REG - Mindflair PLC - Final Results
27/06/2024 07:00
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RNS Number : 0629U Mindflair PLC 27 June 2024
Mindflair plc
("Mindflair" or the "Company")
Final Results for the year ended 31 December 2023
The Board of Mindflair plc (AIM: MFAI), the investment company investing in
next generation technology with a focus on AI, announces its audited results
for the year ended 31 December 2023.
Financial highlights
· Net asset value ("NAV") of £5,844,000 as at the year‐end (31
December 2022: £7,822,000). Reduction principally driven by the liquidation
of Emergent Entertainment Limited (although the original cash investment in
this company was circa US$200,000)
· NAV per share of 2.13 pence per share (2022: 4.28 pence) compared to
a year end share price of 0.9 pence and a current price of 0.48 pence
· Two-year debt funding facility amounting to £1.235 million in place
· Placing to raise £730,400 before expenses in December 2023
Portfolio highlights
· Continued progress is being made within the Company's investment
portfolio
· A number of funding rounds have taken place for companies such as
CameraMatics, Landvault, Engage XR, Virtex and VividQ
· CameraMatics is continuing to grow with a number of new customers
· Getvisibility, one of the Company's larger investments, continues to
increase its customer numbers and revenue, with over 250 customers in 39
countries
· New investment made in Captur in October 2023, a company that has
built an enterprise AI platform for real-time, rules-based image recognition
· Virtex closed its first major commercial deal in December 2023 worth
$3.5 million and has raised new funds at a higher valuation than the cost of
the original investment
· Smarttech247 continuing to make good progress as a listed company
· Investment in a third SVV fund ("SVV3"), alongside Enterprise Ireland
("EI"), an investment arm of the Irish Government
· SVV1 actively focused on the realisation phase of its investment
cycle
· Successful change of name and rebranding to Mindflair plc to better
reflect the Company's emphasis on exciting AI focused investments
Review of activities
The year to 31 December 2023 has continued to be a difficult time for
small‐cap listed companies and for those companies with a technology focus.
However, notwithstanding this market backdrop, the majority of the Company's
investments have continued to make good progress during the period with the
key developments being summarised in the following section.
Mindflair is an investment company focused on next generation technology with
a focus on the application of AI to transform large traditional industries.
Mindflair invests in its portfolio companies directly, or indirectly, as set
out below, through: (i) its investments in three funds managed by Sure Valley
Ventures ("SVV") and (ii) its investment in Sure Ventures plc.
Investments SVV1 SVV2 SVV3 Sure Ventures plc
Direct Getvisibility, Low6 and Precog 13% 5.9% 16% 21.3%
Indirect 5.9% via Sure Ventures plc 1.3% via Sure Ventures plc Hold stakes of 25.9% of SVV1 and 5.9% of SVV2 and a stake in VividQ
Cornerstone investor Enterprise Ireland British Business Bank Enterprise Ireland
Net interest 18.9% 7.2% 16% 21.3%
The Company's principal investment portfolio categories are summarised below:
Cost or valuation at 31 December 2023 Cost or valuation at 31 December 2022
£000's £000's
Categories
SVV investments 4,932 5,219
Direct investments 1,563 2,901
Cash/other listed securities 206 856
Total 6,701 8,976
The cash balance above as at 31 December 2023 does not include the proceeds
from the placing that took place in December 2023. The principal cause of the
reduction in the portfolio valuation during the year related to the insolvency
of Emergent Entertainment Limited (although the original net cash investment
in this company was circa US$200,000).
On 23 February 2023, the Company announced that it had agreed to invest in
SVV's new venture capital fund, SVV3, alongside Enterprise Ireland, the fund's
cornerstone investor that committed 50% or €15 million to the fund.
A. The SVV investments
1. Sure Valley Ventures Fund 1 ("SVV1")
SVV1 is SVV's first fund which has completed its new investment phase and has
now entered its realisation phase. It has already achieved three
realisations/liquidity events to date, with more expected in the short term.
Within the SVV1 portfolio, highlights during 2023 include:
· GetVisibility is a cybersecurity company focusing on data visibility
and control and uses state‐of‐the‐art artificial intelligence ("AI") to
classify and secure unstructured information. The company has continued to
grow its sales pipeline, with a number of new channel partners being
onboarded, leading to an increase in its number of enterprise customers to
over 250 in 39 countries.
Mindflair also has a direct interest in GetVisibility and, an additional
indirect interest through SV plc. The total valuation of the Company's
interest in GetVisibility, held both direct and indirectly, amounts to circa
£2.43 million (€2.8 million) based on the company's last funding round. A
number of conversations have already taken place with regard to the possible
sale of this company at a higher valuation.
· CameraMatics offers a cloud based, SaaS solution to fleet managers,
enabling companies to deal with the increasing demands around driver
shortages, driver retention, rising fuel costs, insurance costs, emission
output and driver safety protocols. Its in‐house developed smart
technologies, smart vision systems, AI safety technologies, fleet safety/risk
management tools and data software solutions have been achieving good results
for customers. In Q1 2023, the company raised €3 million from existing
investors at an increasing valuation to assist with funding growth.
CameraMatics has continued to grow both annual recurring revenue and
customers, with expansion into new geographies, such as the US and new clients
being won including Maritime Transport, one of the UK's largest privately
owned transport companies, Van Elle and Hendrick European. The company will
also be receiving around €12 million in funding from the Disruptive
Technology and Innovation Fund to develop next generation neural processing
units to improve driver safety.
· LandVault, a large metaverse builder, successfully raised an
additional US$3 million after extending its Series B funding round in April
2023. This strategic funding was raised from Web3 focused investors including,
The Sandbox, The Gemini Frontier Fund, HodICo and hedge fund Kingsway Capital.
The proceeds of the fundraise will assist its global expansion, further
investment in innovative technologies and development of an open protocol,
Matera, to make the metaverse experience more accessible. The company has
signed a number of new deals with an increased focus on the Middle East.
· Virtex has developed an app called Virtex Stadium which is an
application that enables esports organisers to host their existing formats on
a 3D entertainment platform, offering millions of viewers a completely new
viewing experience. Virtex has recently completed a £1.8 million fundraise at
a higher valuation than the cost of the original investment and closed its
first major commercial deal in December 2023 worth $3.5 million with the
operator of an esports venue to provide technology and solutions for viewing
esports live in 3D.
· Everyangle, whose computer vision solutions help retailers improve
efficiencies, optimise operations and reduce losses, recorded over 200% growth
in 2023 alone. They have recently expanded their product suite with advanced
demographic analytics, enhancing their market‐leading footfall solution.
Recent product enhancements around customer identification and speed of
service have been designed to reveal genuine convertible traffic, optimise
retail service efficiency and elevate customer satisfaction. A number of new
contracts have been signed and new functionality has been added.
· Smarttech247 Group plc ("Smarttech247") (AIM: S247) is an established
global artificial intelligence‐based cybersecurity business, specialising in
automated managed detection and response. Recent full year and interim results
of Smarttech247 demonstrate that the company is continuing to grow revenue and
EBITDA and win new contracts. The company was also recognised again as one of
the fastest growing tech companies in 2023 by Deloitte. Further updates
include the announcement of a new AI Assistant, a pioneering AI capability for
cybersecurity operations, and the extension of its robust cybersecurity
framework to wider markets.
· Wia, a leading player in smart technology solutions, announced in
2023 the closure of a landmark 5‐year contract with one of the world's most
prominent logistics companies. The agreement, valued at over $2 million,
involves a rollout of energy monitoring across 5 million square metres of
property in 14 countries, underscores the industry's shift towards
sustainability and the pressing need for efficient resource management.
· ENGAGE XR Holdings plc (AIM: EXR) is a metaverse technology company
focused on becoming a leading global provider of virtual communications
solutions through its new fully featured corporate metaverse, ENGAGE Link. The
company also has a proprietary software platform, ENGAGE. ENGAGE provides
users with a platform for creating, sharing, and delivering VR content for
education, training, and online events through its three solutions: Virtual
Campus, Virtual Office, and Virtual Events.
In February 2023, the company raised €10.5 million by way of a placing which
included a subscription by HTC for £0.58 million. In June 2023, Lenovo's
new VR headset was released. Lenovo is a channel partner for ENGAGE XR and so
this is expected to provide a new route to market for the company. In
September 2023, the company published its 2023 interim results which showed
continued revenue growth of 18% over the same period in 2022. More recently
the company has signed its largest contract to date with a large Middle East
based company. It has also just announced its results for 2023 with revenue of
€3.7 million and an improving EBITDA result with net cash at the period end
of €7.9 million.
· VividQ has been making good progress and is now able to share images
of real holograms projected through high‐performance 4K display hardware.
The ability to deliver 'retina resolution' computer‐generated holograms
means that next‐generation VR headsets will be able to offer unparalleled
levels of immersion and realism to users. In Q4 2023, the company raised
£3.2m. The funds were raised at a price which was less than the previous
round but it provides the company with sufficient cash to fund development for
the next two years.
As at the year end, SVV1 had a portfolio of 14 investee companies at different
stages of development spanning a range of sectors. The portfolio provides
Mindflair with exposure to a number of key, cutting edge and rapidly growing
technology sectors. Further details of the portfolio companies and recent
developments are set out below:
Artificial intelligence
Ambisense Provides an Artificial Intelligence platform to deliver environmental risk
assessment to allow real time gas and environmental monitoring using both IoT
(Ambisense Limited) and sensor solutions. However, the company has been unable to raise new funds
and therefore went into liquidation in June 2024.
Security
Nova Leah An Artificial Intelligence cyber-security risk assessment and protection
platform for connected medical devices.
(Nova Leah Limited)
Getvisibility An Artificial Intelligence security company addressing the substantial problem
faced by corporations in storing, sorting, accessing and protecting data.
(Visibility Blockchain Limited)
PreCog An Artificial Intelligence security solution platform company that provides
data intelligence to combat crime, terrorism and protect vulnerable people.
(Polience Limited) Customers include leading law enforcement and security agencies, and transport
infrastructure groups.
Smarttech247 Is an established global Artificial Intelligence-based cybersecurity business,
(Smarttech247 Group plc) specialising in automated managed detection and response. The company is
listed on AIM.
Immersive Technologies
Engage XR A developer of virtual reality and immersive experiences with a specific focus
on education and enterprise learning and development. The company is listed on
(Engage XR Holdings plc) AIM.
Landvault A monetisation platform and gateway for brands to enter the metaverse. The
company is rapidly growing revenues and numbers of active users.
(WAM Group Limited)
Warducks An AR/VR game development studio known for the production of leading games.
However, more recently this company has struggled to raise new funding and
(Warducks Limited) therefore filed for liquidation in early 2024.
VividQ. A deep tech software company which has developed a framework for real time 3D
holographic displays for use in heads up displays and AR headsets and glasses.
(VividQ. Limited)
Volograms An Artificial Intelligence deep learning company that uses AI to create 3D
Augmented Reality from 2D photos and videos. The company has launched a
(Volograms Limited) consumer AR Camera app called Volu and has browser and enterprise versions in
development.
Virtex A company building a platform for the next generation of live, immersive
entertainment within the virtual reality ("VR") gaming and e-sports
(Virtex Limited) industries. It is actively developing its new Stadium app.
Internet of things
CameraMatics An Artificial Intelligence platform enabling transport fleet managers to
reduce risk, increase driver safety and comply with growing industry
(MySafe Drive Limited) governance and compliance. The company is growing revenues considerably and
building its presence in the very significant US market where it has already
won a number of new contracts.
Wia Provides a platform solution for smart buildings. Its platform provides full
device and application management, security, data capture and storage,
(WIA Technologies Limited) analysis and control.
Everyangle An Artificial Intelligence platform that uses machine learning to provide
enterprises, such as large retailers, with line of business solutions to
(Everyangle Limited) reduce fraud, churn and waste using machine vision.
SVV1 has completed its investment in new companies and is now in its
realisation phase which should lead to further returns to the Company and its
shareholders.
2. Sure Valley Ventures UK Software Technology Fund
("SVV2")
In March 2022, the Company invested in a second SVV fund, the Sure Valley
Ventures UK Software Technology Fund (the "SVV2"). The principal investor in
the SVV2 is the British Business Bank ("BBB"), an investment arm of the UK
Government. The first close of this fund amounted to £85 million, with the
BBB investing up to £50 million and other investors ("Private Investors"),
including Mindflair, investing up to £35 million over the 10 year life of the
fund.
Mindflair expects to invest up to £5 million in total over the life of the
fund which would provide it with a circa 5.9% interest. SVV2 invests in a
range of private UK software companies with a focus on companies in the
Artificial Intelligence sector and within the subsectors of AI in the
enterprise, AI in Immersive Technologies (such as AR/VR) and AI in
Cybersecurity sectors.
SVV2 is managed by the same SVV team which, to date, has been highly
successful in achieving a number of cash realisations from, and upward
revaluations of, the majority of the companies in the SVV portfolio. The
profit share arrangements within this new fund are designed to encourage the
involvement of the Private Investors alongside the BBB, meaning that Mindflair
and the other Private Investors would expect to receive a significantly
enhanced share of the total return generated by the fund compared to industry
standard.
As at the period end, SVV2 had made three investments in which are described
below:
RETinZE Limited RETiniZE is an award-winning creative-tech company based in Belfast, Northern
Ireland. The company is developing an innovative software product called
(RETinZE Limited) Animotive that is harnessing the latest VR and Generative Al technologies to
transform the 3D animation production process.
Jaid Jaid is a rapidly growing platform that uses Al as a Service (AIaaS) solution
to help businesses reduce costs, improve efficiency and make data-driven
(Opsmatix Systems Limited) decisions, including client service automation, sales automation, payment
exception processing and claims administration processing.
Captur Captur is a company that has built an enterprise AI platform for real-time,
rules-based image recognition. Existing investors, MMC Ventures and Ascension
(Captur Limited) Ventures participated in this round, along with other investors including
ex-Deliveroo, and enterprise AI investors Concept Ventures and Two Culture
Capital, backers of ElevenLabs and Electric AI.
The company's technology uses Edge AI, the implementation of artificial
intelligence in an edge computing environment, which allows calculations to be
completed nearby to where data is created, rather than an offsite data centre
or a centralised cloud computing facility. This localised processing allows
Captur's technology to make decisions using visual AI in under 3 seconds.
Captur's visual AI solution is fast to implement and offers product owners
easy-to-embed APIs and SDKs that act as a smart camera within their mobile
apps. Captur is currently being used in the delivery sector for drivers to map
doorways and verify the correct address, reducing delivery to incorrect
addresses and fraud by up to 40%. Captur has recently made significant
progress on new business and product features. They have launched their real-
time camera SDK into production, which is now being used by tens of thousands
of users per month. They have continued to grow their market lead in mobility
with plans to launch with new clients in the US and AUS markets in H1'24. They
are also expanding into delivery and logistics and are in late-stage
negotiations with a Fortune 100 retailer in the US.
The funding requirement for this fund is expected to be met from existing cash
resources and/or realisations from SVV1. In June 2024, a fourth investment
was made in this fund in Ittybit, a pioneering developer tools company.
2. Sure Valley Ventures III Limited Partnership ("SVV3")
On 23 February 2023, Mindflair announced that it had agreed to invest in SVV's
new venture capital fund, SVV3, alongside Enterprise Ireland, the fund's
cornerstone investor who has committed 50% or €15 million to the fund. SVV3
plans to invest in circa 15 high growth Al software companies in sectors such
as Enterprise, Immersive Technologies and Cybersecurity across the Republic of
Ireland. Whilst new investments for this fund are being reviewed, the funding
requirement is expected to be relatively limited in the short term and will be
met from existing cash resources and/or realisations from SVV1. In June 2024,
this fund made its first investment in Inspeq AI, a transformative
full‐stack AI Ops platform, alongside Delta Partners and a number of other
leading investors.
3. Sure Ventures plc ("SV plc")
SV plc (LSE: SURE) is a London‐listed venture capital fund which invests in
early‐stage software companies in the rapidly growing technology areas of
Augmented Reality, Virtual Reality, Internet of Things and Artificial
Intelligence. Mindflair has a 21.3% shareholding in SV plc whose principal
investments are a 25.9% interest in SVV1, a 5.9% commitment to SVV2 and an
investment in VividQ. Consequently, as a result of its shareholding in SV plc,
Mindflair has an aggregate (direct and indirect) interest in SVV1 of around
19%, which comprises its original direct 13% interest in SVV1 and an indirect
interest of 5.9%. It also has an aggregate interest of 7.2% in SVV2. This
investment is carried at its market value and as at 31 December 2023, SV plc's
NAV per share was £1.07 (€1.24) compared to a current share price of
£0.725.
B. Direct investments
Getvisibility Details of this investment are covered in the section above.
Low6 Low6 is focused on the revenue generative free-to-play and affiliate markets
in North America with the ambition to be the global leader in fan engagement.
A number of new partnerships have been established, including the appointment
as the National Hockey League ("NHL") free to play provider for a period of 3
(Low6 Limited) years, who have also invested in Low6. In July 2023, the company announced
that it had become EBITDA positive and in February 2024 it said that it
expected current year revenue to be around £4.5 million and that it had
traded profitable for the last 7 months.
Precog PreCog is a software solution that understands visitor flow, protects borders,
detects persons of interest, and ensures locations are protected from those
who wish to cause damage or commit crime. PreCog provides totally unique,
scalable, actionable intelligence solution. Customers include top UK and
(Polience Limited) international government security and law enforcement agencies and transport
infrastructure organisations. The company is involved in a number of
customer deployments. The signature of one or two new contracts is expected to
result in an uplift in valuation.
Emergent Entertainment Limited Emergent is focused on becoming a next‐generation entertainment company,
bringing audiences and storytellers together by harnessing emerging
technologies. Whilst in the earlier part of 2023, the management team had been
working on reducing the company's cost base and had revised its 2023 revenue
forecasts upwards, as the year progressed trading deteriorated. Then in
December 2023, the Company announced that Emergent was engaging with
insolvency advisers and expected to be shortly placed into liquidation which
then took place on 10 January 2024 with a resolution to voluntarily wind up
the company.
This investment has therefore been provided for in full.
Other
As at the end of March 2024, John May, a non-executive director, retired from
the board after a number of years with the Company in order to devote more
time to his other roles.
Financial
For the year under review, the Company reported a loss before taxation of
£2.67 million (for the year ended 31 December 2022: loss of £0.37 million).
The result for the Company includes unrealised gains/losses in the portfolio
of quoted equity investments which are marked to market, plus any return from
and adjustment to the carrying value of its unlisted investments. The
principal cause of the loss for the year related to the insolvency of Emergent
Entertainment Limited (although the original cash investment in this company
was circa US$200,000).
Net asset value as at the end of the year amounted to £5,844,000 (31 December
2022: £7,822,000). We continue to believe that absolute NAV does not fairly
represent the Company's financial potential, given the scope for significant
valuation uplift of the companies within the portfolio. This is clearly
demonstrated by the gains, both realised and unrealised, that have been
achieved to date from the investment portfolio. Furthermore, it is worth
reiterating that realisations that are achieved within the SVV portfolio
result in cash distributions to the Company and are not retained within the
fund.
On 22 December 2022, the Company entered into a two‐year £1.235 million
unsecured loan facility accruing interest at 7.5% per annum with a bullet
repayment of principal and interest at the end of the term. Warrants over
47,839,284 new ordinary shares were issued to the investors which will vest if
the average of the Company's volume weighted average price over five
consecutive trading days exceeds 5.163 pence within the three‐year exercise
period of the warrants. The warrant exercise price is 4 pence, which
represented a 60% premium to the closing mid‐market price of 2.5 pence per
the Company's ordinary share on 21 December 2022. These are currently the only
unexercised warrants that are in issue.
On 21 December 2023, the Company placed 91,300,000 shares at a price of 0.8
pence per share, raising gross proceeds of £730,400, The shares were placed
at a 30 per cent. discount to the closing mid‐price of the ordinary shares
on 20 December 2023.
Post year end
In January 2024, Warducks was unable to raise new funding and therefore filed
for liquidation. In June 2024, a new investment was made in Inspeq AI, a
transformative full‐stack AI Ops platform, alongside Delta Partners and a
number of other leading investors. This was the first investment by SVV3. Also
in June 2024, the fourth investment by SVV2 was made in Ittybit, a pioneering
developer tools company. In addition, in June 2024, Ambisense went into
liquidation as it was unable to raise new funds.
Outlook
Our investment strategy is focused on AI based next generation technology
businesses. Whilst 2023 has been a difficult year, we believe that significant
progress has been made by the majority of our investments and that the outlook
for the respective sectors in which they operate remains encouraging.
We expect that in the coming months we will see some additional realisations
or liquidity events from the investment portfolio. Furthermore, it is
important to note that, as previously mentioned, the first SVV fund has now
completed its deployment phase and so is in its realisation phase which is
expected to generate further cash inflows for the Company.
In summary, we believe that our portfolio provides excellent exposure to
companies at the forefront of the AI revolution with the potential for
significant growth and the ability to deliver real returns for shareholders.
Nicholas Lee
Director
26 June 2024
STATEMENT OF COMPREHENSIVE INCOME
Year Ended 31 December 2023 £000's Year ended 31 December 2022 £000's
CONTINUING ACTIVITIES 4 -
Income
Other Income
Total income - -
(Loss)/Gain on investments held at fair value through profit or loss (2,169) 420
Operating expenses (500) (786)
Operating (loss) from continuing activities (2,665) (366)
(Loss) before taxation from continuing activities (2,665) (366)
Taxation - ‐
(Loss) for the year from continuing activities (2,665) (366)
Other Comprehensive Income - ‐
Total Comprehensive Income attributable to equity holders of the Company (2,665) (366)
Basic (loss) per share
Equity holders
Basic (1.44p) (0.20p)
Fully diluted (1.44p) (0.20p)
STATEMENT OF CHANGES IN EQUITY
Share Share Premium £000's Share Capital to be issued Reserve Capital Redemption Reserve Retained Earnings £000's Total £000's
Capital
£000's £000's
£000's
Balance at 1 January 2022 396 7,874 - 11,995 (13,042) 7,223
Loss and total comprehensive ‐ ‐ - ‐ (366) (366)
loss for the period
Issue of shares (net of costs) 61 904 - - 965
As at 31 December 2022 457 8,778 - 11,995 (13,408) 7,822
Loss and total comprehensive loss for the period - - - - (2,665) (2,665)
Issue of shares (net of costs) - - 687 - - 687
As at 31 December 2023 457 8,778 687 11,995 (16,073) 5,844
Share Capital - amount subscribed for share capital at the nominal amount
Share Premium - amount subscribed for share capital above the nominal amount
Share Capital to be issued Reserve - amount subscribed, net of fees, for share
capital allotted on 9 January 2024.
Capital Redemption Reserve - own shares purchased by the Company
Retained earnings - cumulative gains and losses recognised
The accounting policies and notes are an integral part of these financial
statements
STATEMENT OF FINANCIAL POSITION
31 December 31 December
2023 £000's 2022 £000's
Current assets 6,498 8,129
Investments 692 373
Trade and other receivables 203 847
Cash and cash equivalents
Total current assets 7,393 9,349
Total assets 7,393 9,349
Equity
Issued share capital 457 457
Share premium 8,778 8,778
Share capital to be issued reserve 687 -
Capital redemption reserve 11,995 11,995
Retained earnings (16,073) (13,408)
Total equity (Net assets) 5,844 7,822
Non-current Liabilities
Term Loan - 1,235
Current liabilities
Trade and other payables 219 292
Term Loan 1,330 -
Total liabilities and current liabilities 1,549 1,527
Net current assets 5,844 9,057
Total equity and liabilities 7,393 9,349
EARNINGS PER SHARE
2023 2022
£000's £000's
(Loss) attributable to the owners of the Company
Continuing Operations (2,665) (366)
2023 2022
No. of No. of
Shares shares
Weighted average number of shares for calculating basic (loss) per share 185,458,012 171,274,697
Weighted average number of shares for calculating the fully diluted (loss) per 185,458,012 171,274,697
share
2023 2022
Pence Pence
Basic and diluted profit per share
Continuing Operations - basic (1.44) (0.20)
Continuing Operations - diluted (1.44) (0.20)
Copies of the accounts will shortly be posted to shareholders and will be
available on the Company's website at www.mindflair.tech
(http://www.mindflair.tech) .
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.
Enquiries:
Mindflair plc Tel: +44 (0) 20 3368 8961
Nicholas Lee, Director
Nominated Adviser Tel: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
Liam Murray / Ludovico Lazzaretti
Broker Tel: +44 (0) 20 7469 0935
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0936
Duncan Vasey/Lucy Williams
Notes to Editors
About Mindflair plc
Mindflair plc (AIM: MFAI) is an investment company providing investors with
access to a portfolio of next-generation technology businesses with
significant growth potential.
The Company is building an investment portfolio of high-tech businesses across
areas such as Artificial Intelligence ("AI"), Internet of Things ("IoT"),
Cyber Security, Machine Learning, Immersive Technologies and Big Data, which
the Board believes demonstrate evidence of traction and the potential for
exponential growth, due to increasing global demand for development in these
sectors.
For further information, visit: https://mindflair.tech
(https://mindflair.tech) .
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.
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