Business
MOS partnership with, and funding to, Quanta
MOS partnership with, and funding to, Quanta.
About this update from Gana Media Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0881U\n Mobile Streams plc\n 31 March 2021\n \n \n \n \n 31 March 2021\n \n \n \n \n \n Mobile Streams plc\n \n \n (\"MOS\" or \"the Company\")\n \n \n \n \n \n Mobile Streams grows partnership with, and provides funding to, Quanta Media Group Holdings\n \n \n \n \n \n \n Mobile Streams plc, the AIM quoted mobile content and data intelligence company, is extremely pleased to announce that initial work with Quanta \n Media Group Holdings\n (\"QMGH\" or \"Quanta\") has uncovered significant additional areas of synergy and opportunity. \n \n \n \n \n \n Quanta\n is a developer of high-quality sports and iGaming related product, content and destinations which it expects to launch in the next quarter. The company was founded by industry veteran, Andrew Deeks, in 2019 and is headquartered in London, UK. Edward Simons serves as Non-Executive Chairman and Tim Scoffham as Chief Revenue Officer. Quanta is an early stage business which for the period ended 30 September 2020 incurred losses of £155,551 on revenues of £376,851 and as at that date had net assets of £125,829.\n \n \n \n \n \n Following the announcement on 18 March that Quanta had signed a major contract to use the Streams data platform, it has become clear that there are multiple opportunities to drive revenue growth via the partnership. It is now likely that MOS will be able to drive extra revenue from its legacy business as initially thought, whilst Quanta has also confirmed it should be able to utilise its iGaming platform to drive additional revenue from the legacy MOS IP, including mobilegaming.com. \n \n \n \n \n \n In order to accelerate development of these opportunities and advance Quanta's business plans, Mobile Streams is providing QMGH a Convertible Loan Note of £250,0000 (the \"Loan\"), with a further £250,000 to be made available subject to achieving various agreed milestones, centred around its entrance to key markets. The Loan, which accrues interest at 5% per annum until repayment or conversion, and which is redeemable on 31 December 2022, can be converted into Ordinary Shares in QMGH (\"Ordinary Shares\") earlier on the following agreed basis: at a price per Ordinary Share being the lower of a) £0.07 per Ordinary Share, b) the price any other Ordinary Shares are issued prior to conversion or c...