Investment Update - Media Tech SPAC PLC

RNS Number : 2483G

Gunsynd PLC

28 March 2022

 

Gunsynd plc

("Gunsynd" or the "Company")

Investment Update - Media Tech SPAC PLC

Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce an update on its investee company Media Tech SPAC PLC ("MTS"), a public unlisted special purpose acquisition company which has announced that it has agreed to acquire 100% of the share capital of Drylab A/S ("Drylab"). Gunsynd is a shareholder in MTS, announced previously on 21 April 2021.

Background to the acquisition

Drylab is a leading film and TV production SaaS platform in Scandinavia. The acquisition is expected to complete in the coming weeks. Once complete, the combined businesses will be renamed "Drylab Media Tech plc".

The combination of MTS and Drylab positions the enlarged business for growth through the proprietary technology built by Drylab and the big studio experience and network of the MTS executives.

The intention is to use MTS' network to expand the Drylab platform into the global marketplace and leverage the unprecedented growth being experienced by the film and TV production industry, which in turn is driving demand for solutions that improve the production process.

MTS believes Drylab has a leading edge over its competitors as it the only platform that combines both an on set production tool and digital dailies platform.

For more information regarding this acquisition:  https://www.mtsplc.com/

Gunsynd owns 1,250,000 ordinary shares at a cost of 4 pence per share which it acquired for a total consideration of £50,000.

Peter Ruse, a director of Gunsynd, commented: "Gunsynd is pleased to see that MTS has achieved what they set out to do; deliver a value adding acquisition for shareholders. Given their extensive experience in the Media and Technology sectors, we believe the MTS board is well equipped to scale the Drylab business and capture a piece of the high growth global film and video market."

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events.  Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

For further information please contact:

Gunsynd plc Hamish Harris/ Peter Ruse	[phone]
Cairn Financial Advisers LLP James Caithie / Liam Murray	[phone]
Peterhouse Capital Limited Lucy Williams	[phone]

 

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