8 Apr 2021 11:20
8 April 2021
Pires Investments plc
("Pires" or the "Company")
Update on investment in Low6
Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology, is pleased to announce an update on its investment in Low6 Limited ("Low6"), the company that has developed a next-generation sports betting platform, following a shareholder update received by Pires.
Further to the announcement on 15 February 2021, Low6 extended its pre-IPO funding round to allow a well-respected figure in the worldwide gaming industry to invest in Low6 and join its advisory board post-IPO, which was completed as expected.
As Low6 continues to experience significant user growth, the company is looking to appoint a new Chief Technology Officer that can scale the business and execute its 3-year technology roadmap.
Low6 stated in the shareholder update that it now has over 122,000 users; 85% of which are Gen Z and Millennials - a target demographic of many gaming companies worldwide.
Its PubWars apps went into soft launch on the 1 April 2021. The soft launch is a 4 week period where user numbers are limited, feedback is collated, and changes made to game play. In the first 7 days of soft launch over 2,000 entries were made, and c. £2,000 wagered.
Low6's Uber Eats Weekly 7 game has also gone live and, since the previous shareholder update, Low6 has signed a number of new partners, including Hull City FC, IFL TV, WTF1. Discussions are on-going with other potential US partners.
Low6's plans to IPO remain on track, with a listing expected in Q2 2021. Further information on Low6 can be found at https://low6.com/.
On 26 February 2021, Pires announced that it had invested a further £35,000 in Low6 as part of the extension of Low6's pre-IPO funding round, which closed in Q4 2020 and in which Low6 raised A$6m (£3.3m) in convertible notes. To this date, Pires has invested a total consideration of £235,010 in Low6 by way of convertible note and equity.
Peter Redmond, Chairman of Pires, commented:
"We are pleased to note that Low6 has continued to make rapid progress since our most recent investment in February, as part of the extension of Low6's pre-IPO funding round. Recently, Low6 has launched the Uber Eats Weekly 7 game and PubWars app, as well as signing a number of new partners within the sports industry, with discussions currently underway with potential US partners.
"With its IPO still on track for Q2 2021, we look forward to updating the market on Low6's progress in due course."
Enquiries:
Pires Investments plc Peter Redmond, Chairman Nicholas Lee, Director | Tel: +44 (0) 20 3368 8961
|
Joint Broker Peterhouse Capital Limited Duncan Vasey/Lucy Williams |
Tel: +44 (0) 20 7469 0935 Tel: +44 (0) 20 7469 0936 |
Joint Broker Tennyson Securities Peter Krens |
Tel: +44 (0) 20 3167 7221
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Financial media and PR Yellow Jersey Sarah Hollins Henry Wilkinson |
Tel: +44 (0) 20 3004 9512
|
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is an investment company providing investors with access to a portfolio of next generation technology businesses with significant growth potential.
The Company is building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence ("AI"), Internet of Things ("IoT"), Cyber Security, Machine Learning, Immersive Technologies and Big Data, which the Board believes demonstrate evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.
For further information, visit: https://piresinvestments.com/.
About Low6
Low6 provides sports teams with a custom branded FREE to PLAY Picks app to engage and activate their fanbase.
Further information on Low6 can be found at https://low6.com/.