Saturday, 03 September 2016 01:24

Kirby Family invests in video technology company Linius

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Village Roadshow’s Kirby family has taken a strategic stake in Melbourne-based developer of disruptive video technology, Linius Technologies.

The ASX-listed Linius (ASX:LNU) announced on Friday that the Kirby family investment, through a private placement, totals $500,000 for 10,000,000 ordinary shares at $0.0 5 cents per share.

The new shares will be subject to a voluntary escrow restriction for eight months from their date of issue through to the first anniversary of the company’s ASX listing.

Village Roadshow (ASX: VRL) co-executive chairman and co-CEO, Robert Kirby, said the company sees great potential for the Linius technology to impact many areas of the film industry, “from reducing production costs, potentially reducing piracy to opening up a myriad of new monetisation opportunities for content producers and broadcasters alike”.

“We are excited to be involved with this transformative technology and look forward to assisting (chief executive) Chris (Richardson) and his team drive the business to even greater heights.”

Richardson said the company had not actively been pursuing further capital raising opportunities.

“However, when the Kirby family approached us, we saw their significant strategic value. The Kirby family has a long history of success in the film industry, and we are delighted to have a partner of their stature become a shareholder in Linius,” he said.

“We believe that the Kirby family’s connections and experience in cinema and film will be highly valuable in terms of advice and introductions to Linius, thus assisting to generate long-term shareholder value.

“The company looks forward to demonstrating its revolutionary video technology in Amsterdam on 9 September at IBC, the world’s premier broadcasting conference, and looks forward to rewarding new and existing shareholders’ faith in Linius.”

Richardson said Linius’ recent quarterly update and annual accounts showed the company is in a very good cash position, with $3.3 million in the bank and an initial low burn rate of $150,000 per month, in line with the previously released operating plan.


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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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