KoolConnect Discloses Increase of New Investment Capital
Existing and new investors in the entertainment company provide funds to realize substantial interna
NEEDHAM, MA, August 10, 2006. KoolConnect Technologies, Inc, the leading worldwide provider of digital and HD in-room entertainment to the luxury and upscale hospitality marketplace, disclosed today that the company has recently raised $2 million in incremental capital, bringing the total capital infused into the company over the past 12 months to over $10 million - including over $5 million in equity securities and approximately $5 million in loans - plus over $15 million in lines of credit to fund extensive growth opportunities in the U.S., Middle East and Asia Pacific.
"With the hospitality industry in full recovery and so many properties interested in upgrading their in-room experience with new technologies such as flat panel TVs and HD, the interest in KoolConnect and our level of deal volume worldwide has grown exponentially," said Dave Tahan, KoolConnect's Chief Operating Officer. "We're very pleased that our investors have provided us with the capital to allow us to continue to invest in our new development efforts as well as to meet this substantial market demand, including the ability finance attractive business models such as full revenue share and subscription fee arrangements to allow hotels to adopt our technology with no capital outlay," he added.
These funds were invested by major shareholders including investment funds such as LTG International Ltd, Sire LLC, Braymar Associates and Plough Penny Partners as well as several independent high-worth individuals. A catalyst for this incremental investment has been the company's recent success and the expansion its digital VOD solutions worldwide. "Our IMAGINE digital and INTRIGUE HD solutions are becoming the de facto standard for upscale and luxury hotels," said Tahan. To quantify this success, he noted that KoolConnect has just passed a significant milestone - 20,000 in signed and installed rooms - including contracted properties in the US, Europe, UAE, Japan, Australia and Hong Kong.
"KoolConnect was one of the first companies to introduce fully digital VOD, and the first company to introduce fully HD VOD," said Tahan. "With this new funding, we're able to continue to invest in innovative new solutions like IPTV and PVR and to continue to expand on a global basis."
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