MELBOURNE | Technology company Connexion Media Limited (ASX:CXZ) is on track to raise up to $6 million through its public offering, which should see it re-listed on the Australian Stock Exchange.
The funds will be used to purchase Miroamer Pty Ltd and its technology that caters to the web-connected vehicle market, in particular Internet connected software services and data analytical services.
It has an agreement with General Motors relating to its Internet radio product, which allows the consumer to listen to AM/FM radio stations from around the world. General Motors produces around 8.5 million vehicles a year.
Miroamer chief executive Mr George Parthimos said the company had received several significant commitments, including a major investment from Mac Equity, a Perth-based investment firm.
“Investors are excited about our technology, not just in the growing internet radio streaming market, but the potential of the vehicle data analytics collection and subsequent on-sale to business partners,” Mr Parthimos said.
“We are a global player in supplying software services to the connected car market. We are seen as punching above our weight with our multi-award winning technology.
“We have established a strong management group and have solid agreements with the key partners in the global connected vehicle market.”
Connexion Media is offering 30 million shares at 20 cents each, to raise up to $6 million. There is a minimum subscription of $3 million. Lead manager for the Issue is Phillip Capital Limited.
The Offer closes on 3 July 2014 and the company expects to list on the Australian Stock Exchange on 24 July 2014.