10 Nov 2014 07:00
For immediate release
10 November 2014
Minds + Machines Group Limited
("MMX", the "Company" or "Group")
Auction 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 gained, in aggregate, cash of approximately $8.4 million through withdrawing its applications on .book, .cloud, .dog, .site, and .style. The cash to the Group is net of auction fees and includes refunds that the Company receives from ICANN for withdrawing applications.
Cash and cash equivalents within the Group currently stand at approximately $42.24 million (approximately £26 million).
The Company anticipates the auction rounds for the remaining 20 contested applications in which MMX has an interest will be completed by the end of Q1 2015. The Board expects many of these will be resolved through the private auction process.
Fred Krueger, Chairman of Minds + Machines commented:
"We are once again highly satisfied with the outcome of this latest auction round. Our focus continues to be on building a Group of exceptional value both in the terms of the assets we acquire and how we then monetise them. We look forward to resolving the remaining 20 contested applications in which we have an interest by focusing in only on those where we believe we can deliver real value and to ensuring we have the most appropriate services, products and distribution channels in place to best capture market share through our portfolio of top level domains."
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 www.mindsandmachines.com/investors
About Minds + Machines Group Limited
Minds + Machines Group Limited is a publicly traded holding company listed on the AIM market of the London Stock Exchange focused on the new top-level domain space. Top-level domains, such as .com and .net, are regulated by ICANN. ICANN is currently expanding the number of new generic top-level domains from the previous 23 to over 1000 through its 'new gTLD program'. The Company is one of the leading applicants for new gTLDs under this programme.
About Minds + Machines'Registry and Registrar operations
Minds + Machines' registry operations are provided through its wholly-owned registry services provider, Minds + Machines Limited (Ireland), which works internationally to secure and operate new top-level domains (TLDs). In addition, the Group wholly owns Minds + Machines LLC and Minds and Machines Registrar UK Limited, both being registrar businesses through which the public can buy addresses in new and existing top-level domains.
ENDS