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Urges Company to Discuss Acquisition Offer and Conduct Open and Transparent Sale Process

NEW YORK, Nov. 23, 2012 /PRNewswire/ --

Board of DirectorsKIT digital, Inc.26 West 17th Street, 2nd FloorNew York, NY10011

Attention: Bill Russell, Chairman

Dear KIT digital Board of Directors,

KIT digital, Inc.'s ("KITD" or the "Company") November 21, 2012 8-K…

Urges Company to Discuss Acquisition Offer and Conduct Open and Transparent Sale Process

NEW YORK, Nov. 23, 2012 /PRNewswire/ --

Board of DirectorsKIT digital, Inc.26 West 17th Street, 2nd FloorNew York, NY10011

Attention: Bill Russell, Chairman

Dear KIT digital Board of Directors,

KIT digital, Inc.'s ("KITD" or the "Company") November 21, 2012 8-K (the "8-K") effectively blamed prior management for the Company's delayed filing of third quarter results and the Company's intent to restate its financial statements for the 2009-2011 period, among other issues.  The Company's attempt to attribute its current problems to prior management is spurious.

As one of KITD's largest shareholders and the Company's former chairman and CEO, I have kept my opinions on the Company's trajectory confidential since my departure in April 2012, in deference to the efforts being expended by current management and to avoid unnecessary discord.  However, I can no longer silently abide the Company's attempt to scapegoat previous management or tolerate the recent record of deficient management and poor business execution.  KITD shareholders deserve to be leveled with on what has occurred at the Company to date, and shown a path forward to success and enhancement of share value, as we have set forth below.

First, some clarifications concerning

See full press release

Posted-In: News Guidance Contracts Management M&A Global

 

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