ROYAL TUNBRIDGE WELLS, United Kingdom, Sept. 23, 2011 /CNW/ -
Synchronica plc ("Synchronica" or "the Company") (AIM: SYNC) (TSX
VENTURE: SYN), the international provider of next-generation mobile
messaging solutions, announces several changes to the Board of
Carsten Brinkschulte and Nicole Meissner have yesterday left
Synchronica. The Board would like to express its thanks to them for
their contribution to the Company and wishes them well for the future.
Appointment of Executive Chairman and Chief Executive Officer
With immediate effect, David Mason will become Executive Chairman and
Angus Dent, previously Chief Financial Officer, will take the role of
Chief Executive Officer. David has been non-Executive Chairman of
Synchronica for four years and Angus has been a member of the
Synchronica board for over five years. The Board therefore believes
both have the skills and experience necessary to see the business
through its next phase of its development.
Arthur Phillips ACA, Synchronica's Company Secretary, will become
interim CFO of the Company. The Company has built an excellent senior
management team and will seek to strengthen the Board over the coming
Acquisition of Nokia's OBM Business
The acquisition of Nokia's OBM business was completed on 31 July 2011.
The first month's invoices under Synchronica's ownership of this
business have now been raised and the Board is pleased to announce that
they were in line with its expectations. Synchronica did not acquire
accounts receivable as part of this transaction.
Delay in payment by customers
The Company is owed payment from a number of device manufacturer
customers which were granted extended payment terms. Payment terms for
these orders were linked to the manufacture of devices to which
Synchronica software was applied. However due to delays in delivery of
third party software to these device manufacturers, many of these
devices are yet to be manufactured. The device manufacturers have yet
to pay Synchronica for the software licences provided. It had been
expected that some US$2 million would be collected from these customers
in Q4 2011. However it is now clear that a significant part of this
cash will not be collected until 2012. Synchronica continues to work
with the customers and is confident that this situation will be
resolved and Synchronica paid.
Although the above delay impacts Synchronica's cash flow, the Company
expects to alleviate this through acceleration of payments from other
customers, invoice discounting and / or short term loans. The Company
will also seek to reduce its cost base.
Synchronica plc is a leading developer of next-generation mobile
messaging solutions. Mobile Gateway, Synchronica's flagship product,
provides push email, synchronization, instant messaging (IM), and
social networking services to any mobile phone currently in use.
Synchronica's patented transcoding engine uses advanced streaming to
download email attachments and can dramatically reduce the consumption
of network bandwidth by as much as 90 percent.
Mobile operators and device manufacturers from emerging and developed
markets rely on Synchronica's white-labelled product for providing mass
market messaging services across the entire customer base, diversifying
revenues and reducing churn.
Headquartered in England, Synchronica also maintains a development
center in Germany and the Philippines in addition to a regional
presence in Canada, the USA, Hong Kong, Spain, and Dubai. Synchronica
plc is a public company traded on the AIM list of the London Stock
Exchange (SYNC) and the Venture Exchange of the Toronto Stock Exchange
(SYN). For further information, please visit www.synchronica.com
The foregoing information may contain forward-looking statements
relating to the future performance of Synchronica plc. Forward-looking
statements, specifically those concerning future performance or
results, are subject to certain risks and uncertainties, and actual
results may differ materially from Synchronica's plans and
expectations. These plans, expectations, risks and uncertainties are
detailed herein and from time to time in the public filings and
announcements made by Synchronica, including those made with AIM, a
market of the London Stock Exchange, with the TSX Venture Exchange or
with securities regulators. Synchronica does not assume any obligation
to update or revise its forward-looking statements, whether as a result
of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
SOURCE Synchronica plc
For further information:
| Synchronica plc || David Mason, Executive Chairman || +44 (0) 7802 317 507 |
| || Angus Dent, CEO || +44 (0) 1892 552 760 |
| || || |
| Walbrook PR || || +44 (0) 207 933 8780 |
| Media Enquiries || Paul McManus || firstname.lastname@example.org |
| Investor Enquiries || Paul Cornelius || email@example.com |
| || || |
| TMX | Equicom || Craig MacPhail || firstname.lastname@example.org |
+1 416 815 0700 Ext 290
| || || |
| Northland Capital Partners || || +44 (0) 207 796 8800 |
| (Nominated Adviser) || Shane Gallwey/Rod Venables || |
| (Corporate Broker) || Katie Shelton |