Tuesday, August 22, 2006

Roo Tap the Market

Video syndication operation, Roo, finally filed their quarterly report for the period to June 06 with the SEC and revealed that they have just raised another $4.675 m at $1.25 (against a market price of around $1.75). Most worrying for the company is that this barely covers a quarter's $3.23m losses as the company revenues grew to $2,014,000 from $1,780,000 for the previous quarter.

Roo's breakdown of revenues is far from transparent and word has it that much of their revenues come from a majority-owned Australian-based online marketing company, Factory212.

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