Update on JOE Media Ireland

RNS Number : 9860B

Iconic Labs PLC

14 October 2020

 

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

Update of JOE Media Ireland

Iconic Labs Plc (LSE:ICON), a multidivisional new media and technology business, today announces that completion of the acquisition by Greencastle Capital ("Greencastle") of Maximum Media Limited ("JOE Media Ireland"), which trades as JOE Media in Ireland, occurred late on Friday evening, 9^th October 20020.  As a result, and pursuant to the management contract with Greencastle, the Company has taken over responsibility for all operational and strategic management of JOE Media Ireland with immediate effect.  The Company already manages JOE Media in the UK.

JOE Media Ireland produces and distributes content under both the JOE and Her brands, where it has a highly prominent market position and works with many well-known international and Irish brands.  The Company will use its operational expertise together with its data and insights division, which delivers audience intelligence and sentiment, to assist campaign reporting and grow revenues. The Company also intends to ensure that popular existing shows such as 'GAA Hour', 'Unfiltered' and 'House of Rugby' continue to thrive, while developing a range of new and improved content, with new shows and fresh talent.

Greencastle has also agreed that in order to better reflect both the costs of managing the JOE Media group, and the success thus far in managing JOE Media UK, the monthly management fee payable to the Company will be increased from £50,000 to £100,000 with immediate effect. The Company's entitlement to a 25% share of profits remains in place.

The Company continues negotiations with EHGOF in respect of the debts still due to EHGOF and continues to work towards a resolution which will result in the company having a conventionally funded balance sheet, and will provide an update in due course.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

**ENDS**

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

Damon Heath

Shard Capital Partners LLP

Tel: [phone]

Iconic Labs [e-mail]

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