The following statement is being made at todays Annual General Meeting by Vic Steel, Chairman, Forbidden Technologies plc.
"2013 has started encouragingly well. Sales in the first quarter are significantly ahead of the same period last year. This has enabled Forbiddens strategy of investment for growth to be financed primarily by sales rather than from capital, aided by equity issues from option exercises as a useful but small addition.
Since the beginning of the year we have signed several significant agreements each of which extends the reach of FORscene.
- Atos, the global systems integrator, has taken a licence to run its own FORscene cloud in South Africa and across the African continent. Launch in this market is scheduled for May.
- Key Code Media of Burbank, California, the number one AVID reseller in the world since 2002, has signed a distribution agreement, opening up the opportunity of penetrating the Broadcast post production market on the US West coast. Launch meetings with prospective clients will take place in early May.
- In March Forbidden announced a partnership agreement with EVS, a world leader in Sports and News broadcast production tools. The Head of Sports Division at EVS said, the time has come to integrate FORscene with IP Director and Xedio Dispatches to allow our clients to benefit from the cost advantages and flexibility of cloud-based workflows.
- Also in March Forbidden announced that deltatre, the global Sports internet and mobile services company, had signed a licence to incorporate FORscene into its video production services. The first major international sporting federation has already commenced editing and publishing using FORscene.
- The recent NAB trade show in Las Vegas was characterised by the number of global players who initiated discussions with us. Our strong reputation is propelling FORscene into the global video post production infrastructure. As a result, Forbiddens partners are growing in number, size and stature. Our business model of penetrating large markets through chosen partners with significant existing customer bases and market shares is bearing fruit and helping to position Forbidden as the cloud partner of choice for many companies.
For a large partner, the value of FORscene is not limited by the sales Forbidden has made to date. They have their own existing customers and routes to market which can lead to the creation of considerable value both for them and for Forbidden when integrated into the partners solutions.
With a good start to 2013 we expect to conclude further contracts, licences and partnerships in the months ahead."
About Forbidden Technologies plc
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000.
The Company develops and markets a powerful cloud video platform, FORscene, which is used by broadcasters, in professional web video, in education and by consumers. FORscene is one of the worlds most advanced browser-based and mobile applications.
For more information, please visit www.forbidden.co.uk or contact:
Forbidden Technologies plc
Stephen Streater, CEO
Tel: +44 (0)20 8879 7245
Cenkos Securities plc, Nominated Adviser and Broker
Adrian Hargrave, Corporate Finance
Alex Aylen, Sales
Tel: +44 (0)20 7397 8900
Nick Rome / Sam Allen/ Matthew Low
Tel: +44 (0)20 7562 3350