Company Announcements

Settlement of onerous contract

Source: RNS
RNS Number : 7429X
Minds + Machines Group Limited
23 December 2019

For release: 07:00, 23 December 2019


Minds + Machines Group Limited

("MMX" or the "Company")


Settlement of onerous contract and reporting calendar


Minds + Machines Group Limited (AIM: MMX), the top-level domain registry company, is pleased to report that, further to the announcement of 18 July 2019, the Company has completed the renegotiation of the legacy onerous contract. All existing and future liabilities, estimated at $7.9million, arising from that contract have been settled through a single one-off payment of $5.1million made from existing cash resources, saving the Company $2.8million. The Directors estimate additional net revenues of approximately $0.5million can be generated to the Company through the remainder of the contract under the revised terms.


The Company has continued to trade well in Q4. A full trading update will be provided late January, with the FY results to be announced late March and the Company's AGM approximately six weeks thereafter thereby bringing it inline with normal reporting practices.


The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.


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For further information


Minds + Machines Group Limited


Toby Hall, CEO

Tel: +44 (0) 7713 341072

Michael Salazar, CFO

Tel: +1 (310) 740 7499



finnCap Ltd

Tel:+ 44 (0) 20 7220 0500

Corporate finance - Stuart Andrews/Carl Holmes/Simon Hicks

Corporate broking - Tim Redfern/Richard Chambers




Belvedere Communications Limited

Tel: +44 (0) 74 070 23147

John West

Llew Angus







About MMX


Minds + Machines Group Limited (LSE: MMX) is the owner of a world class portfolio of 32 ICANN approved top-level domains (gTLDs). The Company generates revenues through the registration and annual renewal of names by organisations and individuals within each of its top-level domains, sales being processed through the Group's network of global registrar and distribution partners.


The MMX portfolio is currently focused around generic names (e.g. .work, .vip), consumer interest (e.g. .fashion, .wedding), lifestyle (e.g. .fit, .surf, .yoga), professional occupations (e.g. .law), and geographic domains (e.g. .london, .boston, .miami, .bayern). In 2018, the Company completed its first acquisition, the ICM portfolio, and recently launched its first innovation based project, .luxe, which combines the strengths of the World Wide Web's naming system with that of blockchain. For more information on MMX and its rapidly growing renewal base, please visit


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