22 February 2013
Media Corporation Plc
("Media Corp" or the "Company")
Following the trading announcement of 12 December 2012 the Company is pleased to provide the following update.
The company continues to focus on commercialising existing intellectual property and developing further new technologies. To accelerate the commercialisation process Media Corp intends to appoint value added resellers ("Resellers") to act as additional channels to market and, where appropriate licences exist, operate the platform for or on behalf of betting operators and licencing all or part of the software on a white label basis.
This model will allow the Company to realise value and income from the Intabet software platform earlier than otherwise would have been possible, the company has proposals with a number of operators and expects to make further announcements shortly.
The first product to be made available through such Resellers is called Goal Millions, which is a unique skills based game where players can win various prizes including a weekly £1M jackpot for correctly predicting the fastest six goals to be scored across a selection of football matches. Subject to final licence arrangements, we expect Goal Millions to launch on Saturday 30th March. Under the terms of the Reseller agreement, the Company will charge royalties and licence fees. Goal Millions is unique and offering a £1million prize for a £1 stake is attractive as an additional revenue stream/bonus opportunity for existing operators.
The company anticipates that its BetComparer site will go live slightly later than planned on April 22nd , subject to final platform testing - the platform will have football, racing, and tennis and and a full suite of sports to be rolled out according to the sporting calendar to ensure that it remains a useful resource for the betting public throughout the summer.
Further to the announcement of 16 May 2012 in respect of a secured loan agreement the Company has agreed with the loan provider certain changes to the terms of the facility and a new convertible loan agreement is in place, giving instant access to £250,000 (the "Loan"). The Loan will be issued in units of £1 and interest is chargeable at 5.25%per annum which will be rolled up quarterly in arrears and included as principle to be repaid or converted, the notes are convertible on notice at a price of 75% of the previous day's close. The company intends to use the proceeds for working capital, the lender has agreed in principle to make up to £500,000 available. The company is continuing to investigate other medium and long term funding options.
Change of registered office
The company also announces that it is changing its head office location to 45 Carnaby Street, London, W1F 9PP. The relocation is to smaller, lower cost offices.
Phil Jackson, Chairman commented, "We're working hard as we enter the commercialisation phase of the Intabet platform and related technology, I'm pleased with the discussions we are having alongside our resellers with operators and others and we are looking forward to announcing additional partnerships in the very near future. In the meantime we are continuing to reduce unnecessary costs, explore funding options and seek new customers both in the UK and around the world as well as continue to positively engage and address inherited, historical issues."
Media Corporation Plc
Phil Jackson - Chairman
Tel: +44 207 618 9000
Northland Capital Partners Limited
Luke Cairns / Lauren Kettle (Nominated Adviser)
Tel: + 44 207 796 8800
Jon Belliss (Joint Broker)
Tel: + 44 207 101 7070
Tel: + 44 207 562 3350