Loan Repayment

RNS Number : 8773P

Forbidden Technologies PLC

26 July 2010

 



26 July 2010

Forbidden Technologies plc

 ("Forbidden" or "the Company")

Loan Repayment

Forbidden Technologies (AIM: FBT), the AIM quoted developer of the market leading Cloud video platform FORscene, is pleased to announce that following the exercise of option announcement  and receipt of £144,000 on Friday 23 July, the Board has decided to repay the entire £78,500 outstanding loan given to the Company by Vic Steel, the Company's Chairman.

The repayment of this loan to Vic Steel will also end the Company's interest payments of 10 per cent per annum on this loan.

Stephen Streater, Chief Executive of the Company, is currently not charging interest on the loan he has made to the Company, which has stood at £706,500 for the last year.

The Company has no other loans.

-Ends-

For further information please visit www.forbidden.co.uk or contact:

Forbidden Technologies plc

Tel: [phone]

Stephen Streater, Chief Executive

Brewin Dolphin Corporate Advisory & Broking

Tel: [phone]

Neil Baldwin, Nominated Advisor

Bishopsgate Communications

Tel: [phone]

Gemma O'Hara

Siobhra Murphy

Notes to Editors

Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) listed in February 2000.

The Company develops and markets a powerful internet video platform, FORscene, which is used by broadcasters, in professional web video, in education and by consumers.  FORscene is one of the world's most advanced browser-based applications, operating in The Cloud.

 

END

 

 

STREAXXDAFDEEFF