More on KIT Digital: The company says an event of default exists in a secured loan facility that...

|About: KIT digital, Inc. (KITD)|By:, SA News Editor

More on KIT Digital: The company says an event of default exists in a secured loan facility that has $11M outstanding; that its cash balance has dwindled to $10.6M ($4M of which is restricted), and that cash burn (partly due to restatement costs) is expected to continue. As a result, KIT is exploring "a broad set of strategic alternatives," including financing deals (virtually guaranteed to be dilutive) and a sale. It's also cancelling its 2012 shareholder meeting. KITD -58.9% AH. (PR)