20 Mar 2018 09:44
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
20 March 2018
Falcon Media House Limited
("Falcon", the "Group" or the "Company")
Clarification re Convertible Loan Note
Falcon Media House (LSE:FAL), the global digital media group focused on the over-the-top ('OTT') market hereby clarifies the position in relation to the Convertible Loan Note announced on 17 October 2017.
As reported in the Interims announcement made on 28 December 2017, the Company has made good progress in relation to the commercialisation of its proprietary Q-Flow technology and is expecting to sign a number of new contracts in the near term. However, there has been a delay in revenue generation in comparison to the original business plan due to contracts taking longer to sign than originally anticipated. The Company believed that it had secured the additional working capital finance required to address this funding gap through the issue of a Convertible Loan Note in October 2017.
At the time of issuing the Convertible Loan Note, the Board had allowed one of the Company's major shareholders to delay payment while the shareholder restructured its own position. The £750,000 outstanding from that shareholder is still to be received and the Board is working with the shareholder and the Company's legal advisers to try to clarify the position, but at this time there can be no certainty that the committed funds will be received.
In parallel, the Company is also looking at alternative sources of funding to support the financial position of the Company.
Further updates will follow in due course.
**ENDS**
For more information visit www.falconmediahouse.com or enquire to:
Falcon Media House Limited Gert Rieder |
info@falconmediahouse.com |