zamano Close to Share Placement

zamano, which provides interactive applications and services for mobile devices, says it is close to finalising the terms for a placing of shares to raise approximately 2.5 million (2.7 million) of new capital, to accelerate the execution of the Groups strategy.
On 23 September 2009, as part of its interim results announcement, zamano stated that a process had been initiated at Board level to identify investment opportunities to accelerate the Group's growth plans and to capitalise on its strengths. Two such investment areas were identified.
Firstly, zamano feels that the rapidly growing demand for Smartphone applications presents a major opportunity for the company, with the market for applications expected to grow approximately four fold to 16 billion by 2013, according to Wireless Expertise. zamano is putting in place a dedicated Smartphone application team to capitalise on this development in the market.
Secondly, according to Gartner, mobile advertising is set to grow by fifteen fold to 15 billion by 2013. zamano says that the substantial increase in the availability of mobile advertising provides the company with new opportunities to advertise and interact with target users in existing and new territories.
The proposed fundraising will enable zamano to capitalise on the developments in the industry, with the funds used to enable zamano to execute its strategy to develop a suite of Smartphone applications; to fund expansion into new territories and hire skilled development staff; and to reduce gross debt by 1.0 million, 
The Placing will put zamano in a strong position as we enter 2010, with a strengthened balance sheet and the capacity to execute our strategy in an exciting new market for the Group, says zamano CEO, John OShea.