8th Jul 2009 08:27
Phorm, Inc.
('Phorm' or the 'Company')
Operational update
Phorm (AIM: PHRM/PHRX), the personalisation technology company, makes the following clarificatory statement regarding its international progress and the UK market following recent press commentary.
International
Phorm has been focussing considerable effort on faster moving overseas opportunities to drive a first deployment of the Company's Webwise and Discover technology and to bring the Company to a revenue generating position. The Company continues to make excellent progress and is actively engaged in more than 15 markets worldwide including advanced negotiations with eight major ISPs of which three are engaged in trials.
Specifically, in Korea, live trials with KT, the leading Korean ISP remain on course with activities progressing in line with management expectations.
UK
In the UK, Phorm continues to hold a commercial agreement with BT. Following the trial of the Company's Webwise technology and the announcement of Phorm's consumer facing Webwise Discover product, BT plc ("BT") continues to believe that the interest-based advertising category offers major benefits for consumers and publishers alike. BT has confirmed to the Company that whilst it has no immediate plans to deploy and it is currently prioritising more pressing projects such as developing next generation broadband, it will monitor Phorm's progress with other internet service providers ("ISPs"). The Company is extremely encouraged by the fact that BT has stated that privacy was not a factor in their decision making.
Virgin Media continues to believe interest-based advertising has potentially important benefits for consumers, ISPs and website owners. Given the fast moving nature of the sector, Virgin Media is extending its review of potential opportunities with suppliers including Phorm prior to making any commitment to launch any of these technologies.
Unfortunately, on 7 July 2009, TalkTalk Telecom Ltd, a wholly owned subsidiary of the Carphone Warehouse Group PLC, terminated its agreement with Phorm. The Directors note that this relationship had not extended to any form of trial in contrast to BT and some international ISP's, as noted above.
Summary
Overall ISP discussions have been greatly accelerated by the launch of Webwise Discover and its clear benefit to consumers, which has been viewed as a key step forward by all of our partners, including those in the UK. Phorm retains a strong balance sheet with adequate cash resources and the Directors remain very confident in Phorm's ability to deliver on the promise of this substantial opportunity.
Enquiries:
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Phorm, Inc |
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Benjamin Usher |
+44 20 7297 2521 |
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Sarah Simon |
+44 20 7297 2433 |
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Citigate Dewe Rogerson |
+44 20 7638 9571 |
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Justin Griffiths |
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Simon Rigby |
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Canaccord Adams Limited |
+44 20 7050 6500 |
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(Nominated Adviser) |
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Mark Williams |
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Andrew Chubb |
About Phorm:
Phorm is a global personalisation technology company that makes content and advertising more relevant to the consumer. Phorm's innovative platform preserves user privacy and delivers a more interesting online experience.
Phorm's partners include leading Internet Service Providers (ISPs), Publishers, Ad Networks and Advertisers.
Phorm is a Delaware, US incorporated company, with offices in New York, Seoul, Moscow and London.
The Company was admitted to the AIM market of the London Stock Exchange in 2004 and has over 140 employees.
For more information, please visit: www.phorm.com
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