Lo-Q PLC
14 November 2007
ACQUISITION OF TEXT-Q RESERVATIONS SYSTEM
Lo-Q plc ('Lo-Q' or the 'Company') today announces that it has finalised
agreement with Avius Experience Ltd ('Avius') for the purchase of its Text-Q
system, thereby expanding the range of reservation solutions the Company can
offer to the leisure industry.
Text-Q allows mobile phone users to reserve a place in line for participating
attractions which have typically one or a small number of queues. Users pay a
fee to avoid standing in a queue line, generating additional revenue for the
attraction.
Text-Q is in use in the London Dungeon and three other European venues and Lo-Q
will be marketing the solution world-wide. Lo-Q plans to further enhance Text-Q,
with the anticipation of further new and innovative products to be marketed by
Lo-Q.
The consideration to Avius, a proportion of which is deferred subject to certain
conditions being satisfied, is to be satisfied through cash, the issue of Lo-Q
shares and options over Lo-Q shares. As part of this, 125,000 new ordinary
shares in the Company have been issued. Application has been made to the London
Stock Exchange for these new ordinary shares to be admitted to trading on AIM
which is expected to occur on Wednesday 21st November 2007.
Lo-Q's Managing Director, Leonard Sim, said:
'These arrangements with Text-Q allow us to bring the benefits of virtual
queuing to visitors of smaller attractions, where there are only a few queues,
perhaps only one line. We look forward to further benefit from our relationship
with Avius in the future.
Lo-Q is the world's leading supplier of virtual queuing technology to the theme
park industry, and our flagship product, the VQ2020 line management system is
in use in a number of Six Flags parks as well as in Dollywood.'
Jeff McManus 01491 577 210
Lo-Q Plc
John Prior/Phillip Young 020 7012 2000
Arbuthnot Securities
Limited
This information is provided by RNS
The company news service from the London Stock Exchange
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