ROK plans reverse IPO

ROK Entertainment Group Ltd. will go public through a reverse initial public offering.
The U.K.-based mobile entertainment group agreed to be acquired by CyberFund Inc., a private investment fund manager. CyberFund, which is managed by Santa Barbara, Calif.-based Hammer Capital Management Inc., will give up 57 million common shares of CyberFund stock for 100% of the issued and outstanding shares of ROK.
The public company will continue to do business under the ROK brand.
“Following nearly four years of focused investment in innovative technologies and applications for the delivery of entertainment and services to mobile phones, we believe now is the right time to take ROK public,” said ROK CEO Jonathan Kendrick. “We have amassed a wide portfolio of products for the mobile phone and have paid particular attention to protecting our intellectual property therein. We look forward with great excitement to continue deploying those products worldwide.”
ROK claims to have secured more than $40 million in financing since its 2003 launch.
ROK offers free and premium mobile video services around the world and markets a place-shifting offering. The company also operates a storefront designed to deliver mobile content to memory cards that can be played on mobile phones.