Result of General Meeting

RNS Number : 1703D

Synchronica PLC

10 September 2008

 



10 September 2008

Synchronica plc 

("Synchronica" or "the Company")

Results of GM

Synchronica is pleased to announce that all resolutions to approve the acquisition of Axis Mobile Ltd and the associated fund raising were approved, at the General Meeting held today. Accordingly Synchronica will now complete the acquisition of its former competitor in the consumer mobile email market.

Accordingly 181,423,033 new ordinary shares of 1p ("Ordinary Shares") will be admitted to trading on AIM on 11 September 2008. This includes the 68,081,633 new ordinary shares that are being allotted in respect of the acquisition of Axis Mobile Ltd and 3,875,000 shares being issued in respect certain fees due.

Additionally the Company has reached an agreement in principle with one of the placees, who will defer payment of £0.9 million of their placing obligation (in respect of 30,000,000 Ordinary Shares) over the next four months. The above admission to trading on AIM includes the first instalment of Ordinary Shares allotted to such placee, and the remaining 30,000,000 Ordinary Shares will be admitted in equal instalments over the next four months.

The Board strongly believes that the acquisition of Axis Mobile will be immediately beneficial to the Company's growth prospects for the following key reasons: 

• It will expand Synchronica's addressable market and accelerate the product roadmap and commercial growth aiming at establishing market leadership in mobile email and synchronization for the mass market. 

• The integration of Axis Mobile's technology - specifically, email to SMS/MMS gateway and trans-coding engine, which makes email and attachments available on low-end mass-market phones - will accelerate Synchronica's development roadmap further improving the competitive position of Synchronica's products. 

• The combined products will enable Synchronica to offer mobile email to even the most basic devices in the consumer sector, further expanding its addressable market in particular in emerging economies. 

• It will improve Synchronica's competitive position and removes a direct competitor in the market of consumer mobile email, which should increase  sales.

Enquiries

Synchronica plc        Carsten Brinkschulte, CEO     [phone]

                                    Angus Dent, CFO                     [phone]

                                    Nicole Meissner, CMO,           [phone]

FinnCap                     Charles Cunningham,               [phone]

                                    Geoff Nash

About Synchronica

Synchronica plc develops and markets mobile email and synchronization solutions for mobile operators and device manufacturers. Products include the award-winning push email and synchronization solution Mobile Gateway, and the device backup solution Mobile Backup. Based on industry-standards, Synchronica can reach the built-in email and synchronization clients of more than 1.5 billion mobile devices on the market today. Service providers in emerging and developed markets use Synchronica products to offer mobile email, PIM synchronization, and backup and restore services to consumer and business subscribers. 

Synchronica recently acquired Axis Mobile Ltd and is set to become the leading player in mass market mobile email and synchronization middleware. The enhanced Synchronica Mobile Gateway will offer the most comprehensive multi-protocol mobile email solution in the market today introducing Email-to-SMS and Email-to-MMS as well as WAP and xHTML Gateways. Document Transcoding will add the ability to display a large variety of attachments, such as Word, Excel, and Powerpoint on standard feature phones. 

Headquartered in England Synchronica has a development centre in Germany and a presence in the USA, Hong Kong, and Dubai. 

Synchronica plc is a public company traded on AIM, a market operated by the London Stock Exchange (SYNC.LN). More information is available at www.synchronica.com

 

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