Blackbird PLC Notice of termination of contract (1790Z)
12 Mayo 2023 - 1:00AM
UK Regulatory
TIDMBIRD
RNS Number : 1790Z
Blackbird PLC
12 May 2023
12 May 2023
Blackbird plc
(the "Company")
Notice of termination of contract
Blackbird plc (AIM:BIRD, OTCQX: BBRDF), the technology licensor,
developer and seller of the market-leading cloud native video
editing platform, Blackbird, announces that A&E Television
Networks, LLC has given notice to terminate its contract with the
Company at the end of June 2023. In the year ended 31 December
2022, the contract accounted for less than 10% of Blackbird's
revenues.
Ian McDonough, Chief Executive Officer, state d: "Whilst we are
disappointed to have received this notification from A&E
Television Networks, the Americas remain a core focus for our Media
and Entertainment business, and we are following up on the
significant interest generated at last month's NAB industry trade
show in America.
"The Company remains well funded with c.GBP9 million in cash
and, alongside our core business, an exciting opportunity with
Blackbird SaaS within the growing creator space."
Enquiries:
Blackbird plc
Ian McDonough, Chief Executive Officer
Stephen White, Chief Operating and
Financial Officer
Tel: +44 (0)20 8879 7245
Allenby Capital Limited (Nominated
Adviser and Broker)
Nick Naylor / Piers Shimwell (Corporate
Finance)
Amrit Nahal (Sales and Corporate Broking)
Tel: +44 (0)20 3328 5656
About Blackbird plc
Blackbird plc operates in the fast-growing SaaS and cloud video
market. It has created Blackbird(R), the world's most advanced
suite of cloud-native computing applications for video, all
underpinned by its lightning-fast codec. Blackbird plc's patented
technology allows for frame accurate navigation, playback, viewing
and editing in the cloud. Blackbird(R) enables multiple
applications, which are used by rights holders, broadcasters,
sports and news video specialists, esports, live events and content
owners, post-production houses, other mass market digital video
channels and corporations.
Since it is cloud-native, Blackbird(R) removes the need for
costly, high end workstations and can be used from almost anywhere
on almost any device. It also allows full visibility on
multi-location digital content, improves time to market for live
content such as video clips and highlights for digital
distribution, and ultimately results in much more effective
monetisation.
Blackbird plc is a licensor of its core video technology under
its 'Powered by Blackbird' licensing model. Enabling video
companies to accelerate their path to true cloud business models,
licensees benefit from power and carbon reductions, cost and time
savings, less hardware and bandwidth requirements and easy
scalability.
www.blackbird.video
www.linkedin.com/company/blackbird-cloud
www.twitter.com/blackbirdcloud
www.facebook.com/blackbirdplc
www.youtube.com/c/Blackbirdcloud
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END
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