Newtime secures US backing for internatl expansion
Media release – 14 December 2005
Newtime secures US backing for international expansion
Kiwi Growth Partners has brokered major US financial backing to help innovative Wellington-based mobile and online technology company Newtime Properties go international.
Newtime already licenses, develops and markets children’s entertainment and education properties - ranging from television series and merchandise, to online and mobile games – but wants to take its unique products to the next level with the multi-million dollar deal.
KGP founder and director Alvin Donovan established the deal with Millennium Capital Quest Corporation (MCQC), a US-based merchant and investment banking company that specialises in financing web-based businesses.
“To get the ball rolling, MCQC is providing Newtime with a US$10M credit facility to fund its expansion in return for an equity stake in the company,” he says.
“They will also arrange for a direct participation offer via the Internet to bring in investors and later next year will help develop a US affiliate for Newtime and help them initiate contacts in China and the Far East.”
Millennium Capital Quest Corporation Chairman Gregg Nolan says backing Newtime was a simple business decision.
“We decided to do business because we see global potential for the products. We believe Deb Butler (Newtime’s Managing Director) has great enthusiasm, has worked very hard on this for a long time and deserves our support.”
Ms Butler sees MCQC as having an excellent synergy for his company.
“Gregg from MCQC understands our product, sees the global potential and knows the industry well,” she says.
“Over the years MCQC has worked with Disney, MGM, CBS, Viacom and others, so they feel confident that they can deliver the management, postproduction and distribution as we expand internationally. Most of all I like the local and international networks Gregg’s company has association with.”
Newtime Properties aims to become an international leader in Internet and mobile-based “edutainment” based around the huge market created by a massive growth in mobiles and PDAs amongst younger people.
The company uses the Newtime name for its educational products and the Gtoyz name for its entertainment arm. Both use a range of fun, animated characters such as Kung Fu Millionaire, Gearhedz and PIPSQKS.
Initially the company will distribute its products through two main avenues - an infomercial and an online games channel.
The infomercial, aimed at children and young people, will have an emphasis on learning English and providing financial education.
It will offer DVDs, with Newtime’s TV shows, CD ROMS and game boards, trading cards and activity books, based on their range of animated characters.
Their games channel will offer a whole range of entertainment and educational games based on its unique animated characters and users will be able to collect characters and rewards, such as digital trading cards and comics.
There is more about Newtime and its products on: www.gtoyz.com/
There is more information about Kiwi Growth Partners at: www.kiwigrowthpartners.com