Settlement of onerous contractSource: RNS
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 (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 www.mmx.co.
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