Lateral to list on the NZAX
- 30 July, 2014 15:49
Lateral Corporation, providers of mobile interactive products and services, intends to list on the NZAX.
An initial compliance listing will be followed by a period of capital-raising to achieve $1.5 million with qualifying investors. The funds will be used to fund growth ambitions across several markets including Australia, the UK and USA.
According to Lateral, the two converging trends of modern smartphones equipped with HTML5 and the introduction of new generation direct carrier billing in several key markets, allow the firm to reach and transact with an increasingly large volume of consumer traffic on mobile devices and to monetise those transactions.
Lateral’s Viaduct platform, designed for the smartphone market, creates and hosts cloud based, digital products, services and applications, manages sales and distribution, and bills customers.
Lateral CEO Roger Grice said, “Rather than building a single app to distribute through the Apple or Google app stores we’re developing a digital supply chain. In the upcoming world, where apps migrate to the Cloud, we believe this is a powerful strategy. We have spent the past 5 years developing our Viaduct platform, which not only develops apps, but can host other apps, enabling us to distribute and bill for third party digital products.”
Board Chairman, Dene Biddlecombe said, “We are in a really exciting place right now. With the bulk of development completed, we are ready to get our next generation of products into the smartphone market and put a meaningful marketing budget behind them. The timing is right for Lateral to raise additional funds to accelerate these growth plans.”
The majority of Lateral’s business comes from Australia, with its mobile interactive services like OZchat.