17th Jun 2014 11:52
LONDON (Alliance News) - Minds + Machines Group Ltd said Tuesday that it had secured uncontested application rights for the .fashion top level domain in the latest round or private auctions, although it missed out on five other domains.
A top level domain name is the suffix of an internet address such as .com or .net which are designated to approved organisations by the Internet Corporation for Assigned Names and Numbers.
The company lost out on .cricket, .pizza, .restaurant, .coupon and .immo. However, it has gained around GBP250,000 from the winning bidders of the domains, including a refund from ICANN for withdrawing its applications.
"We consider .fashion a major win and expect that existing fashion brands, aspiring designers, retailers, consumers and entrepreneurs will naturally gather around the .fashion domain," said Chairman Fred Krueger in a statement.
The company said it will continue to use private auctions to secure targeted domains and generate cash from domains it fails to obtain.
Minds + Machines has participated in 18 private auctions since August 2013, and has so far secured six domains.
Shares in Minds + Machines were trading down 5.4% at 11.00 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
MMX.L