Forbidden Technologies Chairman, Vic Steel, will make the following comments regarding current trading at the 2010 Annual General Meeting to be held today at 11.00am.
"Before addressing the formal motions of todays meeting, I would like to give a brief update on progress of the Company.
In the broadcast post-production market we are enjoying continued growth in the number of productions using FORscene. We have been involved in more than three times as many productions than we were in the same period a year ago, and our technology is being used by more big production companies.
Yesterdays EditShare partnership announcement is a significant example of the implementation of our stated strategy and the Companys ability to partner with well established organisations in a variety of market segments. EditShare will integrate FORscene into its product offering, giving it a competitive advantage, and giving FORscene access to many of EditShares numerous broadcast clients across North America and Europe.
In the Professional News market we are about to enter a pilot scheme with a major international group. This is currently under a Non Disclosure Agreement.
Consistent with our strategy of partnership development we are at an advanced stage of discussion with a number of large international systems integrators. In each case FORscene would be integrated into a much larger system being marketed internationally.
Since the end of December 2009 we have issued 525,000 new shares to t1ps Smaller Companies Growth Fund, which have brought in additional funds to the business, as well as increasing liquidity to the benefit of our shareholders. Furthermore, during the period a number of Forbiddens Executives have been invited to be speakers on the subject of both our technology and its position as a true cloud based video platform. This exemplifies a growing interest in cloud computing and the recognition of Forbidden as a leading industry commentator on the subject.
We look forward to continuing growth as FORscene becomes increasingly recognised as a leading cloud-based video platform".
For more information, please visit www.forbidden.co.uk or contact:
Forbidden Technologies plc
+44 (0)20 8879 7245
Gemma OHara/Siobhra Murphy
+44 (0)7917 042 335
Brewin Dolphin Corporate Advisory & Broking
Neil Baldwin, Nominated Advisor
+44 (0) 845 213 4726
Notes to Editors
Forbidden Technologies plc
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000.
Forbidden 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.