Market Update

RNS Number : 4409L

SocialGO plc

01 August 2011

 



1 August 2011

SocialGO Plc

 ("SocialGO" or the "Company")

Market Update

SocialGO, the AIM-quoted developer and provider of services for the online social media sector, is pleased to announce the launch of Version 2 of its social media platform, SocialGO™, to a select number of customers as part of a phased product launch.

Version 2.0

The release of Version 2 marks a shift in the focus of SocialGO's platform away from a pure social networking offering to one that will allow customers to build self-standing social websites that can, should the customer require it, be developed into fully fledged social networks over time.  At the core of the Version 2 platform is a website builder that provides customers with the ability to quickly and easily develop their own personalised web presence.  The added capability of a full suite of social networking tools and features within Version 2 significantly leverages this web presence and as a result the customers reach across the internet.

The platform is now available in an open trial at http://sgv2.com/ while the feature set is expanded and the service ramps up to full launch. Version 1 of the platform will continue to run in parallel as Version 2 prepares to take over on SocialGO.com. The switch-over will take place with Version 2's formal release and will include a wide ranging marketing effort to promote and publicise the new service; we look forward to further updating the market and investors at the time of our financial results to be published on 30 September 2011.

R&D Tax Claim

SocialGO made a claim with HMRC for Research and Development (R&D) Relief in accordance with Part 13 of the Corporation Tax Act 2009 (CTA) for the tax years 2008/2009 and 2009/2010.  Both claims were successful and SocialGO is entitled to a total combined claim of approximately £234,000 for both tax years, £117,000 of which was received as of 22 July 2011.  The Company is currently in the process of compiling a further claim for R&D Relief for the tax period ended 31 December 2010 and it is expected that the claim will be submitted to HMRC within the next four weeks.

Financial Results

The average monthly financial results of SocialGO for the first six (6) months of the 2011 trading year are in line with the average monthly financial results reported for the nine (9) month period ended 31 December 2010.  This is a result of the Company's clear focus on the development of Version 2 and the resultant reduction in resources committed to development and marketing of Version 1.

The Company expects to release its interim results to investors on or before 30 September 2011.

Alex Halliday CEO commented:

"With Version 2 of the SocialGO™ platform now in the final stages of development the Company is well placed to take advantage of the burgeoning interest within the business community for social media tools that can be used to leverage their internet presence. We are very pleased to have reached this milestone in the Company's business cycle and would like to thank our shareholders for the ongoing support that they have shown."

- Ends -

For further information, please contact:

SocialGO plc
Dominic Wheatley, Chairman Alex Halliday, CEO	Tel: [phone]
	www.socialgoplc.com

Canaccord Genuity Limited
Mark Williams / Christopher Fincken	Tel: [phone] www.canaccordgenuity.com
First Columbus
John Nuttall / Chris Crawford / Kelly Gardiner	Tel: [phone]
	www.first-columbus.com

Pelham Bell Pottinger
Mark Antelme / Charlie Stewart	Tel: [phone] www.pelhambellpottinger.co.uk

About SocialGO

SocialGO Plc is a developer and provider of software as a service that allows customers to build their own online social presence, SocialGO™.  SocialGO's platform allows customers to quickly and easily create, manage and control their own private social media presence and provides the members of these websites with the ability to communicate and share with like minded people in a controlled and secure environment.  SocialGO derives its revenues from subscription premiums paid by website owners and from selling value added services which allows website owners to maximise the social media experience and the revenues that can derive from creating and managing a social media presence.  SocialGO is part of the burgeoning Silicon Roundabout in London, UK.

www.sgv2.com

 

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