Last checked at 12 May 2008 10:18
Mobile Streams plc
Annual General Meeting Announcement
12 May 2008
Mobile Streams plc, ('Mobile Streams' or 'the Company'), the mobile media specialist, today held its Annual General Meeting and all resolutions were duly passed. At the meeting, Chairman Roger Parry made the following statement:
"Since the start of 2008, Mobile Streams has made further progress in its mission to be the partner of choice for companies wanting to generate income from content on mobile phones. This is achieved by distributing content via operators through the Company's Managed Services division and by selling directly to consumers through its Consumer Services division.
The Company has continued to strengthen its relationships with its major mobile network operator customers. The majority of the Company's Managed Services revenues are generated from about a dozen key operators around the world, including America Movil, AT&T, Hutchison 3G, Optus, Telefonica and Vodafone.
The gradual introduction of Mobile Internet services has continued since the start of the year. During 2008, Mobile Streams has launched its flagship Ringtones.com™ brand in its core operating markets of the UK, Australia and Argentina. The marketing experience gained over the past year in the UK is being carefully transferred and localized to the Company's other core markets.
Mobile Streams has made progress with the restructuring which was announced at the start of the year, with costs and cash burn rate significantly reduced. At the EBITDA* level the Company has traded at breakeven in every month since the start of 2008, with a small monthly capital outflow for technology development. Revenues in the first four months of 2008 are some 15% up on the same period in 2007.
Going forward, Mobile Streams is well positioned to serve both network operators and content owners in monetizing mobile content through the existing and new business models. We use our proprietary technology to deliver content to mobile phones and offer content channel management and retailing skills.
Mobile Streams expects current trading patterns broadly to continue during the rest of 2008. We would expect to trade at or near break-even each month whilst we wait for the mobile Internet to develop more rapidly. The Company currently has over £2 million in cash on hand."
*EBITDA is measured as earning before tax, depreciation, amortisation and share based payments.
ENQUIRIES:
Mobile Streams plc Tel: +44 (0) 20 7395 2020
James Colquhoun
Finance Director