Forbidden Technologies (AIM: FBT), the AIM quoted developer of the market leading Cloud video platform FORscene, announces that following the Placing announced on 14 October, the Board has now repaid the entire outstanding loan of £706,500 due to Stephen Streater, Chief Executive Officer of the Company. The loan agreement remains in place until the end of 2011 with a £215,000 loan facility. However, the Company now has over £1 million in cash and does not anticipate that it will need to use this facility.
The Company has no outstanding loans.
For further information please visit www.forbidden.co.uk or contact:
Forbidden Technologies plc
Tel: +44 (0) 20 8879 7245
Stephen Streater, Chief Executive
Tel: 0845 213 4726
Neil Baldwin, Nominated Advisor
Tel: +44 (0) 7917 042 335
Notes to Editors
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) listed in February 2000.
The Company develops and markets a powerful internet 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 applications, operating in The Cloud.