TIDMPIRI
RNS Number : 4673I
Pires Investments PLC
14 December 2020
14 December 2020
Pires Investments plc
("Pires" or the "Company")
Investment in Low6
Pires Investments plc (AIM: PIRI), the investment company
focused on next generation technology, is pleased to announce that
it has entered into a share subscription agreement to subscribe for
6,667 ordinary shares in Low 6 Limited ("Low6") at a price of GBP30
per share for a total consideration of GBP200,010. Low6 is a UK
incorporated company that has developed a next generation sports
betting platform. This investment forms part of a GBP1.5 million
funding round.
Low6 provides a white-labelled mobile platform to sports
teams/franchises that enable them to offer a pooled sports betting
experience to users of their fan-based apps. The Company's
directors believe there is a significant market opportunity for
sports betting products that are designed to enhance the excitement
of watching sports whilst, at the same time, being engaging and
simple to use.
Under its B2B business model, Low6 will enter into a partnership
with a sports team or franchise which enables the Low6 product to
gain access to the partner's established fan base thereby reducing
customer acquisition costs and strengthening brand and customer
loyalty, which ultimately enhances customer retention. At the same,
Low6's business model enables the underlying partner to share in
the revenue generated from the Low6 platform, an aspect which
should be particularly attractive to fans of the sports team or
franchise concerned. Low6 can either embed its platform within a
partner's app or build the app for its partners. The Company
believes that this partnership model is also highly scalable and
Low6 expects to generate revenue from retaining a percentage of the
stakes placed by the users of the platform.
Low6 already has several contracts with sports teams/franchises,
including football clubs in the UK Championship and Scottish
Premiership leagues. In addition, it also has partnerships with Sky
Business and Yinzcam Inc.
Low6 has a three-year exclusive partnership with Yinzcam Inc, a
US-based company which provides the apps for a number of the fan
bases of leading sports teams/franchises with over 90 million
installs of its mobile apps worldwide. It is currently involved
with more than 190 professional teams, leagues and venues in the
US, Canada, Spain and Australia. This relationship provides Low6
with access to this extensive client base. Low6 has also been
working with Sky Business to develop a digitalised pub quiz product
called Pubwars.
Low6 has raised over GBP8 million to date and plans to raise
more funds through a pre-IPO funding round with a view to
completing an IPO in H1 2021.
The GBP200,010 consideration for this investment will be
satisfied from the existing cash resources of Pires .
Further information on Low6 can be found at https://low6 .
Peter Redmond, Chairman of Pires, commented:
"We are pleased to be able to invest in Low6 at a key point in
its development. We believe that Low6 has developed an exciting and
innovative platform which is attractive both to sports clubs and
their fan bases and, with the additional funding now being
provided, they will be able to scale the business
significantly."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 and the Directors of the
Company take responsibility for this announcement.
Enquiries:
Pires Investments plc Tel: +44 (0) 20 3368 8961
Peter Redmond, Chairman
Nicholas Lee, Director
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 20 7213 0880
Liam Murray/Ludovico Lazzaretti
Joint Broker
Peterhouse Capital Limited Tel: +44 (0) 20 7469 0935
Duncan Vasey/Lucy Williams Tel: +44 (0) 20 7469 0936
Joint Broker
Mirabaud Securities Limited Tel: +44 (0) 20 3167 7221
Peter Krens
Financial media and PR
Yellow Jersey Tel: +44 (0) 20 3004 9512
Sarah Hollins
Henry Wilkinson
Notes to Editors
About Pires Investments plc
Pires Investments plc (AIM: PIRI) is an investment company
providing investors with access to a portfolio of next generation
technology businesses with significant growth potential.
The Company is building an investment portfolio of high-tech
businesses across areas such as Artificial Intelligence ("AI"),
Internet of Things ("IoT"), Cyber Security, Machine Learning,
Augmented Reality and Virtual Reality ("AR/VR") and Big Data, which
the Board believes demonstrate evidence of traction and the
potential for exponential growth, due to increasing global demand
for development in these sectors.
For further information, visit: https://piresinvestments.com/
.
Caution regarding forward looking statements
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to be, forward looking statements. Forward looking statements are
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assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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December 14, 2020 02:00 ET (07:00 GMT)
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