PTV Peertv

TIDMPTV

RNS Number : 6713F

PeerTV PLC

28 May 2013

28(th) May 2013

PeerTV PLC

Trading Update and

New Director Appointment

The board of PeerTV plc (AIM:PTV), a provider of technology solutions for the OTT (TV over the internet) market, and PCB (printed circuit board) production solutions, has completed the production and delivery of its first major order for the eTV Android based Set Top Box to its largest historic customer and has received a Letter of Intent and a framework order from that customer for the supply of a further 10,000 units to be confirmed in July 2013.

Following recent exhibitions and other marketing activities PTVL is in contact with companies from several countries with plans to deploy over 400,000 STBs within the next 2/3 years. These represent a market opportunity worth over $30 million.

The total includes a number of large potential projects worldwide. For example:

a) Selection to participate in a tender to supply up to 100,000 STBs over a 3 year period to a leading Northern European service provider.

b) Discussion proceeding to supply tablet computers with a production value of $4 million which, if confirmed, would be manufactured at Digitek with the PTV Android software integrated.

The Digitek business has built an expected order flow of approximately $ 7 million from three new major accounts. This pipeline is currently in the form of letters of intent expected to convert into purchase orders for delivery during 2013.

Two further new accounts offer good sales prospects:

a) Customer 1 - letter of intent was signed for the production of 5 million sourcing tags of which 1 million were expected to have been produced and shipped by April 2013. Delays at the client in R&D and in procurement have cost Digitek approximately $300,000 of lost sales for Q1 2013 but this revenue is now expected later in 2013.

b) Customer 2 - provided a forecast of 10,000 items for satellite transmission equipment of which 3,000 pieces were budgeted in Q1 2013. It is understood that storm damage at the customer's premises in the New York area delayed the placing of the order by several months. However, first orders have now been received.

In spite of these and other delays Digitek management remains confident that its pipeline will permit its original internal sales forecasts for the full year 2013 to be met.

In accordance with AIM Rules the Company expects to publish its 2012 audited results at the end of June 2013. It expects to publish its interim results to 30 June 2013 by the end of September 2013. These are currently expected to show the continued turnaround of the two businesses, although the sales delays described above will result in continued losses for the six months ending 30 June 2013 by the Group as a whole.

Commenting on the situation CEO Avi Vermus said:

" We are continuing to build on the relaunch of both our businesses and to establish operating profitability during Q3 2013. The process has taken longer than originally expected but we are now starting to see the results of our extensive efforts to restructure both businesses, with the recruitment of new major customers in Digitek and strong interest in our PeerTV Android based Set Top Box".

The Company also announces the following change to the Board.

Mr Eitan Yanuv has been appointed to the Board of PeerTV plc and will succeed Leon Nahon as Chairman.

Mr Yanuv has been the CEO of Implement Ltd since he founded the business in 2002. Implement provides consultancy services to SMEs specifically in the technology space. Prior to setting up Implement, he worked in corporate finance at Kost Forer Gabay E&Y. He has been CFO of AIM-quoted SerVision Ltd since 2004 and joined Starcom plc in 2012. Until 2011 he was a director of Digitek Holdings Ltd which subsequently became a subsidiary of PeerTV plc.

Commenting on the appointment of Mr. Yanuv, Ossie Weitzman the CFO of PeerTV plc said:

"We are very pleased to welcome Eitan to the board and trust that the company will benefit from his extensive business background and familiarity with the capital markets."

Additional Disclosures

In accordance with the AIM Rules, the following information required to be disclosed is set out below. Save for the information disclosed in this announcement there is no other information that would need to be disclosed under Schedule 2, paragraph (g) of the AIM Rules.

Full Name and age: Eitan Yanuv (44)

 
   Current Directorships     Directorships held in past 5 years 
------------------------  ------------------------------------- 
   iPoint plc                Digitek Holdings Ltd 
    Implement Ltd 
    Servision plc 
    Starcom plc 
 

In addition, the board wishes to update the market as follows:

PeerTV Ltd (PTVL)

Further enquiries:

 
 PeerTV Plc 
 Eitan Yanov, Chairman                                                 +972 974 07315 
 Libertas Capital Corporate 
  Finance Ltd 
 Thilo Hoffmann/Sandy 
  Jamieson                                                       +44 (0) 207 569 9650 
 Peterhouse Corporate 
  Finance 
 Jon Levinson/Eran Zucker                                        +44 (0) 20 7469 0932 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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