Strategic Update and Board Change
Forbidden Technologies plc (AIM: FBT), the AIM-quoted owner and developer of the market leading cloud video platform, Forscene, announces a strategic update.
Following a strategic review of its opportunities, Forbidden is accelerating its moves to broaden the audience for its world-leading cloud video platform. Following recent upgrades, Forbidden has positioned its Forscene service to extend take-up and increase its potential average deal size in the broadcast and sports markets. In addition, it is looking to address the larger professional market for its cloud video post-production platform.
In addition to its professional offering, Forbidden has created a consumer division last year. The Company is currently developing a market presence in advance of the launch of eva, the video social network.
Forbidden has assessed its needs and the likely return on its investments, and as a result it is reducing the size of its North American presence to focus on the areas most responsive to Forscene. The Company expect to realise cost savings of approximately GBP1.4million across its operations in 2015, following completion of the North American restructuring.
The Company also today announces that Greg Hirst, Business Development Director for nearly 13 years, will be leaving the Board of Forbidden with effect from 14th January 2015 to pursue other business interests. Greg has played a leading role in developing Forscene’s presence in its existing markets over the last decade, including in UK broadcast post production, reversioning broadcast television for Web delivery and entry into the sports market through Forbidden’s successful contract with Google.
The new changes put Forbidden in a good position to capitalise on its revolutionary cloud video technology across the modern opportunities in professional, consumer and mobile.
The Company intends to release a pre-close update covering its performance, outlook and further strategic developments before the end of January 2015.
Forbidden Technologies plc
Stephen Streater, CEO
Tel: +44 (0)20 8879 7245
Cenkos Securities plc (Nominated Adviser and Broker)
Bobbie Hilliam, Corporate Finance
Alex Aylen, Sales
Tel: +44 (0)20 7397 8900
Redleaf Polhill (Financial PR)
Tel: +44 (0)20 7382 4730
About Forbidden Technologies plc
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000.
The Company develops and markets the powerful cloud video platform, Forscene, which is used by broadcasters, in professional web video, in education and by consumers. Forscene is one of the world’s most advanced browser-based and mobile applications.