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Mobile Streams plc held its AGM on January 31, 2024. Capital Media Sports, in which MOS holds a 10% shareholding, completed the acquisition of all associated IP for Estadio's print and digital operations, with Capital Media Group transferring and recruiting employees for the publication. Mobile Streams plc (25% direct, 2% indirect shareholder in the Mexican betting business) invoiced its first service fees, implemented a £25,000 per month cost saving in its Mexican subsidiary, and initiated plans for a third-party valuation of its NFT platform.
| Date | 31 Jan 2024 |
| Time | 07:00:09 |
| Category | Corporate updates |
| ID | 4409B |
31st January 2024
Mobile Streams plc
("MOS" or "the Company")
AGM update
The Company will be holding its AGM at noon today. Ahead of that MOS is pleased to provide an update on strategic and operational progress.
Further to the announcement on 12th December regarding the expansion of the Company's operations in Mexico, Capital Media Sports (in which the Company is a 10% shareholder) has completed the acquisition of all associated IP for the print and digital operations of Estadio, and Capital Media Group has also transferred and recruited employees to work on the publication. This provides a solid foundation for the relaunch and extension of the brand.
Preparations for the launch of the Mexican betting business (in which MOS has a 25% direct shareholding and a 2% indirect shareholding through its interest in Capital Media Sports) are well underway and the business is on track to launch early in Q2 2024, with the potential for this timeline to be accelerated.
MOS has invoiced the first' fees under the terms of its service agreement with the Mexican betting business and expects to receive these funds shortly. These fees are scheduled to build over the course of the next 12 months, reflecting the anticipated growth in the betting operations, and generate substantial revenue for the Company.
Whilst the new revenue streams build, costs continue to be carefully managed, helped by the £25,000 per month saving through the reallocation of certain costs in MOS's Mexican subsidiary, and the Company remains on track to reach cash flow break-even by the end of 2024.
MOS's digital content and digital merchandise offerings remain core elements to its business model and plans are underway to obtain a third-party valuation of its NFT platform, as previously disclosed.
Mark Epstein, CEO, commented, "The Board is extremely grateful for the support we have received from our shareholders in the past 12 months. We will continue to invest to support our expansion opportunities in Mexico, in order to deliver value for them".
For further information, please contact:
Mobile Streams plc
Nigel Burton, Adviser
+44 77 8523 4447
Beaumont Cornish (Nominated Adviser)
James Biddle / Roland Cornish
+44 (0) 20 7628 3396
Panmure Gordon (Broker)
Simon J French
+44 (0) 20 7886 2500