Zamano Regulatory News (ZMNO)

zamano plc

Interim Management Statement - Zamano AGM

Dublin, 14th July 2011: zamano PLC, a leading provider of interactive web and mobile services , has today issued the following Interim Management Statement in conjunction with the Group's Annual General Meeting which is being held today.

Business Performance

The Group is pleased to report good progress over the past twelve months with improvements in gross profit and EBITDA evident in H1 2011, while net debt is approximately €3.4 million. Revenues declined 10% against H2 2010 as a result of a restructuring of the Group's business units, while cost structures were also optimised. Investment in extending routes to market in Ireland, UK, Spain and USA is ongoing, and the Board expects revenue growth to resume in Q4.

Group Structure

The Group is now structured as three business divisions; Everneo, Zamano Solutions Ltd (ZSL) and Newsworthie. Everneo is the Group's largest division, and is focused on selling mobile content and interactive services to consumers in 4 territories (Ireland, UK, Spain and USA), while ZSL provides messaging services to businesses in Ireland and the UK. Newsworthie is a new business which works with newspapers to monetise online content by optimising that content to facilitate a more targeted and results-linked advertising proposition.

Financial Review

At last year's AGM, the Board referenced the need to address the Group's capital structure. A debt restructuring was announced in early January. Newsworthie will require further investment in order to capitalise on its significant growth prospects. To date, investment has been funded by profits from Everneo and good progress has been made in establishing the business model, putting in place a strong team, and winning a very significant first contract. Further investment in Newsworthie, as well as debt capital repayment requirements now presents a challenge for the Group and the Board is actively engaged in addressing this.

Board Appointment

To strengthen the management team in anticipation of growth, the Board is pleased to announce the appointment of Joe Morley as a director and the Group's Chief Operating Officer. Joe will also take on the role as Managing Director of Newsworthie. Joe has worked with Zamano for the past year, and was instrumental in the re-structuring which optimised the cost base of Everneo and ZSL, and has also led Newsworthie through its early development phase.

In relation to the appointment of Mr. Morley to the Board of Directors, Zamano confirms that there is nothing further to disclose in relation to his appointment under Schedule Two, paragraph (g) of the AIM Rules for Companies, save as disclosed below:

Full name: Joseph Matthew Morley

Age: 40

In addition to his directorship of the Company, Mr. Morley, or has been, a director or partner of the following companies or partnerships, in the previous five years:

Current directorships/partnerships:

Joe Morley t/a Ascenso

Past directorships/partnerships:

Trend Duplication Limited, t/a Trend Digital Media

For further information, please contact: