Toronto: The chief executive of newly listed music channel operator Stingray Digital Group Inc said on Wednesday the company plans to spend some C$50 million ($40.10 million) this year to acquire distribution across the Americas.
Eric Boyko, who founded the Montreal-based company in 2007, said Stingray spent that much in five deals last year and plans to keep up the pace, targeting the United States and Latin America, eastern Europe and Asia.
"Our plan is to keep on the acquisition plan. We are very aggressive on the acquisitions that we want to do," Boyko said in a telephone interview.
Boyko said Stingray had earnings before interest, tax, depreciation and amortisation of C$27 million last year and free cash flow of C$17 million. He expects free cash flow to be nearer C$21 million this year.
The company`s shares were at C$7.46, up 19 percent from their listing price of C$6.25, in afternoon trading.
