David Main, Forbidden Technologies plc’s Chairman, will make the following statement at the Company’s General Meeting, to be held today at 10.00am at the Company’s offices, Tuition House, 27-37 St George’s Road, Wimbledon, London, SW19 4EU.
I should like to say how delighted I am to have been asked to take on the role of Chairman of the Company. I would also like to thank Stephen for all his work as Chairman. It is exciting for the business to have his focus now on driving the Research and Development activities for our products. I am looking forward to spending more time with Aziz and the team as we focus on commercializing our business. I am confident that the Company, with its unique cloud platform based positioning, has the right strategy, team and resources available to successfully take the business forward.
Reviewing the Company’s development over the last year:
On 8 March 2016, the Company announced its preliminary results for the year ended 31 December 2015. As at 31 December 2015, the Company was debt free with cash balances of in excess of GBP1.6 million. During 2015, the Company enjoyed continued growth in its deferred revenue pipeline, including from commercial agreements with IMG Media and deltatre, as well as increased gross sales for the year of GBP708,717 (2014: GBP689,222). In addition, Forbidden undertook a significant reorganisation to focus on the commercial development of the business, strengthen the executive team and launch eva, the Company’s video social network channel and solution.
Post year-end, the Company continues to sign important commercial agreements, including more recently with Microsoft Azure. In addition, as announced on 4 May 2016, the Company has, in collaboration with a global US technology leader, agreed a paid for 12-month Forscene proof of concept with a major UK broadcaster. The US technology leader is a major supplier of non-linear editing software. A successful application of a combined workflow is a good opportunity for us going forward.
The Company has generated momentum in the past six months with this stronger sales focus and our now three product solutions provide access to more market opportunities than previously available. It is important to also note that the Company’s sales activities are primarily focused on customers that have the potential to provide recurring revenue opportunities.
The resolution to be considered at the General Meeting will, if approved, enable the Company to complete the second tranche of the Placing announced on 9 May 2016. The net proceeds of the Placing (assuming the resolution is passed) will be approximately GBP1.2 million. In addition, we have completed the cost streamlining exercise referred to in the Company’s 9 May Circular to shareholders and the full benefits will soon be starting to show as a reduced cost base. This will not affect our sales focus.
Forbidden Technologies plc
David Main, Chairman
Aziz Musa, Chief Executive
Tel: +44 (0)20 8879 7245
Allenby Capital Limited (Nominated Adviser and Broker)
Tel: +44 (0)20 3328 5656
Redleaf Communications (Financial PR Adviser)
Tel: +44 (0)20 7382 4730
About Forbidden Technologies plc
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000.
The Company develops and markets a powerful cloud video platform, which is used by broadcasters, in professional web video, in education and by consumers. The Company platform is one of the world’s most advanced browser-based and mobile platforms, which underpins Forscene in professional markets, its eva video social network and its new consumer video editor, Captevate.