13 Oct 2014

Media firm looking for new capital

7:56 am on 13 October 2014

Snakk Media says it will need to raise additional capital in order to take advantage of the opportunities it has for rapid expansion in Southeast Asia.

Snakk, which is listed on NZX's alternative market, uses apps, games and social media to help business brands reach customers on their smartphones, tablets and other smart screen devices.

Despite its small size and early stage of development, investment analyst Edison Investment Research said Snakk has a good opportunity to establish a strong market position in Southeast Asia, and its share price does not yet reflect the value of its potential reach and future profitability.

Late last week, the company announced its subsidiary, Represent Media, had won the exclusive right to access the inventory, or ad space available, on the popular TuneIn audio mobile app in Australia, New Zealand and Southeast Asia.

Chief executive Mark Ryan said the company has a very clear strategy for expansion and will need capital to do it.

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