31 October 2018
("Defenx", the "Company" or the "Group")
At today's Annual General Meeting of the Company, which is to take place at 11.00 a.m. at the offices of Trowers & Hamlins at 3 Bunhill Row, London EC1Y 8YZ, Anthony Reeves, Executive Chairman, will make the following statement:
"Following the recent challenges, we are pleased that we now have a platform to take the Company forward and rebuild shareholder value.
As discussed in the recent results announcements, the Company is looking to develop and implement its strategic plan, a compound model of Software-as-a-Service to smaller customers and direct sales to large corporates and the public sector. This strategy reflects the changing competitive landscape and growing demand for cloud-based services, together with feedback from existing and potential customers.
As a result of the issues experienced this year, as set out in the Company's Annual Financial and Interim Statements, the results for 2018 are expected to show significantly lower revenues than 2017. However, as a result of the initiatives put in place, the Board believes that the business will become cashflow positive during 2019.
We would like to reassure investors that the Board, with the support of its partner and largest shareholder, BV Tech, is committed to successfully executing its plans, returning the Company to profitability and rebuilding value for shareholders. I would like to thank our investors for their patience and ongoing support."
Anthony Reeves - Executive Chairman
020 3198 9414
IFC Advisory (Financial PR and IR)
Tim Metcalfe / Graham Herring / Heather Armstrong
020 3934 6630
Strand Hanson Limited (Nominated and Financial Adviser)
Richard Tulloch / Stuart Faulkner / James Bellman
020 7409 3494
WH Ireland (Broker)
020 7220 1666
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
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