Video Platform, our cloud-based video asset management system, from network operators and media companies throughout APAC, particularly in the rapidly expanding emerging markets of Southeast Asia. We seek to leverage Hyro's resources in support of current and future deployments there and across the wider region, where the skilled and experienced resources of Hyro will assist in fulfilling the needs of our combined pipeline."

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Wednesday’s biggest gaining and declining stocks

Atlanta, GA 6/13/12 (StreetBeat) – Following are some of Wednesday’s biggest gaining and declining stocks:

Gainers

Kit Digital Inc. (Nasdaq:KITD) added nearly 11%. The company, in a Securities and Exchange Commission filing, said that it is in talks with several prospective buyers. The company said it expects to report more details soon.

Simulations Plus (Nasdaq:SLP) shares added 5.3%. The company said earlier Wednesday that it signed a collaboration agreement with a major pharmaceutical company to extend and enhance its oral cavity dosing model within its GastroPlus simulation-software program.

Decliners

A123 Systems (Nasdaq:AONE) shares shed 18% on Wednesday. The shares gave back some of their 52% gain in the previous session. On Tuesday, the Waltham, Mass., maker of batteries for electric cars said it’s introducing a “breakthrough” lithium ion power cell, dubbed Nanophosphate EXT. I

3D Systems Corp (NYSE:DDD) fell 5%. The company said Tuesday afternoon that it plans to sell $100 million of new stock to fund acquisitions and run its business.

Scotts Miracle-Gro (NYSE:SMG) shares fell 12%. Scotts said late Tuesday that it will come up short of its prior fiscal-year forecast as sales growth momentum at its biggest U.S. retail partners has fallen off.

Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling.

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