ACQUISITION OF MAADUU / UPDATE FOR 6 MONTHS TO 30 JUNE 2014 / RECEIPT OF JANUARY PAYMENT FROM INDONE
SyQic plc (AIM:SYQ), a fast-growing OTT provider of paid mobile video content across mobile and internet enabled consumer devices, is pleased to announce that it has entered into a conditional asset purchase agreement to acquire Maaduu, an online video-on-demand service providing Korean content across multiple devices, which is currently owned by PlayTV Asia Sdn Bhd (“PlayTV Asia”), for up to RM5.5 million (approximately £1.03 million) plus £60k of shares in SyQic (the “Acquisition”).
Acquisition of Maaduu, an online video-on-demand service providing Korean content across multiple devices that is advertising supported
Maaduu has approximately 850,000 registered users as well as over 3.3 million Facebook Fans to add to SyQic’s current subscriber base of over one million
Considerable synergies created by the Acquisition providing opportunities to generate additional revenues through pay-per-view and advertising across both the Maaduu business as well as SyQic’s existing business lines
Allows SyQic to address different target demographic groups via its differentiated product offerings
Strong trading results for the six months to 30 June 2014 with revenue up 424% over H1:2013 to £4.6 million and gross profit up 2,671% to £0.97 million. Cash of £0.42 million as at 30 June 2014
January 2014 payment of approximately £350,000 from the Company’s major Indonesian telco customer received
conditional placing of 3,700,000 ordinary shares of nil par value (the "Placing Shares") at 50 pence per Placing Share (the "Placing Price"), by Allenby Capital Limited, to raise £1.85 million (of which £0.25 million is subject to an EGM) before expenses from both existing and new shareholders (the "Placing").
For further information:
Jamal Hassim, Group Chief Executive OfficerTel: +44 (0) 20 7398 7714
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 / Canace WongTel: +44 (0) 20 7398 7714
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 have recently launched international OTT services for the Bangladeshi and Filipino communities in the UK, Malaysia, and Singapore and these services will soon be launched in other regions. Other migrant content launches are planned in the near term.