REG - Bidstack Group PLC - Azerion Update

BidstackAnnouncement

03/01/2023 07:00

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RNS Number : 4093L  Bidstack Group PLC  03 January 2023

Certain information contained within this Announcement is deemed by the
Company to constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon
publication of this Announcement, this information is now considered to be in
the public domain.

3 January 2023

Bidstack Group Plc

("Bidstack" or the "Company" or the "Group")

Azerion Update

Bidstack Group Plc (AIM: BIDS), the in-game brand activation platform,
announces that, in accordance with the terms of its commercial agreement (the
"agreement") with Azerion Technology B.V. ("Azerion") announced on 17 December
2021, it has performed its obligations under the agreement and issued invoices
which it expects will meet market expectations for FY22.

As announced on 28 October 2022, the Company received an email from Azerion
requesting certain information and reserving its rights under the agreement.
Bidstack responded with detailed information demonstrating the Group's
compliance with all areas identified.

Following the announcement on 28 October 2022, Bidstack had been working with
Azerion to find a mutually acceptable solution to commercial issues raised by
Azerion. In the course of those discussions, it became clear to the Bidstack
Board that Azerion was withholding payment of sums which Bidstack considers to
be due and owing in accordance with the agreement. The discussions with
Azerion have not led to a satisfactory conclusion for the Company and its
shareholders.  Consequently Bidstack commenced legal action to enforce
payment of overdue sums.

After the close of business on 30 December 2022, Bidstack received notice from
Azerion purporting to exercise an alleged right to terminate the agreement.
Bidstack has taken appropriate external legal advice and has concluded that
Azerion has no present entitlement to end the agreement.  Bidstack now
intends to claim damages for unlawful termination.

Bidstack has improving visibility of FY23 revenue and the Board is pleased
with the Company's significant commercial progress independent of the Azerion
relationship.

In addition to the robust pipeline from the Company's recently formed North
American sales team, Bidstack has now brought on board a number of additional
resellers in non-core and non-exclusive markets to ensure global coverage
including MMP Worldwide (MENA), AdScholars (India) and Totally Awesome (APAC)
and has established a regional presence in Japan to service media and
licensing opportunities.

The Company anticipates that it will be able to provide a trading update and
additional information on the progress of its dispute with Azerion in due
course.

-ENDS-

Contacts

 Bidstack Group Plc

 James Draper, CEO                                 via Buchanan
 SPARK Advisory Partners Limited (Nomad)

 Mark Brady / Neil Baldwin / James Keeshan         +44 (0) 203 368 3550
 Stifel Nicolaus Europe Limited (Broker)

 Fred Walsh / Tom Marsh                            +44 (0) 20 7710 7600
 Buchanan Communications Limited

 Chris Lane / Stephanie Whitmore / Kim van Beeck   +44 (0) 20 7466 5000

 bidstack@buchanan.uk.com

 

 

 

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