One Media iP Group PLC Half-year Report (1171E)

TIDMOMIP

RNS Number : 1171E

One Media iP Group PLC

28 June 2023

28 June 2023

One Media iP Group Plc

("One Media", the "Group" or the "Company")

Interim Results for the six months ended 30 April 2023

Continued strong revenue performance with TCAT investment showing results

One Media (AIM: OMIP), the digital media content owner and manager which specialises in the active monetisation of music and video intellectual property rights, together with copyright protection technology, announces its unaudited interim results for the six months ended 30 April 2023.

Financial Highlights

-- 15% increase in revenue to GBP2.7m (H1 2022: GBP2.4m), of which GBP2.5m was generated from intellectual property royalties driven largely by organic growth and active management of portfolio of copyrights

   --      14% uplift in net revenue to GBP1.8m (H1 2022: GBP1.6m) 

-- EBITDA of GBP0.8m (H1 2022: GBP1.0m) reduced due to allocation of resources to TCAT in line with Group strategy. Core business of copyright investments performed positively delivering an EBITDA of GBP1.1m

-- Trials of TCAT software in the six months to 30 April 2023 generated GBP182,000, compared to GBP74,000 for H1 2022, reflecting a 147% year on year increase

   --      Reduced EPS of 0.07p (H1 2022: 0.19p) as a result of strategic investment into TCAT 
   --      Net margin maintained at 67% (H1 2022: 67%) 
   --      Cash balance at 30 April 2023 of GBP2.2m (H1 2022: GBP2.1m) 
   --      Final dividend of 0.055p per share distributed in May 2023 

Operational Highlights

-- Ongoing active management of music and video rights portfolio, with focus on maximising potential of catalogues which include recorded and/or producers' royalty rights to songs written or performed by Culture Club, Don Williams, Mungo Jerry, José Carreras, Kid Creole, Mago De Oz and Take That

-- Continued growth and expansion of TCAT client base, with internationally recognised songwriters, two majors and several independents among those now either trialling or licensing TCAT's software

-- New product - TCAT Insight - launched post period end with pipeline of further products to add to suite of TCAT software solutions designed to tackle digital copyright infringement

Outlook

-- Continued positive outlook for industry, with new developments bringing increasing opportunities to generate value from digital copyrights as well as requirements for protecting copyrights from illegal infringement

Michael Infante, CEO said: "The digital rights division of our business continues to perform strongly and in line with expectations. Given our specialist skillset, the positive structural tailwinds and supportive developments in the music industry, we remain optimistic about the growth prospects for our catalogues portfolio.

"Alongside the ongoing management of our copyright catalogues, our strategic focus has been on investing in the potential we see in TCAT against this advancing industry backdrop. We continue to invest in content with both time and resource and will, as part of our day-to-day, exploit opportunities that fall within the Company's acquisition multiple expectations. Over the past six months the TCAT team has introduced several new products, tailored to the digital copyright challenges being experienced by the industry . AI has had much press acclaim and equally has spread elements of concern within the music industry. Our commitment to staying ahead of the curve and embodying AI in both our catalogue enhancement and TCAT detection process, as well as using the technology to improve our metadata, has enabled us to differentiate ourselves from competitors and provide our customers with cutting-edge solutions that address their evolving needs. We are already seeing positive reactions as we seek to transform its potential into shareholder value."

This announcement contains inside information for the purposes of the UK Market Abuse Regulation. The person who arranged the release of this information is Michael Infante, Chief Executive Officer of the Company.

For further information, please contact:

 
 One Media IP Group Plc 
 Michael Infante                      Chief Executive 
                                       Tel: [phone] 
                                       5500 
 Claire Blunt                         Chairman 
                                       Tel: [phone] 
                                       5501 
 
 Cairn Financial Advisers LLP         Nominated Adviser 
 Liam Murray / Jo Turner / Ludovico   Tel: [phone] 
  Lazzaretti                           0880 
 
 Cenkos Securities plc                Broker 
 Max Gould/Giles Balleny Corporate    Tel: [phone] 
  Finance)                             8900 
  Michael Johnson (Sales) 
 
 Claire Turvey, Fourth Pillar         Financial PR 
                                       Tel: [phone] 
                                       198 
 

About One Media iP Group Plc

One Media is a digital music rights acquirer, publisher and distributor with a catalogue independently valued at GBP34.8 million (as at April 2022). The Group specialises in purchasing and monetising intellectual property rights with proven, repeat income streams. One Media adds value to its content by maximising its availability in over 600 digital stores globally, including Apple Music, YouTube, Amazon and Spotify.

One Media's music is also widely used for synchronisation in film and TV whilst its video content is primarily viewed on YouTube where One Media operates over 20 YouTube channels as a certified partner. Additionally its copyright infringement and digital music audit tool software TCAT is used by major record labels and the world leading digital international distributor. Men & Motors, the Company's branded car channel, is now available via YouTube www.youtube.com/channel/UCNLiybn_9jgQaV0NZlSRwCg

One Media is listed on the AIM Market of the London Stock Exchange under the ticker 'OMIP'.

For further information, please visit www.omip.co.uk and www.harmonyip.com/

Chairman's Statement

At this half year milestone, I am pleased to report that our company continues to demonstrate revenue growth, innovation in our response to fast moving industry developments and an ongoing commitment to delivering value on behalf of our shareholders. The strong performance is testament to the One Media management and its wider team, whose hard work continues to deliver consistent results.

Financial performance

Our financial performance for the first half of the year has been in line with expectations. For the fourth period in succession, revenues have seen a double digit increase, improving by 15% to GBP2.7m (H1 2022: GBP2.4m) and putting us in a strong position for the second half of the year. This is an excellent reflection of the quality of the Company's portfolio of music recording rights and its efficacy at monetising their value through the various avenues available to drive copyright royalties.

Net revenues are up 14% to GBP1.8m (H1 2022: GBP1.6m), however we have reported a reduction in in our EBITDA to GBP0.8m as we continue with the stated Group strategy of investing into our SaaS platform, TCAT. The allocation of resources to developing and growing TCAT, an update on which is provided below, has naturally impacted on earnings per share (EPS), which have reduced to 0.07p (H1 2022: 0.19p). Despite this, our margins and cash balance remain stable at 67% and GBP2.2m respectively.

Borrowings have decreased to GBP1.7m (FY 2022: GBP1.9m).

Alongside the continued positive performance, a final dividend for the 2022 year of 0.055p per share was distributed in May 2023 which was approved by shareholders at the annual general meeting held on 26 April 2023.

Operations and investments

During the first half of the year, in line with the Group's stated strategy, the management's efforts have been focused on maximising the existing portfolio of music copyrights and on investing into growing the TCAT platform to enable it to reach its potential.

The One Media team's success in monetising the music and video rights that we own is well known, underpinned by its keen expertise, strong network across the creative industries and favourable market tailwinds. A highlight in the first half of the year was the placement of 'Concerto for Violin, Strings and Basso Continuo No. 1 in A minor BWV 1041: Allegro', from the Point Classics catalogue, into an episode of 'Star Trek: Picard'. The episode it featured in (season 3, episode 8) aired on Paramount+ on 6 April 2023.

The strategic allocation of cash towards TCAT stems from our objective to expand our investment into the proprietary software platform to grow its brand and customer base at this important juncture for the industry. While it means we have not committed to any significant music catalogue investments this half year, the relevance of TCAT's offer to the music industry is increasing by the day and investments into research and development have continued to yield innovative solutions, enabling the whole Group to respond to evolving digital technology market demands with even more effectiveness.

The increased support that the Group has provided over the past months has contributed to the successful launch of several new TCAT services. The new products have been well received by customers, who continue to trial initiatives within their music content delivering anti-copyright infringement results in the fight against music piracy.

In May 2023, TCAT announced the launch of a new product to its proprietary software platform, 'TCAT Insight'. The new software's scanning ability can help music copyright owners to detect copyright infringing tracks, including AI generated music, and can also identify possible covers using a process that incorporates metadata matching and artificial intelligence to analyse lyrics.

With the explosive growth of AI and the debate it has prompted in the music industry, this new product is extremely pertinent and points to the future potential of TCAT that, with the right direction, can be unlocked ultimately to benefit of One Media's shareholders.

As a result of the TCAT management's active engagement across the creative spectrum over the past 12 months, the software is now being licensed by two of the major record companies as well as several independent record companies. Among TCAT's clients are the leading British independent, Domino Recording Company, which is using the anti-piracy software on behalf of a number of its artist roster including a major English rock band; Empire Distribution, an American distribution company and record label focused predominantly on Hip Hop music; Irving Azoff's Iconic Artists Group; Sony Music; The Orchard (Sony's distribution arm); and a number of prominent, internationally renowned songwriters and composers, who are specifically using TCAT Insight to protect their catalogues from infringement, particularly from AI generated music.

Efforts to strengthen existing customer relationships from our music related activities and forge new strategic partnerships have yielded additional uses for the TCAT software. The pipeline of new customers is advancing, with several sets of negotiations in train and we have successfully entered several new market trials, leveraging our innovative products and solutions to create continued interest in the battle against the new emerging threats to legitimate music monetisation. In H1 2022 these trials generated GBP74,000 in revenue, while trials in the six months to 30 April 2023 generated GBP182,000, reflecting a 147% increase vs the prior year.

This gives a flavour of the strides that have been made over the past year in growing the TCAT offer and brand, while also providing an indication of the market opportunity available to generate additional sales and sustainable revenues in the future.

Environmental, social and governance

ESG is an integral part of our corporate strategy and we recognise the importance of environmental stewardship, social responsibility and good governance.

We remain committed to upholding the highest standards of corporate governance, transparency and ethical business practices. Our Board of Directors and management team have diligently worked to strengthen our governance framework, ensuring that we operate with integrity and in the best interests of our shareholders.

We have actively engaged with local communities through various philanthropic activities and volunteering efforts. This includes our voluntary contribution to the BPI; The Tring Park School of Performing Arts; placements for undergraduates and apprentices within our Creative Technician team; and offering assistance to aging artists within the One Media digital distribution arena to help them to better understand their royalty reporting income with one-to-one engagement .

Market backdrop and outlook

As we look towards the remainder of the year, we are optimistic about the opportunities that lie ahead. With a strong performance delivered for the first six months, the Company is well positioned to navigate the challenges of an ever-changing business landscape and, importantly, to capitalise on the emerging trends in our industry.

The music industry's growth is unabated and, indeed, forecasts are being revised upwards. This year's IFPI's Global Music Report showed that global revenue from recorded music grew by 9% to US$26.2 billion in 2022, an eighth consecutive year of growth. This trajectory is being driven by the sustained success of streaming and the growth in subscription revenue.

While global capital markets have faced some challenges over recent times, the income derived from music royalties, underpinned by positive structural trends, is stable, secure and annuity-like, offering an attractive option for investors.

Against this backdrop, One Media's continued investment into our people, technology and innovation is driving sustainable growth and creating long term value for our shareholders.

We extend our sincere appreciation to our employees, valued customers, and loyal shareholders. Your support has been instrumental in our success thus far. We will remain committed to delivering on our strategic vision.

Thank you for your continued confidence in our company.

Claire Blunt

Chairman of One Media

Unaudited Consolidated Statement of Comprehensive Income

For the six months ended 30 April 2023

 
                                  Unaudited   Unaudited             Audited 
                                   6 months    6 months           12 months 
                                      ended       ended    ended 31 October 
                                   30 April    30 April                2022 
                                       2023        2022 
                                        GBP         GBP                 GBP 
 
 Revenue                          2,731,644   2,381,784           5,128,840 
 
 Distribution charges             (572,920)   (526,466)         (1,090,703) 
 Royalty costs                    (227,917)   (232,036)           (459,115) 
 Other costs                      (110,088)    (26,155)           (253,334) 
                                  _________   _________           _________ 
 Net revenue                      1,820,719   1,597,127           3,325,688 
 
 Amortisation of catalogues       (408,353)   (378,251)           (806,082) 
 Administration expenses        (1,094,913)   (611,342)         (1,604,863) 
 FOREX gains                         24,696      18,134              34,365 
                                  _________   _________           _________ 
 Operating profit                   342,149     625,668             949,108 
 
 Share based payments                     -    (30,228)                   - 
 Finance costs                     (66,411)    (90,205)           (384,416) 
 Finance income                           -           -                   - 
                                  _________   _________           _________ 
 
 Profit on ordinary 
  activities before 
  taxation                          275,738     505,235             564,692 
 
 Tax expense                      (110,033)    (90,031)           (126,442) 
                                  _________   _________           _________ 
 Profit for period 
  attributable to equity 
  shareholders and total 
  comprehensive income 
  for the period                    165,705     415,204             438,250 
                                  =========   =========           ========= 
 Basic earnings per 
  share                               0.07p       0.19p               0.20p 
                                  =========   =========           ========= 
 

Unaudited Consolidated Statement of Financial Position

As at 30 April 2023

 
                                Unaudited    Unaudited      Audited 
                                 30 April     30 April   31 October 
                                     2023         2022         2022 
                                      GBP          GBP          GBP 
 Assets 
 Non-current assets 
 Intangible assets             14,384,649   14,562,132   14,438,031 
 Property, plant 
  and equipment                    25,940       23,486       12,998 
                                _________    _________    _________ 
                               14,410,589   14,585,618   14,451,029 
                                _________    _________    _________ 
 Current assets 
 Trade and other 
  receivables                   1,546,820    1,443,787    1,472,369 
 Cash and cash equivalents      2,157,169    2,138,294    2,175,663 
                                _________    _________    _________ 
 Total current assets           3,703,989    3,582,081    3,648,032 
                                _________    _________    _________ 
 Total assets                  18,114,578   18,167,699   18,099,061 
                                =========    =========    ========= 
 
 Liabilities 
 Current liabilities 
 
 Trade and other 
  payables                      1,030,698    1,055,961      993,646 
 Deferred tax                     158,253      137,512      158,253 
                                _________    _________    _________ 
                                1,188,951    1,193,473    1,151,899 
 
 Borrowings                     1,685,210    1,769,987    1,872,450 
                                _________    _________    _________ 
 
 Total liabilities              2,874,161    2,963,460    3,024,349 
                                _________    _________    _________ 
 Equity 
 
 Called up share 
  capital                       1,112,231    1,112,231    1,112,231 
 Share redemption 
  reserve                         239,546      239,546      239,546 
 Share premium account          9,484,577    9,484,577    9,484,577 
 Share based payment 
  reserve                         504,399      534,627      504,399 
 Retained earnings              3,899,664    3,833,258    3,733,959 
                                _________    _________    _________ 
 Total equity                  15,240,417   15,204,239   15,074,712 
                                _________    _________    _________ 
 
                                _________    _________    _________ 
 Total equity and 
  liabilities                  18,114,578   18,167,699   18,099,061 
                                =========    =========    ========= 
 
 
 

Unaudited Consolidated Statement of Changes in Equity

For the six months ended 30 April 2023

 
                        Share         Share       Share      Share    Retained        Total 
                      capital    redemption     premium      based    earnings       equity 
                                    reserve                payment 
                                                           reserve 
                          GBP           GBP         GBP        GBP         GBP          GBP 
 At 1 November 
  2021              1,112,231       239,546   9,484,577    504,399   3,418,054   14,758,807 
 Proceeds 
  from the 
  issue of 
  new shares                -             -           -          -           -            - 
 Profit for 
  the six months 
  to 
  30 April 
  2022                      -             -           -          -     415,204      415,204 
 Share based 
  payment charge            -             -           -     30,228           -       30,228 
                     ________     _________   _________   ________   _________    _________ 
 At 30 April 
  2022              1,112,231       239,546   9,484,577    534,627   3,833,258   15,204,239 
 Proceeds 
  from the 
  issue of 
  new shares                -             -           -          -           -            - 
 Dividends 
  paid                      -             -           -          -   (122,345)    (122,345) 
 Profit for 
  the six months 
  to 
  31 October 
  2022                      -             -           -          -      23,046       23,046 
 Share based 
  payment charge            -             -           -   (30,228)           -     (30,228) 
                     ________     _________   _________   ________   _________    _________ 
 At 31 October 
  2022              1,112,231       239,546   9,484,577    504,399   3,733,959   15,074,712 
 Proceeds 
  from the 
  issue of 
  new shares                -             -           -          -           -            - 
 Profit for 
  the six months 
  to 
  30 April 
  2023                      -             -           -          -     165,705      165,705 
 Share based 
  payment charge            -             -           -          -           -            - 
                     ________     _________   _________   ________   _________    _________ 
 Balance at 
  30 April 
  2023              1,112,231       239,546   9,484,577    504,399   3,899,664   15,240,417 
                     ========     =========   =========   ========   =========     ======== 
 

Unaudited Consolidated Cash Flow Statement

For the six months ended 30 April 2023

 
                               Unaudited     Unaudited         Audited 
                                6 months      6 months       12 months 
                                   ended         ended           ended 
                                30 April      30 April      31 October 
                                    2023          2022            2022 
                                     GBP           GBP             GBP 
 Cash flows from operating 
  activities 
 
 Profit before taxation          275,738       529,487         564,692 
 Amortisation                    408,353       384,388         806,082 
 Depreciation                     25,571        24,840          40,577 
 Share based payments                  -        30,228               - 
 Finance income                        -             -               - 
 Finance costs                    66,411        90,205         384,416 
 (Increase)/decrease in 
  receivables                   (74,451)         3,703        (24,879) 
 (Decrease)/increase in 
  payables                      (72,802)        30,031       (175,323) 
 Corporation tax paid            (6,108)             -        (14,926) 
                               _________     _________       _________ 
 Net cash inflow from 
  operating activities           622,712     1,092,882       1,580,639 
                               _________     _________       _________ 
 
 Cash flows from investing 
  activities 
 
 Investment in copyrights 
  / licenses                    (72,791)   (1,050,897)     (1,225,577) 
 TCAT development              (282,181)     (411,548)       (534,459) 
 Investment in fixed assets     (38,512)       (4,319)         (9,569) 
 Finance income                        -             -               - 
                               _________     _________       _________ 
 Net cash used in investing 
  activities                   (393,484)   (1,466,764)     (1,769,605) 
                               _________     _________       _________ 
 
 Cash flow from financing 
  activities 
 
 Finance cost paid              (57,722)      (53,637)       (205,554) 
 Bank loan                             -             -       1,900,000 
 Loan notes repayment          (190,000)             -     (1,900,000) 
 Loan notes                            -             -         126,715 
 Dividend paid                         -             -       (122,345) 
                               _________     _________       _________ 
 Net cash (outflow) from 
  financing activities         (247,722)      (53,637)       (201,184) 
                               _________     _________       _________ 
 
 Net change in cash and 
  cash equivalents              (18,494)     (427,519)       (390,150) 
 Cash at the beginning 
  of the period                2,175,663     2,565,813       2,565,813 
                               _________     _________       _________ 
 Cash at end of the period     2,157,169     2,138,294       2,175,663 
                               =========     =========       ========= 
 

Notes to the Interim Report

For the six months ended 30 April 2023

   1.    Nature of operations and general information 

One Media iP Group Plc and its subsidiaries' ("the Group") principal activities are the acquisition and licensing of audio-visual intellectual copyrights and publishing for distribution through the digital medium and to a lesser extent through traditional media outlets.

One Media iP Group Plc is the Group's ultimate parent company incorporated under the Companies Act in England and Wales. The address of One Media iP Group Plc registered office is 623 East Props Building, Goldfinger Avenue, Pinewood Road, Iver Heath, Buckinghamshire, SL0 0NH.

The financial information set out in this Interim Report does not constitute statutory accounts. The Group's statutory financial statements for the year ended 31 October 2022 are available from the Group's website. The auditor's report on those financial statements was unqualified.

   2.    Accounting Policies 

Basis of Preparation

These interim consolidated financial statements are for the six months ended 30 April 2023. They have been prepared following the recognition and measurement principles of IFRS. They do not include all the information required for full annual statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 October 2022.

This unaudited interim statement has not been subject to a review by the Group's auditors James Cowper Kreston.

Comparatives

The comparative periods represent the unaudited results for the six months period ended 30 April 2022 and the audited twelve months figures for the year ended 31 October 2022.

   3.   Segmental Analysis 

IFRS 8 'Operating Segments' requires the Group's segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker to allocate resources to the segments and to assess their performance. The Chief Operating Decision Maker is considered to be the Chief Executive Officer of One Media IP Group Plc.

The Chief Operating Decision Maker receives and reviews segmental operating profit. Certain central administrative costs including Group Directors' salaries are included within the Group's Licenses result. This is consistent with the results as reported to the Chief Operating Decision Maker.

Each segment is shown net of intercompany transactions and balances within that segment. The eliminations remove intercompany transactions and balances between the different segment which primarily relate to the net draw down of loans and short-term working capital funding provided by One Media IP Group Plc to the other company in the Group. Inter-segment transactions are undertaken in the ordinary course of business on arm's length terms.

Information regarding the Group's reportable operating segments for the period ended 30 April 2023 is shown below:

 
                                     Licenses        TCAT         Total 
   Income statement                       GBP         GBP           GBP 
 
 Revenue                            2,550,124     181,520     2,731,644 
---------------------------------  ----------  ----------  ------------ 
 Distribution charges               (572,920)           -     (572,920) 
 Royalty costs                      (227,917)           -     (227,917) 
 Other costs                         (45,390)    (64,698)     (110,088) 
---------------------------------  ----------  ----------  ------------ 
 Net revenue                        1,703,897     116,822     1,820,719 
 
 Amortisation                       (365,629)    (42,724)     (408,353) 
 Administration expenses            (652,512)   (442,401)   (1,094,913) 
 Foreign exchange gains                32,962     (8,266)        24,696 
 
 Operating profit                     718,718   (376,569)       342,149 
 
 Finance costs                       (66,411)           -      (66,411) 
 
 Profit / (loss) before taxation      652,307   (376,569)       275,738 
 
 Tax expense                                                  (110,033) 
 
 Profit for the period                                          165,705 
 
 
                                      Licenses          TCAT   Eliminations         Total 
   Total assets and liabilities            GBP           GBP            GBP           GBP 

--------------------------------  ------------  ------------  -------------  ------------ 
 Total assets                       18,721,304     1,662,407    (2,269,133)    18,114,578 
 Total liabilities                 (2,791,105)   (2,352,189)      2,269,133   (2,874,161) 
--------------------------------  ------------  ------------  -------------  ------------ 
 Total segment net assets/ 
  (liabilities)                     15,930,199     (689,782)              -    15,240,417 
--------------------------------  ------------  ------------  -------------  ------------ 
 

Revenue by segment

The Group considers it has two business segments with its Profit from the acquisition and exploitation of mixed media intellectual property rights for distribution and a SAAS platform, ultimately earned from its sole activity in the United Kingdom.

 
                                                                            Year 
                                           Unaudited    Unaudited          ended 
                                            30 April     30 April     31 October 
                                                2023         2022           2022 
                                                 GBP          GBP            GBP 
 
 Licenses and other 
  media intellectual 
  property                                 2,550,124    2,308,162      4,761,943 
 TCAT                                        181,520       73,622        366,897 
 
                                           2,731,644    2,381,784      5,128,840 
                                        ============   ==========   ============ 
 
 
   4.    Earnings per share 

The calculation of the earnings per share is based on the profit for the financial period divided by the weighted average number of shares in issue during the period.

 
                              Unaudited        Unaudited       Audited 
 Basic earnings          6 months ended   6 months ended     12 months 
  per share               30 April 2023    30 April 2022         ended 
                                                            31 October 
                                                                  2022 
 
 Profit for period 
  attributable to 
  equity shareholders           165,705          415,204       438,250 
 Weighted average 
  number of shares 
  in issue at period 
  end                       222,446,249      222,446,249   222,446,249 
                              _________        _________     _________ 
 Basic earnings 
  per share                       0.07p            0.19p         0.20p 
                              =========        =========     ========= 
 

The diluted earnings per share would be lower than the basic profit per share as the exercise of warrants and options would be dilutive.

   5.   Share capital 
 
                                 Unaudited    Unaudited      Audited 
                                  30 April     30 April   31 October 
                                      2023         2022         2022 
 Group and company                     GBP          GBP          GBP 
 
 Issued: 
 
 Ordinary shares of 0.5p 
  each 
 
 222,446,249 ordinary shares 
  of 0.5p each                   1,112,231    1,112,231    1,112,231 
                                ==========   ==========   ========== 
 
   6.   Interim statement 

Copies of this statement are available from the Group's registered Office at:

623 East Props Building, Goldfinger Avenue, Pinewood Road, Iver Heath, Buckinghamshire, SL0 0NH.

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

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