16 Jan 2015 13:05
16 January 2015
Cellcast plc
("Cellcast" or "the Company")
Renegotiation of bandwidth commitments and trading update
In its half yearly report, announced on 25 September 2014 ("Interims"), Cellcast (AIM; CLTV) announced that the Company was in discussions to renegotiate its bandwidth commitments. The Board of Cellcast is pleased to announce that these renegotiations have now been concluded, resulting in a material reduction in the Company's monthly bandwidth costs. The Company has also agreed a significant reduction in amounts owed for bandwidth provision over the previous 12 months.
Trading update
As highlighted in the Interims, the Company has seen a reduced demand for its core products and services in the UK. This trend has continued since the interim period end. The Board of Cellcast has been exploring new genres of interactive multiplatform TV, primarily focused on the gaming and gambling sectors.
Andrew Wilson, CEO of Cellcast plc, commented:
"We are delighted to have been able to conclude the restructuring of our bandwidth commitments. This marks the final stage in the cost restructuring process undertaken by the Company over the last 18 months."
Cellcast plc | 020 3376 9420 |
Andrew Wilson, Chief Executive | |
Allenby Capital Limited (Nominated Adviser and Broker) | 0203 328 5656 |
Nick Naylor / James Reeve |