1 Feb 2019 07:00
Catenae Innovation Plc: Company Update
CATENAE INNOVATION PLC
("Catenae" or the "Company")
Company Update
Catenae (AIM:CTEA), the AIM quoted provider of digital media and technology, is pleased to announce:-
it has signed a proof of concept agreement with Rotherham United Community Sports Trust (“RUCST”) for the Company’s OnSide solution; andUpdate on Tribe of Noise Memorandum of Understanding.Rotherham United Sign Proof of Concept Agreement
Catenae is pleased to announce that it has signed a proof of concept agreement with RUCST for the Company’s OnSide solution.
Under the agreement, RUCST will be utilising OnSide, Catenae’s GDPR compliant solution, to manage a number of coaching sessions and community engagements. OnSide will be used for centralised management of human resources information, time recording, health and safety and risk assessment reporting. It will also be used to gather demographic data, attendance information and training plans to assist in assessing the impact and effectiveness of RUCST’s service offerings. The proof of concept programme is expected to run for 8 weeks. It is anticipated that, on successful completion of this programme, RUCST will convert the programme to a commercial agreement. A further announcement will be made in due course.
Tribe of Noise Memorandum of Understanding
Following the announcement of a Memorandum of Understanding with Tribe of Noise MV on 10 May 2018, after due consideration the Company has decided it will not pursue this acquisition. Having determined that focussing the business’ resources and efforts on the marketing and sales of its Sequestrum and On-Suite products (OnSide, OnSite, OnGuard) the Company believes this approach will deliver better shareholder value.
Tony Sanders, CEO stated
“Whilst we are not proceeding with Tribe of Noise, I feel this is the correct decision allowing the Company to focus on its core product set. As a result of such focus, we’ve had a busy start to 2019 and it is good to see the results of the efforts put in during the latter half of 2018 feeding through onto the bottom line. With new clients across the whole product portfolio, we’ve seen a five-fold increase in clients for our products over our target market sectors over the last 12 months. We’re confident that this trend will continue with the recruitment of a dedicated sales resource.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).
For further information:
| Catenae Innovation PlcTony Sanders | Tel: 020 7929 7826 |
| Cairn Financial Advisers LLP, Nominated AdviserLiam Murray / Jo Turner | Tel: 020 7213 0880 |
| Alexander David Securities Limited, BrokerDavid Scott / James Dewhurst | Tel: 020 7448 9820 |