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Snakk boosts annual sales 83 percent, seeks opportunities, acquisitions with new funds

Tuesday 4th June 2013

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Snakk Media, which aggregates publishers' ad space on mobile devices and matches it to advertisers' demand, boosted annual sales 83 percent and is on the prowl for investment opportunities with its new $6.5 million war chest.

Sales rose to $3.65 million in the 12 months ended March 31 from $1.99 million a year earlier, the Auckland-based company said in a statement, without disclosing its profitability. Snakk didn't offer any guidance when it listed in March, saying it wasn't able to predict "prospective revenue streams with precision" at that time.

The company will release its audited results by June 20.

"Last year the business grew and matured quickly, both from an operational and revenue-generation perspective," chief executive Mark Ryan said. ""We capped off the year with a strong debut on the New Zealand stock exchange and since listing we have welcomed more than 700 new shareholders into the Snakk family."

Last month, Snakk raised $6.5 million from a share purchase plan and private placement at 12 cents a share, and Ryan said those funds give the company the option of looking at "opportunities and potential acquisitions that will allow us to scale the business beyond the start-up phase and grab a larger share of the exploding mobile advertising market."

The shares dropped 8.8 percent to 13.5 cents when they last traded on Friday, valuing the company at $34.4 million. The stock listed at 6.5 cents in March as a compliance listing, meaning no funds were raised at the time.

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