Forbidden Technologies (AIM: FBT), the AIM quoted developer of the market leading Cloud video platform FORscene, is pleased to announce that following the exercise of option announcement and receipt of £144,000 on Friday 23 July, the Board has decided to repay the entire £78,500 outstanding loan given to the Company by Vic Steel, the Companys Chairman.
The repayment of this loan to Vic Steel will also end the Companys interest payments of 10 per cent per annum on this loan.
Stephen Streater, Chief Executive of the Company, is currently not charging interest on the loan he has made to the Company, which has stood at £706,500 for the last year.
The Company has no other loans.
For further information please visit www.forbidden.co.uk or contact:
Forbidden Technologies plc
Tel: +44 (0) 20 8879 7245
Stephen Streater, Chief Executive
Brewin Dolphin Corporate Advisory & Broking
Tel: 0845 213 4726
Neil Baldwin, Nominated Advisor
Tel: +44 (0) 7917 042 335
Notes to Editors
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) listed in February 2000.
The Company develops and markets a powerful internet video platform, FORscene, which is used by broadcasters, in professional web video, in education and by consumers. FORscene is one of the worlds most advanced browser-based applications, operating in The Cloud.