24 Sep 2014 07:00
For immediate release
24 September 2014
Minds + Machines Group Limited
("MMX", the "Company" or "Group")
Auctions update
MMX wins .law and .vip
Minds + Machines Group Limited (AIM:MMX), the publicly quoted owner and operator of Internet top-level domains, is delighted to announce that it has won the auctions for .law and for .vip. The Group has also gained in aggregate cash of approximately $6.2 million (£3.8 million) from withdrawing its applications to .design, .flowers, .group, .realestate and .video in private auctions. The net cash to the Group includes the amounts paid for .vip and .law, and is also net of auction fees and refunds that the Company receives from ICANN for withdrawing applications.
The Company also participated in the ICANN-sponsored auctions for .vip and .tech, in which it purchased .vip for approximately $3.1 million, and lost the auction for .tech. The auction for .tech was sponsored by ICANN, and hence the Company did not receive funds from the winning bidder of .tech, as happens in a private auction.
In relation to .law, a third party participated with the Company in the private auction. The third party will solely receive a share of ongoing .law revenues and will not be involved in the management, operations, or policy-making of the .law TLD.
The Company now has interests in 26 uncontested domains which it either wholly/majority owns or in which it has a JV interest. The Company also has commercial interests in a further 6 client uncontested domains.
Fred Krueger, Chairman of Minds + Machines, commented:
"The outcome from the latest auction rounds has surpassed all expectations. Our focus in auctions has, and will continue to be, building the premier portfolio of top level domains."
The Company has 25 remaining contested gTLD applications, which it either wholly/majority owns or in which it has a JV interest, and the Board believes that the majority of these will be resolved through the private auction process. In addition, clients of Minds + Machines, for whom it will be providing registry and registrar services, have interests in a further three contested applications.
The private auction for .flowers took place the first week of September; the ICANN sponsored auctions for .tech and .vip completed the week of 8 September; and the private auctions for .design, .law .realestate, and .video, took place in the week of 15 September. The private auction for .group, in which Minds + Machines had an interest, concluded in August.
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 operating 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 current 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, which works internationally with commercial organisations, cities, not-for-profits and entrepreneurs to secure and operate new top-level domains (TLDs). In addition, the Group wholly owns Minds and 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. Further information on all of Minds + Machines' operations can be found at www.mm-registry.com and www.mindsandmachines.com respectively.
ENDS