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Applabs Investment XTV Raises $6M Through Oversubscribed Share Offering

Applabs Technologies (ASX:ALA) investee company xTV (ASX:XTV) has raised $6 million through its heavily oversubscribed offer of shares, demonstrating interest in its xTV offering.

Adding to the interest, U.S. technology giant UST Global and Chinese Incubator Inno Valley remain notable significant shareholders of xTV.

Closing of the capital raising is one of the final conditions precedent to completion of the acquisition of MppApps Inc, one of Applab's portfolio investment companies.

xTV and Valley are set to drive xTV channels into the world's fastest growing market - China.

Inno Valley

xTV has entered into discussions with Chinese incubator and accelerator, Inno Valley regarding their intentions to establish a joint venture to launch the xTV network directly into the Chinese market.

Inno Valley is one of China's best known incubators and accelerators with a key focus on the TMT and mobile Internet industry, and has invested US$500,000 to date into xTV as an equity partner.

Inno Valley covers the founders of China's leading internet enterprises such as Tencent (HKG:0700), 360 (NYSE:QIHU) and UCweb - which was acquired by Alibaba (NYSE:BABA).


Applabs seeds investment into companies in the rapidly expanding technology sector effectively de-risks its overall asset portfolio.

The strong response to xTV's $6 million share offering demonstrates that this company (and Applab's investment) could be on a rapid growth path.

The growth curve of xTV highlights that Applabs is investing in companies "on the move" as well as detect undervalued private companies with differentiating features.

Applabs had $3.8 million in cash at the end of September 2014.

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