Issue of Equity

RNS Number : 4122N

Bright Things plc

17 February 2009

 



17 February 2009

Bright Things Plc

('Bright Things' or the 'Company')

Issue of Equity

Bright Things today announces that is has issued 8,000,000 new ordinary shares of 1p each (the 'Shares') to Get On With It Ltd ('GOWIT') in lieu of certain fees and part of an incentive program. GOWIT has been contracted by the Bright Things Group to complete the development of SocialGo, the Company's software product offering that allows users to create their own private social network. 

The shares have been issued under an agreement made with GOWIT in October 2008 whereby GOWIT agreed to take 8,000,000 ordinary shares together with a one for one warrant exercisable at 5p.

Following the issue of the Shares to GOWIT, GOWIT will be interested in 8,000,000 ordinary shares representing 5.9% of the Company's issued share capital. 

The Shares will rank pari passu with the existing issued ordinary shares in the Company. Application has been made to the London Stock Exchange for the Shares to be admitted to AIM and are expected to be admitted to trading on AIM on 20 February 2009.

The total number of ordinary shares in issue following the issue of shares is 135,676,328. 

SocialGO has completed the beta testing and has announced the full pricing subscription service for its customers, and has started to receive its first paying customers. The company is pleased with the progress that has been made, and to date that over 28,000 networks have been registered, with 22,000 being registered in the last two and a half months alone. Networks vary in size from single user who are experimenting with the site to multiple user networks, ranging from advertising supported free sites to those which pay for premium services. 

SocialGO has launched three pricing plans, 'Free', 'Starter' and 'Premium' that allow functionality rich social networks to be created without any computer programming skills through a simple point and click administration panel.  The 'Free' plan allows members to trial the software with some functional limitations but at no cost.  For US$4.99 per month, the 'Starter' plan removes advertising that SocialGO feeds into the 'Free' plans.  The Premium plan provides more advanced features plus additional bandwidth and storage for US$24.99 per month.  For further details about pricing and features please go to: http://files.static.socialgo.com/sogopricing.pdf.

Three options have been launched to compliment the base plans, 'White Labelling', 'Member Billing' and 'Extra Bandwidth & Storage Blocks'.  The 'White Labelling' option removes all references to SocialGO throughout the software for $19.99 per month.  The 'Member Billing' option at $19.99 per month allows network owners to charge their members subscription fees.  'Extra Bandwidth and Storage Blocks' allow networks to be scaled as required for $9.99 per month per additional block.

Bright Things PLC                           0845 299 7289

Dominic Wheatley, CEO

Edward Levey, Finance Director

HB Corporate                                 020 7510 8600

Luke Cairns/ Rory Creedon             

Threadneedle Communications         020 7653 9850
Graham Herring 
Alex White

 

END

 

 

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