One Horizon Closes $3.3 Mln Private Placement - Quick Facts

(RTTNews) - One Horizon Group, Inc. (OHGI) Monday said it has closed a $3.3 million private placement with a single institutional investor.

The firm develops and licenses a bandwidth efficient mobile voice over Internet Protocol or VoIP platform for smart phones and licenses the world's only anti-Over The Top application.

The company said it would close on an additional $0.2 million with this same investor as soon as the State Administration of Foreign Exchange releases same and issue a pro rata amount of securities and associated fees thereafter.

One Horizon plans to use the proceeds from this placement to further develop its solution in China, which has been brand-named Aishuo.

The company has commenced the first phase of its infrastructure rollout in six cities in China: Tianjin, Beijing, Chongqing, Changchun, Nanjing and Shijiazhuang. These initial locations will connect to the national telephone network to commence the commissioning of the service in China.