Business
Market Update
Market Update.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n \nRNS Number : 4409L SocialGO plc 01 August 2011 \n \n\n \n \n1 August 2011\n \nSocialGO Plc\n (\"SocialGO\" or the \"Company\")\n \nMarket Update\nSocialGO, the AIM-quoted developer and provider of services for the online social media sector, is pleased to announce the launch of Version 2 of its social media platform, SocialGO™, to a select number of customers as part of a phased product launch.\n \nVersion 2.0\n \nThe release of Version 2 marks a shift in the focus of SocialGO's platform away from a pure social networking offering to one that will allow customers to build self-standing social websites that can, should the customer require it, be developed into fully fledged social networks over time. At the core of the Version 2 platform is a website builder that provides customers with the ability to quickly and easily develop their own personalised web presence. The added capability of a full suite of social networking tools and features within Version 2 significantly leverages this web presence and as a result the customers reach across the internet.\n \nThe platform is now available in an open trial at http://sgv2.com/ while the feature set is expanded and the service ramps up to full launch. Version 1 of the platform will continue to run in parallel as Version 2 prepares to take over on SocialGO.com. The switch-over will take place with Version 2's formal release and will include a wide ranging marketing effort to promote and publicise the new service; we look forward to further updating the market and investors at the time of our financial results to be published on 30 September 2011.\n \nR&D Tax Claim\n \nSocialGO made a claim with HMRC for Research and Development (R&D) Relief in accordance with Part 13 of the Corporation Tax Act 2009 (CTA) for the tax years 2008/2009 and 2009/2010. Both claims were successful and SocialGO is entitled to a total combined claim of approximately £234,000 for both tax years, £117,000 of which was received as of 22 July 2011. The Company is currently in the process of compiling a further claim for R&D Relief for the tax period ended 31 December 2010 and it is expected that the claim will be submitted to HMRC within the next four weeks.\n \nFinancial Results\n \nThe average monthly finan...