WideCells Group PLC Name Change to Iconic Labs Plc and Results of GM (1400F)
July 10 2019 - 10:00AM
UK Regulatory
TIDMWDC
RNS Number : 1400F
WideCells Group PLC
10 July 2019
10 July 2019
Iconic Labs Plc ("Iconic Labs" or the "Company")
Results of GM - Change of Name to Iconic Labs Plc
The Board is pleased to announce that the Company has changed
its name to Iconic Labs Plc ('Iconic Labs') to reflect its new
focus as a multi-divisional new media and technology business. This
change takes effect following the Company's General Meeting ("GM")
held today, where all resolutions were duly passed. The new ticker
for the Company will be ICON and take effect on 11 July 2019.
Iconic Labs provides online marketing, content and technology
driven products to enable companies to increase their consumer
engagement and build brand presence. The team, led by John Quinlan
and Liam Harrington, who were founders and key drivers behind
UNILAD, the world's largest social media publisher, is making
progress with regards to its new media activities, highlighted by
the recently announced consulting and marketing services engagement
with a UK-based financial services business, where work has
commenced.
The progress made has been achieved with just a soft launch; an
official launch is planned, which the Company believes will benefit
client acquisitions and brand awareness in the sector. The Board
anticipates that the name change will be beneficial to securing new
business opportunities, attracting potential complementary
acquisitions as well as creating increased visibility for
investors.
Iconic Labs operates in a rapidly growing market driven by
consumer habits shifting to digital and social from TV and print,
increasing numbers of distribution platforms fighting for premium
content to attract audiences, and traditional agencies struggling
to adapt to client demands and new technologies. As an example,
global mobile ad spend is projected to increase from US$138 billion
in 2018 to US$212 billion in 2021, while Subscription Video On
Demand services rose from 14% of households in 2014 to 39% in 2018.
The market is fragmented, and the Board believes that, by utilising
its contact base, experience of growing new media businesses and
sector knowledge, it can take advantage of this fast-developing
market.
With regards to the WideCells business, the Board continues to
address legacy issues and the cash involved and will inform the
market when these have been resolved. It is obviously frustrating
for both the management and shareholders that there remain
outstanding issues, but the Board is working to alleviate these and
ensure that the new business has a firm platform that can be
utilised for the benefit of all stakeholders.
The Board looks forward to updating shareholders as it
implements its defined growth strategy both organically and via
targeted value-accretive acquisitions utilising its platform and
paper.
Chief Executive Officer, John Quinlan, said: "I'm delighted that
the name change to Iconic Labs has been effected as the name
reflects the current direction of the business in the new media
space. We have a proven track record in the delivery of advice,
strategic planning, content provision and developing technology,
primarily garnered from our time at UNILAD, which achieved revenues
in excess of GBP10 million per annum; we are utilising this
experience to build a business. There is a distinct opportunity in
the new media sector and, since joining in March 2019, we have made
progress establishing the offering and building out our market
presence. The reception from our targeted market has been good and
we are now leveraging our team's knowledge, experience and contact
base to implement our strategy to create shareholder value."
**ENDS**
For further information, please visit the Company's website
www.iconiclabs.co.uk or contact:
Shard Capital Partners Co-broker - Damon Heath, Tel: +44 (0) 20
LLP Erik Woolgar 7186 9950
St Brides Partners PR - Melissa Hancock, Juliet Tel: +44 (0) 20
Limited Earl 7236 1177
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END
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July 10, 2019 11:00 ET (15:00 GMT)
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