31st January 2024
Mobile Streams plc
("MOS" or "the
Company")
AGM update
The Company will be holding its AGM at noon today.
Ahead of that MOS is pleased to provide an update on strategic and
operational progress.
Further to the announcement on 12th
December regarding the expansion of the Company's operations in
Mexico, Capital Media Sports (in which the Company is a 10%
shareholder) has completed the acquisition of all associated IP for
the print and digital operations of Estadio, and Capital Media
Group has also transferred and recruited employees to work on the
publication. This provides a solid foundation for the relaunch and
extension of the brand.
Preparations for the launch of the Mexican
betting business (in which MOS has a 25% direct shareholding and a
2% indirect shareholding through its interest in Capital Media
Sports) are well underway and the business is on track to launch
early in Q2 2024, with the potential for this timeline to be
accelerated.
MOS has invoiced the first' fees under the
terms of its service agreement with the Mexican betting business
and expects to receive these funds shortly. These fees are
scheduled to build over the course of the next 12 months,
reflecting the anticipated growth in the betting operations, and
generate substantial revenue for the Company.
Whilst the new revenue streams build, costs
continue to be carefully managed, helped by the £25,000 per month
saving through the reallocation of certain costs in MOS's Mexican
subsidiary, and the Company remains on track to reach cash flow
break-even by the end of 2024.
MOS's digital content and digital merchandise
offerings remain core elements to its business model and plans are
underway to obtain a third-party valuation of its NFT platform, as
previously disclosed.
Mark Epstein, CEO, commented, "The Board is
extremely grateful for the support we have received from our
shareholders in the past 12 months. We will continue to invest to
support our expansion opportunities in Mexico, in order to deliver
value for them".
For further information, please
contact:
Mobile Streams plc
Nigel Burton, Adviser
+44 77 8523 4447
www.mobilestreams.com
Beaumont Cornish (Nominated Adviser)
James Biddle / Roland
Cornish
+44 (0) 20 7628 3396
Panmure Gordon (Broker)
Simon J French
+44 (0) 20 7886 2500
