Name Change to Iconic Labs Plc and Results of GM

RNS Number : 1400F

WideCells Group PLC

10 July 2019

 

10 July 2019

Iconic Labs Plc ("Iconic Labs" or the "Company")

Results of GM - Change of Name to Iconic Labs Plc

The Board is pleased to announce that the Company has changed its name to Iconic Labs Plc ('Iconic Labs') to reflect its new focus as a multi-divisional new media and technology business.  This change takes effect following the Company's General Meeting ("GM") held today, where all resolutions were duly passed.  The new ticker for the Company will be ICON and take effect on 11 July 2019.

Iconic Labs provides online marketing, content and technology driven products to enable companies to increase their consumer engagement and build brand presence.  The team, led by John Quinlan and Liam Harrington, who were founders and key drivers behind UNILAD, the world's largest social media publisher, is making progress with regards to its new media activities, highlighted by the recently announced consulting and marketing services engagement with a UK-based financial services business, where work has commenced. 

The progress made has been achieved with just a soft launch; an official launch is planned, which the Company believes will benefit client acquisitions and brand awareness in the sector. The Board anticipates that the name change will be beneficial to securing new business opportunities, attracting potential complementary acquisitions as well as creating increased visibility for investors. 

Iconic Labs operates in a rapidly growing market driven by consumer habits shifting to digital and social from TV and print, increasing numbers of distribution platforms fighting for premium content to attract audiences, and traditional agencies struggling to adapt to client demands and new technologies.  As an example, global mobile ad spend is projected to increase from US$138 billion in 2018 to US$212 billion in 2021, while Subscription Video On Demand services rose from 14% of households in 2014 to 39% in 2018.  The market is fragmented, and the Board believes that, by utilising its contact base, experience of growing new media businesses and sector knowledge, it can take advantage of this fast-developing market.

With regards to the WideCells business, the Board continues to address legacy issues and the cash involved and will inform the market when these have been resolved.  It is obviously frustrating for both the management and shareholders that there remain outstanding issues, but the Board is working to alleviate these and ensure that the new business has a firm platform that can be utilised for the benefit of all stakeholders. 

The Board looks forward to updating shareholders as it implements its defined growth strategy both organically and via targeted value-accretive acquisitions utilising its platform and paper.

Chief Executive Officer, John Quinlan, said: "I'm delighted that the name change to Iconic Labs has been effected as the name reflects the current direction of the business in the new media space.  We have a proven track record in the delivery of advice, strategic planning, content provision and developing technology, primarily garnered from our time at UNILAD, which achieved revenues in excess of £10 million per annum; we are utilising this experience to build a business.   There is a distinct opportunity in the new media sector and, since joining in March 2019, we have made progress establishing the offering and building out our market presence.  The reception from our targeted market has been good and we are now leveraging our team's knowledge, experience and contact base to implement our strategy to create shareholder value."

**ENDS**

For further information, please visit the Company's website www.iconiclabs.co.uk or contact:

Shard Capital Partners LLP	Co-broker - Damon Heath, Erik Woolgar	Tel: [phone]
St Brides Partners Limited	PR - Melissa Hancock, Juliet Earl	Tel: [phone]

 

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