REG - Blackbird PLC - Business restructuring

BlackbirdAnnouncement

22/05/2023 07:00

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RNS Number : 1084A  Blackbird PLC  22 May 2023

 

 

22 May 2023
 

 

Blackbird plc (the "Company")

 

Business restructuring

 

Blackbird plc (AIM: BIRD, OTCQX: BBRDF), the technology licensor, developer
and seller of the market-leading cloud native video editing platform,
Blackbird, announces that it has restructured its existing business which has
led to a number of people leaving the Company.  The annual savings from the
restructuring will be circa £0.5 million.

 

Ian McDonough, Blackbird plc's CEO, stated: "Our streamlined team located
across the major media markets of London, Los Angeles and New York, will
continue to service and manage our global clients to an excellent standard. We
are focusing on key direct and OEM growth opportunities in North America,
LatAm and Europe. We also see future scale coming from our direct to creator
SaaS platform and we are resourcing this opportunity appropriately.

 

"I am excited about our prospects, both from the conversations we are
currently holding in the Media & Entertainment area and with our new SaaS
platform. We are well funded with circa £9 million of cash and I look forward
to updating shareholders on progress over the coming months."

 

 

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®, 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® 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® 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.vide (http://www.blackbird.video/) o

www.linkedin.com/company/blackbird-cloud
(http://www.linkedin.com/company/blackbird-cloud)

www.twitter.com/blackbirdcloud (http://www.twitter.com/blackbirdcloud)

www.facebook.com/blackbirdplc (http://www.facebook.com/blackbirdplc)

www.youtube.com/c/Blackbirdcloud (https://www.youtube.com/c/Blackbirdcloud)

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