PeerTV PLC Trading Statement and change of directorate (9510O)
18 Outubro 2012 - 3:00AM
UK Regulatory
TIDMPTV
RNS Number : 9510O
PeerTV PLC
18 October 2012
18 October 2012
PeerTV PLC
("PeerTV" or "the Company")
Trading Update
Change of Directorate
The board of PeerTV (AIM:PTV), a provider of technology
solutions for the OTT (TV over the internet) market, and PCB
(printed circuit board) production solutions, wishes to update the
market of the following developments.
Trading at S.M. Digitek Ltd. ("Digitek"), its PCB production
subsidiary, has been seasonally slow in September due to the
various holidays that fell into this month this year. The
management of Digitek and the board now think it unlikely that this
shortfall will be made up during October.
PeerTV Ltd is experiencing new hardware issues in its legacy
product, the ES550 set top box. Failures occurred on an unusual
number of boxes and after only a few months in service. None of the
boxes showed any problems during PeerTV Quality Assurance
inspection. PeerTV now suspects that a subcontractor replaced a
resistor component with a cheaper copy during production without
receiving PeerTV approval. The subcontractor has indicated its
willingness to rectify the situation, but the means by which this
will occur have not yet been agreed. The management believes that
Digitek can accomplish the rectification of this problem within
approximately one month and with an estimated direct cost of
$30,000. In the meantime, the client that ordered the Android boxes
has put this order on hold until this issue has been dealt
with.
The result of these developments is that the cash position of
the Company will be tight in November, notwithstanding the recently
completed fundraising, also announced this morning, which raised
GBP663,500 (before expenses), GBP505,800 (net of expenses). The
cash position is presently expected to be managed through invoice
discounting.
Moshe Bartov, CEO of PeerTV Ltd. and a member of the board has
tendered his resignation and will shortly leave the Company to
pursue other opportunities. Avi Vermus, the CEO of Digitek will act
as interim CEO of PeerTV Ltd and take responsibility for any
restructuring with a view to realizing cost savings.
The board will update the market as soon as it has decided the
future organization of the Company.
Further enquiries:
PeerTV Plc
Leon Nahon, Chairman +972 974 07315
Libertas Capital Corporate Finance Limited
Thilo Hoffmann/Andrew McLennan +44 (0) 20 7569 9650
Peterhouse Corporate Finance
Jon Levinson/Eran Zucker +44 (0) 20 7469 0932
Bishopsgate Communications
Nick Rome/Sam Allen +44 (0) 20 7562 3350
peertv@bishopsgatecommunications.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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