18 Aug 2010 13:23
18 August 2010
Imaginatik plc
("Imaginatik" or the "Company")
Market Update
Imaginatik plc announces that following the announcement it made on 6 August 2010 regarding a general meeting to be held on 24 August 2010, it has received indicative and outline commitments of new equity funding of approximately £1m from certain existing investors, this compares to the Company's current market capitalisation of approximately £2.6m. Any such investment would be likely to be at a small discount to the Company's closing mid market price at the time the investment is committed.
Any such additional investment would be used to strengthen the Company's balance sheet, to enable the Company to progress its sales targets and to implement its sales growth strategy.
Executive Chairman of Imaginatik plc, Matt Cooper, commented, "We are confident that our turnaround strategy is starting to bear fruit; our new VP of Business Development and new Head of Global Sales are starting to rebuild the sales pipeline. It does take some time to rebuild a sales pipeline, which is why a fund raise now is critical for the business.
"I am pleased to see that investors have declared their commitment to our company and its management. We hope to complete this investment in short order assuming the general meeting resolutions are passed, allowing us to grow our company for the benefit of all its shareholders.
"If the resolutions to be proposed at the general meeting are not passed, then the potential equity funding referred to above, and any other equity funding, would be unable to occur and the Company would need to consider all other alternative sources of finance which may or may not be forthcoming."
For further information please contact:
| Imaginatik plc | Tel: 020 7917 2975 |
| Matthew Cooper, Chairman / Shawn Taylor, CFO |
|
|
|
|
| Arbuthnot Securities Limited | Tel: 020 7012 2000 |
| Tom Griffiths |
|
|
|
|
| Threadneedle Communications | Tel: 020 7653 9850 |
| Caroline Evans-Jones / Hilary Millar |
|
About Imaginatik
Imaginatik is a leading provider of Collective Intelligence solutions, including Collaborative Innovation, Open Innovation and Idea Management technology and services. Some of the world's leading companies use Imaginatik's Idea Central software platform to identify and develop the important ideas and strategies that will drive the future of their business. For more than 10 years, Imaginatik has helped customers including CSC, Pfizer, Boeing, Chubb and Cargill achieve outstanding results with the experience of its consulting team and highly configurable web-based software.
Imaginatik is a public company whose shares are traded on the AIM market of the London Stock Exchange (LSE:IMTK.L) and a World Economic Forum Technology Pioneer with offices in Boston, MA, and London, UK. In 2009, Imaginatik was named as one of the 500 fastest growing technology companies in the EMEA region by Deloitte. Imaginatik is committed to ongoing research into the nature of human networks, innovation and collective intelligence. The Company collaborates with several academic institutions including the IXL Center at Hult International Business School.
For further information please visit http://www.imaginatik.com