RECEIPT OF INDONESIAN PARTNER PAYMENT/PARTNERSHIP WITH UK GLOBETEL LTD
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 that it has received the March and April payments from our Indonesian partners. In addition, SyQic also announces that it has signed an agreement with telecoms provider UK GlobeTel Ltd ("Globe UK") to launch a UK based co-branded version of its Filipino Yoonic OTT service.
Under this agreement, Globe UK's customers will be able to watch SyQic's live and on-demand channels from the Philippines via payment from their existing Globe account on a subscription based service. The agreement lasts for an initial period of one year and is renewable by both parties.
The Company confirms that the March and April 2014 payments from the Company's major Indonesian telco customer totalled approximately RM3.0 million (£550,000), and the bulk of this was received prior to the Company's year end of 31 December 2014.
Jamal Hassim, CEO of SyQic, commented: “I am very pleased to confirm that the March and April 2014 payments from our Indonesian Partners have been received in full, in line with their previous undertaking that 2014 billings will be paid much more promptly. We anticipate that the May payment will be received shortly.”
“Our core business continues to perform strongly and we continue to look for new opportunities to drive the Company forward. We are therefore delighted to have reached this agreement with Globe UK. More than six in ten digital consumers from Southeast Asia report watching TV content and movies via online sources such as video-on-demand, with the penetration of internet TV second highest in the Philippines (71%) (Nielsen). With the UK home to approximately 220,000 people from the Philippines*, we are confident that by having a co-branded product with the UK arm of a premier telco from the Philippines, we will be able to fast track the launch and initial take-up of this service.”
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.
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.