Defenx plc AGM Statement (7830F)

TIDMDFX

RNS Number : 7830F

Defenx plc

31 October 2018

31 October 2018

Defenx PLC

("Defenx", the "Company" or the "Group")

AGM Statement

At today's Annual General Meeting of the Company, which is to take place at 11.00 a.m. at the offices of Trowers & Hamlins at 3 Bunhill Row, London EC1Y 8YZ, Anthony Reeves, Executive Chairman, will make the following statement:

"Following the recent challenges, we are pleased that we now have a platform to take the Company forward and rebuild shareholder value.

As discussed in the recent results announcements, the Company is looking to develop and implement its strategic plan, a compound model of Software-as-a-Service to smaller customers and direct sales to large corporates and the public sector. This strategy reflects the changing competitive landscape and growing demand for cloud-based services, together with feedback from existing and potential customers.

As a result of the issues experienced this year, as set out in the Company's Annual Financial and Interim Statements, the results for 2018 are expected to show significantly lower revenues than 2017. However, as a result of the initiatives put in place, the Board believes that the business will become cashflow positive during 2019.

We would like to reassure investors that the Board, with the support of its partner and largest shareholder, BV Tech, is committed to successfully executing its plans, returning the Company to profitability and rebuilding value for shareholders. I would like to thank our investors for their patience and ongoing support."

Enquiries

 
Defenx PLC 
 Anthony Reeves - Executive Chairman                      020 3198 9414 
IFC Advisory (Financial PR and IR) 
 Tim Metcalfe / Graham Herring / Heather Armstrong        020 3934 6630 
Strand Hanson Limited (Nominated and Financial Adviser) 
 Richard Tulloch / Stuart Faulkner / James Bellman        020 7409 3494 
WH Ireland (Broker) 
 Adrian Hadden                                            020 7220 1666 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

investors.defenx.com

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(END) Dow Jones Newswires

October 31, 2018 03:00 ET (07:00 GMT)