REG - Bidstack Group PLC - Update re Press Commentary

BidstackAnnouncement

28/10/2022 07:00

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RNS Number : 4301E  Bidstack Group PLC  28 October 2022

28 October 2022

Bidstack Group Plc

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

Update re Press Commentary

Further to the Company's strategy update to the market on 26 October 2022, the
Board notes recent press commentary regarding a private communication by the
Company with certain investors concerning an email received from Azerion,
which the Directors have been advised did not require disclosure under either
the AIM Rules or MAR.  In order to ensure that all shareholders have parity
of information the Company wishes to give this update.

After the announcement on 5 October 2022 of the Group's Fundraise, Bidstack
received an email from Azerion requesting certain information and reserving
its rights under the Azerion agreement.

Given the nature of the Group's strong ongoing commercial relationship with
Azerion and the extensive work taking place on the ground to ensure the
success of the partnership by both Azerion and Bidstack, the Directors were
surprised to receive this email.  At a commercial level, the Group's
arrangements with Azerion continue to be operated on a 'business as usual'
basis by both parties, with October already the highest grossing month to date
and with November and December anticipated to grow further month on month.
Bidstack has responded with detailed information demonstrating the Group's
compliance with all areas identified.  Bidstack has taken appropriate
external legal advice and has concluded that Azerion has no present
entitlement to end its agreement with the Group.

As referred to in the Company's announcement on 26 October 2022, following
early evidence of its success in selling directly into North America and
Japan, Bidstack intends to undertake a comprehensive business review,
specifically reassessing and renegotiating, where appropriate, both existing
and new reseller engagements in all geographies in order to maximise the
benefits of its contacts with developers, publishers, ad-tech vendors and
media companies.

Bidstack notes that Azerion is primarily a European-based group, with its
sales-reach strongest in these territories. As announced on 20 September and
13 and 26 October, Bidstack has now invested in an experienced sales team with
a proven track record in North America, which has a robust pipeline for FY23.

Bidstack's newly appointed Group Chief Revenue Officer is in active
discussions on a number of significant global revenue opportunities, including
additional resellers, licensors and media agreements, with anticipated
contracts in FY23.

The Company would like to stress that, contrary to the press commentary, there
is no litigation with Azerion, and the contract with Azerion continues to
operate as expected.

The Directors also confirm that there are no discussions with Azerion
regarding any offer for the Company.

The Board believes that the Company is trading in line with market
expectations for the years ended 31 December 2022 and 2023.

-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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