OREANDA-NEWS. August 06, 2015. The Board of AppBox Media, a UK based developer of mobile applications and video games, provides the market today with an update on a series of key developments that progresses AppBox Media closer towards its vision of becoming one of world's leading game software developers.

Key Points

·     The latest fourth round Offer for Subscription, was priced at ?4.30 per Ordinary A Share of 1.00 each, and is now fully subscribed.

·     The first, second, third and fourth rounds of funding are now all fully subscribed.

·     AppBox Media is pleased to announce that it has secured a contract that is worth up to 2 million over the next three years. The payment under this contract expected during the first year is ?850,000.

·     AppBox Media 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.

·     The Board considers that the price for the new shares is to be fair and reasonable insofar as AppBox Media's shareholders are concerned.

·     AppBox Media has been revenue producing since July 2014.

·     AppBox Media is presently 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.

·     AppBox Media can also announce the completion of its new 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. This app will be available for download through the Apple App store during September 2015.

·     Over the next 6 months AppBox Media expects 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:

'We feel that the investor community have backed AppBox [Media] and we hope that our potentially strong 2016, 2017 and 2018 revenue figures help to repay this support. Our new app 'can I cook it', I believe is a fantastical mix of cooking and competition'