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Focus Morningstar Large Cap Index Etf | AMEX:FLG | AMEX | Fund |
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RNS Number:1865T Flightstore Group PLC 12 December 2003 FLIGHTSTORE GROUP PLC PLACING AND ADMISSION TO AIM FlightStore Group PLC, ("FlightStore" or "the Group"), which provides an inflight intranet allowing passengers to transact with the terrestrial world whilst in flight, is today pleased to announce the admission of its Ordinary Shares to trading on the Alternative Investment Market (AIM) of the London Stock Exchange Plc. Admission Statistics Placing Price 10p Number of New Ordinary Shares being issued pursuant to the Placing 20,000,000 Percentage of enlarged issued share capital being 19.92% placed Estimated net proceeds of the Placing to be received by the Company #1,650,000 Market capitalisation at the Placing Price #10,037,646 FlightStore's proprietary software, operating on seat-back television systems installed and maintained by the airlines, provides an inflight intranet that allows passengers to transact with organisations on the ground to purchase goods and services or to register their interest for subsequent marketing communications. The FlightStore inflight intranet transmits data in real time from the aircraft via satellite. First launched on a commercial airline in July 2001, FlightStore is currently operating with six airlines and is in advanced negotiations with another US airline which operates a further 35 aircraft. FlightStore's current revenue is derived from fixed monthly advertising and variable transaction fees or commissions that it charges its advertisers. The arrangements with the airlines provide for revenue shareing, typically on a 50:50 basis, so the airlines can earn additional revenue from passengers whilst inflight. David Sebire, Chairman of FlightStore, commented "FlightStore offers a new inflight entertainment channel to a 'captive' audience with time to browse, particularly on long haul aircraft. At present, the majority of our income is generated from interactive advertising but in the longer term we see varied opportunities in other forms of inflight retail, for example 'Order in flight - Collect on Arrival', enabling passengers to buy their duty free whilst inflight and to collect it on arrival. "We are delighted to begin trading on AIM and the money we have raised, via our broker Seymour Pierce, will enable us to fund further development and to provide FlightStore with working capital to roll-out our business plan and increase the range and depth of our services." For further information please visit www.flight-store.com or contact: David Sebire Dru Edmonstone Rosie Brown/ Claire Melly Chairman Seymour Pierce Tavistock Communications FlightStore Tel: 07774 112 113 Tel: 020 7107 8000 Tel: 020 7920 3150 cmelly@tavistock.co.uk NOTES TO EDITORS FLIGHTSTORE'S PRODUCTS FlightBrowser - Interactive Advertising This involves the creation of branded marketing sites for advertisers wishing to bring their product, message or name to captive travelers whilst in flight. Advertisers are charged on a per-aircraft per-month basis and revenues (above specified monthly minimums) are shared with the airlines. This form of direct marketing currently comprises the majority of FlightStore's income. FlightBooker - Destination Services This service offers the passenger the opportunity to make a booking whilst in flight at the ultimate destination of the passenger, such as a taxi on arrival, a restaurant, a theatre ticket or an excursion. FlightStore - Airborne Shopping This service offers passengers the opportunity to shop with international brands or local stores and, subject to the brand partners' capability, to have these products delivered to their home. FlightStore's offering is a commercial enabling facility and hence has no inventory risk and requires no funding of stock. Payment for goods by passengers is by credit card number entry on the handset used to control the aircraft's IFE system. AIRLINE PARTNERS FlightStore's products are currently in 63 aircraft, 44 of which are with Continental Airlines. Additional airline partners include Lauda Air, Austrian Airlines, Swiss International Airlines and KLM. FlightStore has a further agreement with Northwest Airlines, the first stage of which is estimated to be completed by November 2004. BRAND PARTNERS FlightStore has a diverse brand partner base, which includes the following companies: UBS, Priority Pass (airport lounges), Bang & Olufsen, SDM (Swiss hotel booking service and CD-WOW! (online CD/DVD/Game retailer). FlightStore targets partners with brands on the basis of their fit to a particular flight route or passenger demographic. TECHNOLOGY MAS provides the hardware platform and underlying software infrastructure within which FlightStore's software functions. The MAS Platform accounts for a significant proportion of the worldwide IFE systems market. This information is derived from and should be read in conjunction with the full text of the admission document dated 9 December 2003. This information is provided by RNS The company news service from the London Stock Exchange END MSCVLLBFXLBFFBL
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