CITYBLOCK PLC ANNOUNCES ACQUISITION OF SPRINGDOO LTD (NEW ZEALAND) & BOARD APPOINTMENTS
June 15th, 2007
CityBlock plc ("CityBlock" or the "Company") announces the acquisition of
Springdoo Ltd (New Zealand) ("Springdoo"), a video communication company (the "
Acquisition").
The Acquisition will be satisfied by the issue of 3,200,000 new ordinary shares
of 0.5p each in the Company ("Ordinary Shares"). In addition, CityBlock will
assume the net liabilities of Springdoo of NZ$ 495,000 (approximately #183,333).
Application will be made for the new Ordinary Shares to be admitted to trading
on AIM and dealings are expected to commence on 21 June 2007 ("Admission").
Following Admission there will be 25,042,097 Ordinary Shares in issue.
Springdoo's main products are as follows;
During the period to 31 March 2006, the turnover of Springdoo was NZ$1,551 (approximately #575) with an operating loss of NZ$577,465 (approximately #213,924). Total Assets of Springdoo at 31 March 2006 were NZ$641,745 (approximately #237,737).
Martin Higginson, Chairman of CityBlock commented; "The acquisition of Springdoo is a milestone event for CityBlock. It marks the Company's entry into the mobile and Internet space with what the board believes is an exciting piece of technology. The directors believe that, at some point in the future, PC and mobile Internet systems will converge; Springdoo allows the user to use both these technologies together in a very easy to use manner."
Board Appointments
The Company is also pleased to announce the following board appointments:
Lee Joseph Dudack, age 42, ACA, has accepted an invitation to join the board of directors as Chief Financial Officer with immediate effect. Until September 2006, Lee was CFO of Rubberduck Media Lab Ltd, which was sold to Aspiro AS. Lee was previously Finance Director of Monstermob Group plc. Between 1997 and 2000, Lee was Group Finance Director of Interoute Telecommunications plc (AIM quoted 1996-1997). Prior to Interoute, Lee was a partner with Clark Whitehill, Chartered Accountants.
Adam Robert Freeman, age 29, has accepted an invitation to join the board of directors as Chief Operating Officer with immediate effect. Adam was formerly CEO of Phunky Phones which had over 1,000,000 registered members wordwide and was acquired by Monstermob Group plc in 2004.
Lee Dudack is currently a director of the following companies:
S G Technologies Limited Springdoo Limited (UK)
Lee Dudack has been a director of the following companies during the past five years:
Frictionfury Limited Kast Mobile Limited Monstermob Group plc Monstermob Limited Rubberduck Media Lab Limited Greenfield Care Homes Limited Digital Box Limited Illustrious Lounging Limited Ugo Foods Limited Phunky Limited M-Quest Limited Curzon Square Limited
No further disclosures are required under Schedule 2 paragraph (g) of the AIM Rules for Companies.
Adam Freeman is currently a director of the following company:
Yohada Limited
Adam Freeman has been a director of the following company during the past five years:
Phunky Limited
No further disclosures are required under Schedule 2 paragraph (g) of the AIM Rules for Companies.
For further information, please contact:
CityBlock plc
Martin Higginson, Chairman Tel: 0870 460 0608
Redleaf Communications
Duncan McCormick/Emma Kane Tel: 020 7822 0208
This information is provided by RNS
The company news service from the London Stock Exchange