SyQic (AIM: SYQ), the fast growing provider of live TV and on-demand video content across mobile and internet enabled consumer devices, is pleased to announce a trading update in relation to its core business which is carried out through telecommunications providers (“Telcos”).
The Company is also delighted to announce the launch of its product into Myanmar, one of Southeast Asia’s fastest growing economies.
Finally, SyQic can confirm that an agreement has been signed with leading Hong Kong based gaming provider, Catalyst Gaming Corporation Limited (“Catalyst”), to provide bingo software products and additional gaming content on an exclusive SyQic gaming channel to be marketed to SyQic’s existing growing user base.
Jamal Hassim, CEO of SyQic, commented:“The core business continues to perform strongly but we continue to look for new markets and new opportunities to drive the business forward. The economic reform process in Myanmar continues at an impressive pace and more sectors are opening up to enable foreign investment. In particular, Myanmar’s telecommunications market has been witnessing unprecedented growth since the first wholly-foreign owned telecoms operators, Ooredoo and Telenor, launched services earlier this year. SyQic’s platform is ideally placed to be able to take advantage of this growth and we are delighted to be pioneering the provision of mobile video services in Myanmar with both Telenor and Ooredoo. There is a large amount of pent up audience demand within Myanmar that has been waiting for foreign media content and we are confident that they will respond to SyQic’s compelling offering.”
“We are also very pleased to be launching a social gaming channel through our agreement with Catalyst and anticipate that this will be well received by our growing global user base.”
Trading update for core Telco business
The Group’s Telco business remains strong and Yoomob generated revenues of approximately £7.6 million (unaudited) to the end of September 2014 against £4.7m for the Group in the 12 month period to end December 2013.
Partner Payment update
The Company's major Indonesian Telco customer continues to adhere to the previously agreed payment plan for 2012 and 2013 revenues and has made all payments due under that plan. As previously announced, our Indonesian partners payments for 2014 are not subject to a payment plan and are being paid much more promptly going forward. SyQic understands from our Indonesian partners that the payments for March and April 2014 will be paid prior to the end of December 2014. Further announcements will be made at the appropriate time.
Launch of mobile service in Myanmar
SyQic has entered into an agreement with Blue Ocean Operations Management Ltd, a prominent Telco master content provider in Myanmar, under which SyQic will make certain of its audio and video content available in Myanmar over the Telenor and Ooredoo networks.
Telenor Group is one of the world’s biggest mobile companies with operations in Scandinavia, Eastern Europe, and Asia (such as Thailand and Bangladesh) and has more than 160 million mobile subscribers. Ooredoo is a leading international communications company serving a customer base of 92.9 million in markets throughout the Middle East, North Africa and Southeast Asia.
Kent Tong, CEO of eQube stated:“Since 1999 eQube Gaming has been a leading provider of bingo and social gaming related technology and our expansion into live TV and on-demand video content across mobile and internet enabled consumer devices is a natural progression. We are extremely excited to be expanding our product offerings into these new channels, as well as opening up new markets for eQube.”
For further information:
Jamal Hassim, Group Chief Executive OfficerTel: +44 (0) 20 7933 8780
Steve Elliff, Chief Financial Officerwww.syqic.com
Allenby Capital Limited
Alex Price / Jeremy PorterTel: +44 (0) 20 3328 5656
Walbrook, Financial PR and IR
Bob Huxford / Guy McDougall / Sam AllenTel: +44 (0) 20 7933 8792
Notes to Editors:
SyQic is a fast growing provider of live TV and on-demand video content across mobile and internet enabled consumer devices. Incorporated in Jersey and headquartered in the UK, it has a significant service footprint in the Philippines, Indonesia and Malaysia.
The Group has access to over 20,000 hours of premium video-on-demand content and International video content. This content is delivered through SyQic’s platforms via a number of channels in the movies, drama, music, sports, news, lifestyle and general entertainment genres.
In addition, SyQic has previously launched international OTT services for the Bangladeshi and Filipino communities in the UK and Malaysia and these services will soon be launched in other regions. Other migrant content launches are planned in the near term.
The Group has also recently launched its newly acquired Maaduu service in Indonesia and Malaysia, which streams high demand Korean content utilising an advertising revenue model.
eQube is a leading SaaS developer of electronic bingo and social casino games and systems in North America. Its proprietary games and mobile products provide new revenue channels to and enhance traditional bingo income for lottery, tribal and other gaming organizations. eQube has gained a majority market share of the Canadian regulated ebingo market.
eQube has been offering its proprietary systems to provincial gaming authorities and private industry since its incorporation under the Business Corporations Act (Alberta) in 1999. Its registered and head office is in Edmonton, Alberta.