SyQic plc (AIM:SYQ), a fast growing OTT provider of paid mobile video content across mobile and internet enabled consumer devices, is holding its Annual General Meeting today at 10:30 a.m. at the offices of Allenby Capital, 3 St. Helen’s Place, London EC3A 6AB.
At the Annual General Meeting, Jamal Hassim, Group Chief Executive Officer of SyQic plc, will provide the following trading update:
“The first half of 2014 has gone well, and the Board remains confident that the Group will meet market expectations for the current financial year.”
“Good progress has been made in the Group’s YooMob (telco product line) division. Since we reported our preliminary results in May, we have launched a new enhanced telco platform and also announced an upward trend in revenues for this division.”
“The launch of the new YooMob Plus service in Malaysia with Maxis Telecommunications is significant as it allows us to reach a much wider range of handsets with enhanced features such as HD video streaming and content sharing capabilities. We believe that this will lead to increased customer engagement and content purchases. All new telco deployments will be using the YooMob Plus platform whilst existing sites will be upgraded from the YooMob to YooMob Plus platforms.”
“Repayment of outstanding 2012 and 2013 billings from our major Indonesian telco customer is progressing in line with the agreed payment plans. As an update to our announcement on 13 June 2014, RM 5.7 million (approximately £1,050,000) has now been received to date, and we expect to start receiving 2014 revenues soon.”
“Following the launch of our Yoonic OTT service to the global Bangladeshi community earlier this year, we are pleased to be able to report a number of new positive developments in this division. Demand for the service amongst the overseas Bangladesh communities is strong and growing. The Filipino OTT service has just gone live, and more migrant service launches are lined up in the next few months. SyQic continues to seek opportunities for further expansion in high growth markets and we have recently engaged with UMobile, a Malaysian telco service provider, and Globe Tel that has a European presence, to provide an automatic sign up service to the OTT Yoonic platform when a new subscriber receives their SIM card through bundling packages. Both of these service providers are popular amongst migrant communities in their geographic areas of operation and hence their suitability to help distribute the OTT service.”
“The Board is aware that to help accelerate entry into new markets the Group needs to partner with payment providers that have a global footprint. I can announce today that we are in the process of concluding an agreement with Fortumo, an international mobile payment provider that facilitates mobile payments in 78 countries. This tie-up will allow for the Group to offer the Yoonic OTT service across many countries, even where SyQic does not have a ground presence.”
For further information:
Jamal Hassim, Group Chief Executive OfficerTel: +44 (0) 20 7398 7719
Steve Elliff, Chief Financial Officerwww.syqic.com
Allenby Capital Limited
Alex Price / Jeremy PorterTel: +44 (0) 20 3328 5656
Abchurch Communications Limited
Henry Harrison-Topham / Jamie HooperTel: +44 (0) 20 7398 7719
Notes to Editors:
SyQic is a fast growing OTT (Over The Top) provider of live TV and on-demand paid video content across mobile internet-enabled consumer electronics devices such as mobile phones and tablets through its “Yoonic” platform. Yoonic utilises efficient mobile video streaming as its core offering and allows for close to high definition streaming, utilising adaptive bit-rate streaming technology that matches the available bandwidth through the Group’s proprietary encoding methodology, and can stream as low as 80kbps.
The Group has access to over 40,000 hours of online video-on-demand content as well as over 200 live television feeds comprising English and International video content as well as content for a number of ‘home markets.’ The content is delivered through SyQic’s platforms via a number of channels in the movies, drama, music, sports, news, lifestyle and general entertainment genres.
The Group, which is incorporated in Jersey and headquartered in the UK, already has a significant service footprint in the Philippines, Indonesia and Malaysia. The Group has recently launched an international OTT service for the Bangladeshi community in the UK and Malaysia, with Singapore and the Middle East to follow. The Filipino and other migrant content launches are planned in the near term for the UK, Europe, the Middle East and the Far East.