Placing of shares to independent distributor
Forbidden Technologies plc ("Forbidden", AIM: FBT), announces the issue of 500,000 new ordinary shares in Forbidden at a placing price of 15p per share to Mr. Sherwin Lim. Mr. Lim is a founder of Formidable Technologies Inc. a distributor of Forbidden's products based in Canada. The placing raises £75,000 for Forbidden, which will contribute to the expansion of its FORscene platform in broadcast post production and citizen journalism. Application is being made for these shares to be admitted to trading on AIM and it is expected that dealings will commence on 22 December 2006.
Stephen Streater, Chief Executive of Forbidden Technologies, commented:
Canada's vast geographical scale plays to FORscene's strengths as a web-based platform supporting remote video editing and review. We are delighted that Sherwin Lim, a founder of Formidable, has further demonstrated his commitment to FORscene through this investment.
Forbidden Technologies plc (020 8879 7245)
Stephen Streater, Chief Executive
Greg Hirst, Business Development Director
College Hill (020 7457 2020)
Corinna Dorward/Adrian Duffield