13 Feb 2015 07:00
For immediate release
13 February 2015
Minds + Machines Group Limited
("MMX", the "Company" or "Group")
Auction and Sales Channel Update
Minds + Machines Group Limited (AIM:MMX), the publicly quoted owner and operator of Internet top-level domains, is delighted to announce that following the recent series of private auctions, the Company has secured the uncontested application rights to .dds and, in aggregate, gained net proceeds of US$3.4 million (approximately £2.3 million) for withdrawing its applications for .blog and .store. The cash to the Group is net of auction fees and includes refunds that the Company will receive from ICANN for withdrawing its applications. The Board is pleased to report that cash and cash equivalents within the Group following the latest private auctions now stand in excess of US$48 million (approximately £31.9 million).
.dds is a domain that will specifically service the needs of US dental surgeons, oral and maxillofacial surgeons requiring either the DDS (Doctor of Dental Surgery) or DMD (Doctor of Dental Medicine) degree to practice in America. According to the U.S. Department of Health and Human Services, there were over 180,000 active dentists in the US in 2012.
Antony Van Couvering, CEO of Minds + Machines, commented:
"We view .dds as an important and valuable niche domain that will resonate amongst qualified dentists in the same way, we believe, that .law and .abogado will for qualified legal professionals. As such we see the domain being at the premium pricing end of the value range within our portfolio of top level domains."
Minds + Machines is also pleased to report that its first generic domains targeted at mass markets, .work and .casa (Spanish for home), were launched on schedule this week with over 6000 addresses being registered in the domains within the first 48 hours of going on General Availability. The successful launch of the two domains reflects the Company's low price launch strategy for those domains in its portfolio targeting a mass audience - a strategy that has already received support from a broad base of registrars as well as positive industry media comment.
Next week, .yoga will enter General Availability.
The Company anticipates its consumer facing domains will be further supported by the introduction of its content management and publishing tool which are expected to be introduced shortly.
Separately, the Company has decided to end its registry services agreement with The American Bible Society for the management and operation of the yet to be delegated .bible domain.
Trading update
The Board expects to provide an update to shareholders during the week of 23 February 2015 in relation to trading for the year ended 31 December 2014.
Employee Share Scheme awards
The Company has issued 16,500,000 restricted stock units ("RSU") to employees under the terms of the Company's long term incentive plan representing just under 2 per cent. of the Company's issued share capital. The vesting of the RSUs granted to the employees is quarterly over a three year period and is linked both to their time with the Company and their individual performance. On vesting, each RSU will entitle the RSU holder to receive at a nil exercise price one new MMX ordinary share. No awards of RSUs have been made to Directors.
Further Information:
Minds + Machines Group Limited
Antony Van Couvering Tel: +1 310 452-1491
Beaumont Cornish Limited (Nomad) Tel: +44(0)20 7628 3396
Roland Cornish / Michael Cornish
N+1 Singer (Broker)
Shaun Dobson/Ben Wright Tel: +44 (0)20 7496 3000
gth media relations
Toby Hall Tel: +44(0)20 7822 7493 / +44 7713 341072
For further information, please go to http://investors.mindsandmachines.com
About Minds + Machines
Minds + Machines (LSE:MMX) is a leading owner and operator of new generic Top Level Domains ("gTLDs"), and provides registry services to a range of high-profile clients. The Group also provides domain name services to consumers through its wholly owned registrar operations in the US and Europe. For more information on Minds + Machines and its services and companies within the Group, please go to http://investors.mindsandmachines.com.
ENDS