DVD rental kiosk provider TNR Entertainment Corp. has raised $10 million by selling shares of preferred stock to investment group D.E. Shaw Laminar.
December 29, 2005 (Press Release) --
TNR raises $10M for kiosks New machines to be placed in various chains in 2007
By Susanne Ault 12/19/2005
DEC. 19 | DVD rental kiosk provider TNR Entertainment Corp. has raised $10 million by selling shares of preferred stock to investment group D.E. Shaw Laminar.
Houston-based TNR, which operates kiosks branded as New Release, will use the funds to expand machines into new retail locations.
TNR expects to install New Release kiosks in such chains as Kroger, Safeway, HEB and Publix through 2007. Currently, TNR serves about 100,000 customers in five states.
“The funding means we can satisfy the pent-up retail demand for our kiosks while accelerating the rollout in new markets nationally,” TNR chief executive Richard Cohen said. “The resulting increased cash flow should provide us with capital to expand our market presence even more aggressively in 2007.”
Each New Release kiosk offers 200 new release titles and stores up to 1,000 units per machine. Rental prices range between 50¢ and $1.50 per night.
E-mail Susanne Ault
By Susanne Ault 12/19/2005
DEC. 19 | DVD rental kiosk provider TNR Entertainment Corp. has raised $10 million by selling shares of preferred stock to investment group D.E. Shaw Laminar.
Houston-based TNR, which operates kiosks branded as New Release, will use the funds to expand machines into new retail locations.
TNR expects to install New Release kiosks in such chains as Kroger, Safeway, HEB and Publix through 2007. Currently, TNR serves about 100,000 customers in five states.
“The funding means we can satisfy the pent-up retail demand for our kiosks while accelerating the rollout in new markets nationally,” TNR chief executive Richard Cohen said. “The resulting increased cash flow should provide us with capital to expand our market presence even more aggressively in 2007.”
Each New Release kiosk offers 200 new release titles and stores up to 1,000 units per machine. Rental prices range between 50¢ and $1.50 per night.
E-mail Susanne Ault
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