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Shell Summary for Aug. 6, 2020

2020-08-06 20:18 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 4.97 points to 742.11 Thursday. Lucas Birdsall's second capital pool shell, Castlebar Capital Corp. (CBAR: halted), plans to acquire a Finnish tech firm called Tellyo Oy for the shell's qualifying transaction. The shell, which has 2.3 million shares issued, will issue 50 million shares to its target's shareholders.

Tellyo was formed in 2012 and has offices in Helsinki, Lodz (near Krakow) and Croydon (near London). It has a software platform for live video editing and live streaming. Its main target customers are sports broadcasters. Tellyo charges 2,500 euros for each sporting event, giving a customer three days of access to its platform. Alternatively, a customer may pay 2,750 euros a month on an annual contract. We should find out whether the company is profitable when the shell submits its QT filing statement.

The chief executive officer of Tellyo is Richard Collins. He lives near Croydon. He previously spent four years at Telegraph Media Group Ltd., the owner of The Daily Telegraph. There, he held positions including head of telecom and information technology clients. Mr. Collins also spent four years as a director of MSM Media Ltd., a printing house for periodicals. These days, in addition to running Tellyo, he is a director of Neoteric Media Ltd., a website and app developer.

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