25th Aug 2005 15:04
Stream Group PLC25 August 2005 25 August 2005 Stream Group plc ('Stream' or 'the Group') Stream Enhances Technology Capabilities Stream Group Plc, the mobile applications and content enabler, has todayacquired the whole of the issued share capital of Mobileworkflow Limited("MWF"), for a maximum total consideration of £7.5m. The acquisition of MWF willenable Stream to drive its product portfolio forward, secure the technicalabilities essential to its growth in the mobile banking and gaming markets andassist in establishing the Group as one of the leading mobile applicationscompanies worldwide. The MWF platform has a number of unique features allowing users to interact withservers from mobile phones and with other users using media such as MMS and Javaapplications, it will complement and enhance the current services offered andassist Stream in achieving its strategic long term goals. Gordon Robson, Executive Chairman of Stream, commented:"This acquisition is line with our overall business strategy of focusing on newdevelopments and innovative uses of mobile phones, both in the UK and abroad.Stream has now enhanced its technological capabilities and its portfolio ofservices in the area of user interaction and MMS capability, therebyaccelerating our expansion into M-Banking and M-Gaming." -ends- Note for Editors: The initial cash consideration for MWF is £1,050,000 in cash (funded from theGroup's own cash resources) together with the issue of £250,000 worth of Streamshares (410,982 shares at 60.83p per share), which will be admitted to tradingon AIM in due course. A maximum deferred consideration of £6,200,000 is payable,in a mixture of cash and Stream shares, subject to the achievement of profittargets in the three years to 30 June 2008. In the year ended 31 December 2004,MWF generated profits before tax of £51,000 and had net liabilities of £44,000as at that date. Stream was established in 2000 to develop and sell mass-market entertainment andinformation products. Our portfolio of products is marketed in the UK andinternationally through partners and direct to consumers - delivered via mobile(data) and fixed line (voice) telephony. Our approach to the development and distribution of products is based upon the20 years' experience that the Group's management team has in creating successfultelephone businesses around the world. Stream Group plc currently comprises three main businesses that encompass mobile(data) services, voice services and telecoms services: Stream Mobile: Stream Mobile is a leading player in leading-edge mobile serviceprovision, developing its own cutting edge interactive mobile services andoffering these on a global scale to its customers and the ever-growing communityof mobile phone users. Stream Mobile currently works with major media brands and customers in a numberof regions, including Vodafone, Singtel, Win and Oplayo. It also owns andoperates the mobile portal www.go82020.com. Stream Live Services: Stream Live Services operates live and pre-recordedadvice, chat and information services. Stream's proprietary Virtual Call Management System (VCMS) is at the heart ofadvice services. Consumers can use their telephone, the Internet, or acombination of the two to search for the consultant of their choice forimmediate, live advice over the telephone. www.thecircle.com is an innovative web site that integrates service deliverybetween the internet and telephone. The site offers an interface between the website and Stream's Virtual Call Management System (VCMS) that enables consumersto view availability of the specialist consultants and then book for advice overthe telephone there and then. Talk Telecom: Carries call traffic for the Group. Talk Telecom operates under anISVR licence issued by the Department of Trade and Industry. END Enquiries: Stream Group plcGordon Robson, Executive Chairman Tel: 020 7725 0300 Flagship GroupDavid Butcher Tel: 020 7886 8446 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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