Blackbird PLC Notice of termination of contract (1790Z)

TIDMBIRD

RNS Number : 1790Z

Blackbird PLC

12 May 2023

12 May 2023

Blackbird plc

(the "Company")

Notice of termination of contract

Blackbird plc (AIM:BIRD, OTCQX: BBRDF), the technology licensor, developer and seller of the market-leading cloud native video editing platform, Blackbird, announces that A&E Television Networks, LLC has given notice to terminate its contract with the Company at the end of June 2023. In the year ended 31 December 2022, the contract accounted for less than 10% of Blackbird's revenues.

Ian McDonough, Chief Executive Officer, state d: "Whilst we are disappointed to have received this notification from A&E Television Networks, the Americas remain a core focus for our Media and Entertainment business, and we are following up on the significant interest generated at last month's NAB industry trade show in America.

"The Company remains well funded with c.GBP9 million in cash and, alongside our core business, an exciting opportunity with Blackbird SaaS within the growing creator space."

Enquiries:

 
 Blackbird plc 
 Ian McDonough, Chief Executive Officer 
 Stephen White, Chief Operating and 
  Financial Officer 
  Tel: [phone] 
 
 Allenby Capital Limited (Nominated 
  Adviser and Broker) 
  Nick Naylor / Piers Shimwell (Corporate 
  Finance) 
  Amrit Nahal (Sales and Corporate Broking) 
  Tel: [phone] 
 

About Blackbird plc

Blackbird plc operates in the fast-growing SaaS and cloud video market. It has created Blackbird(R), the world's most advanced suite of cloud-native computing applications for video, all underpinned by its lightning-fast codec. Blackbird plc's patented technology allows for frame accurate navigation, playback, viewing and editing in the cloud. Blackbird(R) enables multiple applications, which are used by rights holders, broadcasters, sports and news video specialists, esports, live events and content owners, post-production houses, other mass market digital video channels and corporations.

Since it is cloud-native, Blackbird(R) removes the need for costly, high end workstations and can be used from almost anywhere on almost any device. It also allows full visibility on multi-location digital content, improves time to market for live content such as video clips and highlights for digital distribution, and ultimately results in much more effective monetisation.

Blackbird plc is a licensor of its core video technology under its 'Powered by Blackbird' licensing model. Enabling video companies to accelerate their path to true cloud business models, licensees benefit from power and carbon reductions, cost and time savings, less hardware and bandwidth requirements and easy scalability.

www.blackbird.video

www.linkedin.com/company/blackbird-cloud

www.twitter.com/blackbirdcloud

www.facebook.com/blackbirdplc

www.youtube.com/c/Blackbirdcloud

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May 12, 2023 02:00 ET (06:00 GMT)