Mobestar has completed a listing on London's Alternative Investment Market at an initial valuation of £38 million.
UK-based Mobestar intends to use funds raised for production and delivery of its mDate video dating service and the supply of picture and video content through third parties and direct-to-consumer channels.On admission to AIM, the company has 37,951,490 ordinary shares at an opening price of £1 per share in issue.
Mobestar CEO Peter Richards said: “The resounding message today is that although video-based mobile dating and other mobile community services are still in their infancy, this mobile entertainment sector has almost boundless potential as more and more users are gaining 3G phones."
Mobestar is focused primarily on the 3G content market and community-based video products built around its Flexible Anonymous Communications Engine (FACE).
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