News Column

CORRECT: PeerTV Shares Surge As It Wins New Major Customer

May 16, 2014

Rowena Harris-Doughty

(An item published at 1444 on May 15, 2014 misstated the number of shares subscribed due to a mistake by the issuer. The correct version follows.)

LONDON (Alliance News) - Shares in Technology solutions company PeerTV PLC surged Thursday, after it said that its subsidiary Digitek SMT Assemblies received a major new order for sales of approximately USD6.3 million from a new customer based in Israel.

The group also said that it has received commitments of GBP266,300 in funding via a private placing, under which investors subscribed for 26.6 million new shares at 1 pence each, and received five years warrants to purchase an equal number of shares at a price of 1.5 pence each.

PeerTV shares surged 53.33% to 1.15 pence Thursday afternoon.

PeerTV said it will use the new funds for working capital to commence the new order from the unnamed Israel-based customer. It said the order is for the production of printed circuit boards on a full turnkey basis.

"This is a very important strategic order for Digitek. Mass production gives us the opportunity to fully utilise our production facilities on a continuing basis and maximize our efficiencies and profitability. It is the strongest sign yet of our success in repositioning the business," Chief Executive Officer of Digitek Avi Vermus said in a statement.

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Source: Alliance News

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