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SightSound pulls out of $50m IPO
Virtual video store feels it is not the belle of the dotcom ball
Online film e-tailer SightSound.com has pulled out of a $50 million float, citing poor market conditions.
The Pittsburgh-based outfit, which lets users download films over the Net, today withdrew the IPO, which had been planned for Nasdaq.
The company "does not believe that the public markets would favourably respond to an initial public offering of the company's securities at the current time," it stated in and Securities and Exchange Commission filing, Reuters reported.
SightSound, which rents and sells film from its "virtual video store", had planned to use the cash raised to buy more content, develop its own content and pay litigation expenses in patent protection. ®
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