Azerion Update

RNS Number : 4093L

Bidstack Group PLC

03 January 2023

 

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.

3 January 2023

Bidstack Group Plc

(" Bidstack " or the "Company" or the " Group ")

Azerion Update

Bidstack Group Plc (AIM: BIDS), the in-game brand activation platform, announces that, in accordance with the terms of its commercial agreement (the "agreement") with Azerion Technology B.V. ("Azerion") announced on 17 December 2021, it has performed its obligations under the agreement and issued invoices which it expects will meet market expectations for FY22.

As announced on 28 October 2022, the Company received an email from Azerion requesting certain information and reserving its rights under the agreement. Bidstack responded with detailed information demonstrating the Group's compliance with all areas identified.

Following the announcement on 28 October 2022, Bidstack had been working with Azerion to find a mutually acceptable solution to commercial issues raised by Azerion. In the course of those discussions, it became clear to the Bidstack Board that Azerion was withholding payment of sums which Bidstack considers to be due and owing in accordance with the agreement. The discussions with Azerion have not led to a satisfactory conclusion for the Company and its shareholders.  Consequently Bidstack commenced legal action to enforce payment of overdue sums.

After the close of business on 30 December 2022, Bidstack received notice from Azerion purporting to exercise an alleged right to terminate the agreement.  Bidstack has taken appropriate external legal advice and has concluded that Azerion has no present entitlement to end the agreement.  Bidstack now intends to claim damages for unlawful termination.

Bidstack has improving visibility of FY23 revenue and the Board is pleased with the Company's significant commercial progress independent of the Azerion relationship. 

In addition to the robust pipeline from the Company's recently formed North American sales team, Bidstack has now brought on board a number of additional resellers in non-core and non-exclusive markets to ensure global coverage including MMP Worldwide (MENA), AdScholars (India) and Totally Awesome (APAC) and has established a regional presence in Japan to service media and licensing opportunities.

The Company anticipates that it will be able to provide a trading update and additional information on the progress of its dispute with Azerion in due course.

-ENDS-

Contacts

Bidstack Group Plc James Draper, CEO	via Buchanan
SPARK Advisory Partners Limited (Nomad) Mark Brady / Neil Baldwin / James Keeshan	[phone]
Stifel Nicolaus Europe Limited (Broker) Fred Walsh / Tom Marsh	[phone]
Buchanan Communications Limited Chris Lane / Stephanie Whitmore / Kim van Beeck [e-mail]	[phone]

 

END

 

 

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