REG - Blackbird PLC - Notice of termination of contract

BlackbirdAnnouncement

12/05/2023 07:00

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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, stated: "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.£9 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®, 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.video (http://www.blackbird.video/)

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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