Arria NLG PLC Update Regarding Further Funding (0186P)
June 03 2015 - 2:00AM
UK Regulatory
TIDMNLG
RNS Number : 0186P
Arria NLG PLC
03 June 2015
3 June 2015
Arria NLG plc
("Arria NLG" or the "Company")
Update Regarding Further Funding
The Board of Arria NLG (AIM: NLG), a leader in the development
and deployment of Natural Language Generation ("NLG") technologies,
is pleased to provide an update to the announcement on 30 April
2015, in which Arria NLG stated its intention to seek further
funding, and report that positive progress has been made in respect
of securing such funding.
The Board of Arria NLG anticipates that the funding will be in
the form of convertible loan notes which will convert in to new
ordinary shares at a substantial premium to the current share
price. In addition, the Board anticipates that the subscribers for
the convertible loan notes will be issued with warrants to
subscribe for new shares in the Company, again at a premium to the
current share price.
The Company expects to be in a position to make a full
announcement about the finalisation of the funding arrangements in
the next couple of weeks.
The Board of Arria NLG remains confident in the potential for
the Arria NLG technology. This confidence is borne out by
continuing success in winning new clients and Arria NLG has added
new clients at an average pace of one new client per month in the
period from August 2014 to the end of April 2015.
In May 2015 Arria NLG announced a further two new client
contracts for the use of its NLG technology:
-- a development and licensing agreement with MeteoGroup UK
Limited ("MeteoGroup") to develop a weather report module for two
regions in Europe: one for a region in the UK in English and one
for a region in Germany in German. MeteoGroup is one of the world's
leading global full-service B2B weather solutions businesses with
over 400 employees (including 150 meteorologists) operating in 15
countries around the globe; and
-- a paid for proof of concept pilot agreement with the UK
member of a global financial services group.
Arria NLG has also continued to advance its technology
partnership with the IBM Watson Group. On 5 May 2015, Arria NLG was
one of twenty-one technology partnerships featured by IBM at their
IBM World of Watson exposition in New York.
Taken together, these developments reinforce the Board's view of
the robust nature of the Company's core NLG product set and
demonstrate the ability of Arria NLG to meet the growing needs of
its clients by providing a broad range of NLG applications for
implementation across a diverse range of industries globally.
The state of the Company's client pipeline is robust and the
Company is moving prospects through the various stages of client
engagement to achieve revenues as soon as possible. The Board of
Arria NLG looks forward to announcing further new client contracts
for its NLG technology.
The Company's interim results for the six months to 31 March
2015 will be announced before the end of June 2015.
For further information, please visit www.arria.com or
contact:
Arria NLG plc Tel +44 (0) 20
Stuart Rogers, Chairman 7100 4540
and Chief Executive
---------------------------- --------------------------------------
Allenby Capital, Nominated Tel: +44 (0)20
Adviser and Joint Broker 3328 5656
Nick Naylor
Jeremy Porter
James Reeve
---------------------------- --------------------------------------
Westhouse Securities, Joint Tel: +44 (0) 20
Broker 7601 6100
Antonio Bossi
Robert Finlay
---------------------------- --------------------------------------
IFC Advisory, Financial Tel: 44 (0) 20
PR and IR 3053 8671
Tim Metcalfe tim.metcalfe@investor-focus.co.uk
Graham Herring graham.herring@investor-focus.co.uk
---------------------------- --------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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