15th Jun 2009 13:49
Lo-Q plc
("Lo-Q" or the "Company")
Statement re. major customer
Lo-Q plc, the AIM listed provider of virtual queuing systems for theme parks and major attractions, notes that its major customer, Six Flags, Inc. ("Six Flags"), has applied to the Bankruptcy District Court of Delaware for expedited approval of its pre-negotiated plan of reorganisation under Chapter 11 of the United States Bankruptcy Code.
Lo-Q looks forward to a quick resolution of this reorganisation which it believes will produce a stronger commercial company. Moreover, Six Flags has indicated that the filing will have no impact on day-to-day park operations.
Six Flags, Inc. is a publicly-traded corporation headquartered in New York City (OTCBB: SIXF) and is the world's largest regional theme park company with 20 parks across the United States, Mexico and Canada.
Contacts:
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Lo-Q plc |
Jeff McManus, Chairman |
Tel: 01491 577 210 |
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Arbuthnot Securities Limited |
John Prior/Ed Burbidge |
Tel: 020 7012 2000 |
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Walbrook PR Ltd |
Tel: 020 7933 8780 |
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Mob: 07980 541 893 |
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Paul McManus |
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Ben Knowles |
About Lo-Q plc
Lo-Q plc listed on AIM in April 2002 and has active subsidiary companies in the USA and Canada.
Lo-Q designs, installs and operates systems which allow members of the public to make ride and show reservations when they visit a theme park or other attraction. Lo-Q's flagship product, VQ2020, is a true virtual queuing system for theme parks. Lo-Q's proprietary hand-held units, called Q-bots, are used in major theme parks around the world. In August 2008 Lo-Q passed its 3 millionth user of the Lo-Q system.
The dynamic virtual queuing concept arose because of a wait in a line by Leonard Sim, the company founder and inventor of the Lo-Q System, and his family in a Florida theme park in the 90's. The ride had mechanical problems, which meant that the almost two hour wait was a waste of time.
Lo-Q's headquarters and development labs are in the Smith Centre high technology campus near Henley-on-Thames, UK, where a team of highly skilled engineers carry out hardware, software and systems design. The USA headquarters is in Lithia Springs, Georgia, near Atlanta where support, financial and installation staff are based.
The first installation went live in March 2001 and with Mirabilandia being installed on the 9th of April 2009, there will be a total of 14 sites across the world, namely:
Six Flags Over Georgia, USA
Six Flags New England, USA
Six Flags Great Adventure, USA
Six Flags Over Texas, USA
Six Flags Fiesta Texas, USA
Six Flags St Louis, USA
Six Flags Great America, USA
Six Flags Magic Mountain, USA
Six Flags Discovery Kingdom, USA
Six Flags La Ronde, Canada
Dollywood, USA
Dreamworld, Australia
Legoland Windsor, UK
Mirabilandia, Italy
In 2007 Lo-Q acquired the Text-Q product which allows mobile phone users to reserve their place in line. Users pay a fee and using the premium rate SMS services, avoid standing in a queue. The attraction generates additional revenue. Text-Q is available at the London Dungeon and Madame Tussauds in London as well as Flamingo Land.
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