Result of AGM and Trading Upd

RNS Number : 5923B

Bright Things plc

29 October 2009

 



Bright Things Plc

Result of AGM and Trading Update

Result of Annual General Meeting

At the Annual General Meeting of Bright Things Plc ("Bright Things" or "Company") held at 10.00am today all of the resolutions proposed were passed unanimously.

Trading Update

SocialGO is an online platform that allows users to create their own fully featured, fully hosted, fully supported social network website dedicated to whatever they choose in under 2 minutes.

Group members can communicate and share with each other just like they would on Facebook, but with added comfort of being amongst similarly minded people in a secure environment.  Amongst the extensive tools available to network creators are various mechanisms that allow network creators to make money from their community.  Many thousands of networks have been created to date and include schools, churches, sports clubs/teams, hobby groups, local communities, fansites, political parties, bands and entertainment.

The company's main revenue stream derives from Premium customers who subscribe to our monthly service and from the sale of 'add-ons' such as themes and widgets (like the iPhone apps store).

The market positioning of SocialGO is to aim at small businesses and organisations that wish to use social media to promote themselves or make revenue or raise funds for their group. In this way SocialGO differentiates itself from more consumer based products that rely upon large numbers of users to fuel advertising based revenue. Although SocialGO has many more free networks than Premium, these networks can act as a marketing tool to introduce the idea of using SocialGO to many people who may in turn become Premium customers.

The Company's income has grown steadily from the first full month of operation (March 2009) and it now has, in addition to many thousands of users of the free service, over 1,000 premium customers paying us an average of approximately $50 per month.

There are many development initiatives being worked on that should continue to improve SocialGO and increase the features and functions, as the platform is further developed. The Company is not just striving to capture customers but also to retain them and help network owners run successful networks. 

The concept of creating your own social network is gradually taking hold, and whilst the directors of Bright Things are pleased with the progress made this year, they hope that the Company will continue to grow with the market as it develops and look forward to meeting the challenges this constantly evolving form of communication presents.

Further Information:

Bright Things PLC                                     0845 299 7289 

Dominic Wheatley, CEO 

Edward Levey, Finance Director 

Astaire Securities Plc                               020 7448 4400 

William Vandyk

www.brightthings.com

http://www.socialgo.com/

 

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