Altitude Group plc
("Altitude" or the "Group")
New Supply Agreements and Notice of Full Year Results
Altitude (AIM: ALT), the provider of innovative technology solutions for small to medium sized businesses, is pleased to announce two new North America supply agreements and the date of the publication of the results for the year ended 31 December 2016.
The first of the new agreements is with Market Brands LLC ("Market Brands"), based in Buffalo, New York State, USA. Under the agreement, Market Brands has undertaken to recruit 100 new sales staff who will target the creation of tens of thousands of branded web stores for small businesses throughout the USA. The stores will be powered by Altitude technology and fulfilled through Aprinta. Altitude will be remunerated through a percentage of the sales value of every order in line with the Group strategy.
Secondly, Altitude has signed an agreement for the supply of print, signage and photo book products ("Print Products") with a leading Tier One manufacturer in the USA that will enable the Group to add these categories of products to its technology and supply chain platform.
The Print Products to be provided through this partnership give the Group access to the US$100 billion US print market and further advances Altitude as the only technology platform that enables resellers to offer, through www.channl.com, a wide range of personalised products through a fully customisable web store, totally free of charge.
Details of the provider are commercially sensitive but with a peak output of more than 100,000 orders per day and manufacturing efficiency that allows our resellers to compete on price and service, the Directors expect that the partnership will create substantial value for the Group and its resellers.
Commenting on the new agreements, Peter Hallett, Executive Chairman, said: "Our strategy is to create a compelling offering for promotional product distributors to enable them to create online brand stores for every customer. The agreement with Market Brands will accelerate our ability to engage with the SMEs who are the end users of the products that pass through our network.
"The addition of Print Products is a natural extension to the promotional product offering and increases our addressable potential market four-fold without the need for substantial technology development or investment.
"These new agreements underline the commercially attractive nature of our business model and technology platform and we look forward to updating the market in due course as to their impact."
The Group will announce the results for the year ended 31 December 2016 in the week commencing 8 May 2017.
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Enquiries:
Altitude Group plc Peter Hallett, Chairman |
07887 987469 |
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WH Ireland Limited (Nominated Adviser and Broker) Tim Feather/Ed Allsopp |
0113 394 6600 |
