Group Led By Former Chairman and CEO Kaleil Isaza Tuzman Revises Acquisition Offer and Raises Concerns Regarding KIT digital Sale Process

Posted on by admin

Believes company is being purposefully driven to a distressed sale by current insiders

NEW YORK, Feb. 11, 2013 /PRNewswire/ — Dear KIT digital board of directors:

In an open letter to you on November 23rd, 2012, a group led by me outlined our disappointment with the direction you have taken KIT digital, Inc. (“KITD” or the “Company”), made a preliminary bid to take the Company private, and offered a detailed operational plan to recover value for shareholders. On December 5th, 2012, we revised our contingent bid for the Company in another open letter to the board—to a range of $1.35 -$1.70 per share—representing a 112% premium to the $0.72 closing price of the Company’s shares on December 4, 2012. Continue reading →

Group Led by Former Chairman and CEO Kaleil Isaza Tuzman Extends Revised Acquisition Offer to KIT Digital Board of Directors

Posted on by admin

Urges Transparent Auction Process; Requests Response by Wednesday, December 12, 2012

NEW YORK, Dec. 5, 2012 /PRNewswire/ —

Attention: Bill Russell, Chairman

Dear KIT digital Board of Directors,

On November 23, 2012, we sent you a detailed letter describing our disappointment in the performance of KIT digital Inc.’s (“KITD” or the “Company”) current management team in both administering the business and capitalizing on strategic opportunities that could have generated significant value for the Company’s shareholders (the “Initial Letter”).  In our Initial Letter, we also outlined our own turnaround plan for KITD and urged you to immediately engage with us regarding a provisional offer to acquire the Company. Continue reading →

Former Chairman and CEO Kaleil Isaza Tuzman Sends Letter to KIT digital Board of Directors

Posted on by admin

Urges Company to Discuss Acquisition Offer and Conduct Open and Transparent Sale Process.

NEW YORK, Nov. 23, 2012 /PRNewswire/ —

Board of Directors
KIT digital, Inc.
26 West 17th Street, 2nd Floor
New York, NY
10011

Attention: Bill Russell, Chairman

Dear KIT digital Board of Directors,

KIT digital, Inc.’s (“KITD” or the “Company”) November 21, 2012 8-K (the “8-K”) effectively blamed prior management for the Company’s delayed filing of third quarter results and the Company’s intent to restate its financial statements for the 2009-2011 period, among other issues.  The Company’s attempt to attribute its current problems to prior management is spurious. Continue reading →