Significant investment in investee company, Magic Media Works Ltd
YOLO Leisure and Technology plc, the AIM-quoted company focusing on opportunities in the technology, media and leisure sectors, is pleased to announce that Ron Dennis CBE, the former Chairman, CEO and founder of Mclaren Technology Group has made a major investment in the British music entertainment business Magic Media Works Ltd (“Magic Media”), a YOLO investee company, taking a 10% stake in the company.
Magic Media will use the funds to expand manufacturing of its ROXi music entertainment system and to increase the size of the TV and digital ad campaigns that promote the ROXi product to consumers. ROXi provides an antidote to small screen and social media addiction with an affordable, fun, family-friendly, shared music entertainment experience for the home featuring unlimited music, music games, karaoke singalongs, worldwide radio access and more.
Post this investment round, YOLO will hold 10.5% of Magic Media’s issued share capital and pre-IPO loan note of £500,000.
Ron Dennis CBE commented: “Small screen addiction, with kids glued to social media and smartphones, is a massive problem for families today. I’m investing in ROXi as it provides an antidote; getting kids off smartphones and iPads and gets them enjoying lots of different musical experiences together with their parents, siblings and friends. The next revolution in family friendly entertainment will be big screen centric experiences, and ROXI is well placed to kick start this revolution.”
Rob Lewis, CEO of Magic, said: “Ron Dennis’ investment in ROXi enables the business to ramp up marketing and manufacturing for Q4, just ahead of our planned IPO on AIM which will take place as soon as BREXIT and other political uncertainty is resolved.”
Simon Robinson, CEO of YOLO, said: “We are delighted that someone of Ron Dennis standing has chosen to jump in the cockpit and join us all on the journey to cross the line. ROXi continues to attract an impressive array of celebrities and influential investors in pursuit of its vision.”