PTV Peertv

TIDMPTV

RNS Number : 3719M

PeerTV PLC

06 May 2015

06 May 2015

PeerTV PLC

("PeerTV" or the "Company")

Appointment of New Chief Executive Officer of PeerTV Limited

PeerTV plc (AIM:PTV), a provider of technology solutions for the OTT (TV over the internet) market, and PCB (printed circuit board) production solutions announces that Wesley Wilcox has been appointed Chief Executive Officer of its subsidiary PeerTV Limited.

Mr. Wilcox has more than 20 years' of international experience across a wide range of high-tech industries, including consumer electronics, television distribution, IT, telecommunications and software development. His background includes in-depth assignments across multiple disciplines including strategy, sales and marketing, finance, accounting, engineering, project management, IT, manufacturing and logistics. He holds US and UK citizenship and is a graduate of the Wharton School of Business.

Mr. Wilcox has extensive experience of the TV industry gained during ten years with EchoStar Corporation (NASDAQ: SATS) which is one of the premier global providers of satellite operations and video delivery solutions.

In February 2015, Mr. Wilcox completed a strategic review of PeerTV Limited and has proposed a plan to target key customers in both the 'ethnic TV' and other sectors of the OTT market with a view to increasing sales to existing customers and targeting new customers. This turnaround plan forms a key component in taking the business to profitability. As Chief Executive Officer of PeerTV Limited Mr.Wilcox will have full responsibility for defining and executing the strategy of the Group's OTT business.

As Head of Sales and Director of Strategic Development for EchoStar Europe, Mr Wilcox tripled sales across three years from $25 million per year to over $80 million including backlog, facilitated by strengthening the relationships with their major customers while expanding their sales efforts into five countries in South America. In addition, he was responsible for discussions with potential partners and M&A targets.

As part of his remuneration package, Mr Wilcox has been granted options over

(a) a number of PeerTV shares equal to 2.5% of the shares in issue as at 31 March 2017 (the "2017 Option")

(b) a number of PeerTV shares equal to 2.5% of the shares in issue as at 31 March 2018 excluding any which may have arisen by an exercise of the 2017 Option (the "2018 Option")

The 2017 Option will vest on 31 March 2017 and may only be exercised if both the revenues of PeerTV Limited reports for the year ending 31 December 2016 are equal to or exceed $6,300,000 and the earnings before interest and taxations equal or exceed $599,000; and the 2018 Option will vest on 31 March 2018 and may only be exercised if both the revenues of PeerTV Limited for the year ending 31 December 2017 are equal to or exceed $9,482,000 and the earnings before interest and taxation equal or exceed $958,000. In addition, Mr. Wilcox shall be entitled to further acquire to 1% of PeerTV shares (subject to a maximum of a further 5%) in issue as at 31 March 2018 (excluding any which may have arisen by an exercise of the 2017 Option and 2018 Option itself) for each 10% of overachievement of both the Revenue and EBIT targets in the exercise condition for the 2018 Option.

The options will be exercisable at 0.714 price per share and expire on 13 April 2025.

PeerTV Chairman, Eitan Yanuv, said "We are very pleased to welcome Wes to the PeerTV team and confident that with his leadership PeerTV Limited will fully exploit its technological strengths and industry knowledge to achieve a significant improvement in sales and profitability."

Further enquiries:

PeerTV Plc

Eitan Yanuv, Chairman

Tel: +972 974 07315

ZAI Corporate Finance Limited

Tim Cofman / Richard Morrison

Tel: +44 20 7060 2220

Daniel Stewart & Company plc

David Coffman

Tel: +44 207 7766550

This information is provided by RNS

The company news service from the London Stock Exchange

END

STRAFMTTMBIMBRA

Peertv (LSE:PTV)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024

Peertv (LSE:PTV)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024