SANTA MONICA, Calif. (May 31, 2002) – DDD Group Plc (AIM:DDD) (the “Company”) announces that it has appointed Paul Kristensen as Chairman of the board of directors, with immediate effect. Paul Kristensen, who is a founding member of DDD and has been a member of the board since the Company’s inception in 1993, replaces outgoing Chairman, Neil Speakman.
Paul Kristensen, 58, of Perth, Australia, is the managing director of Capital Technologies Pty Ltd, a seed capital investment company that assists start up technology ventures in developing international sales and licensing strategies. He is also a director of a number of technology companies originating in Western Australia.
During his tenure as Chairman, Neil Speakman was instrumental in raising several rounds of development capital to fund DDD’s comprehensive research and development, including the initial public listing on the Canadian Venture Exchange in 1994. More recently, he played a key role in developing DDD’s executive management team and oversaw the £7 million fund raising in connection with the listing of the Company’s shares on AIM in January this year.
DDD will be releasing its interim results for the six months ending 30 June 2002 during September 2002. Based on trading results over the first four months of the year, the Board expects the Company’s revenues for the year ending 31 December 2002 to be lower than market expectations. However, operating losses and cash burn rate are expected to be lower than anticipated. Based on the current monthly cash burn rate, the Company has sufficient cash resources through the end of December 2003, without taking account of revenues or interest income.
Paul Kristensen said:
“I have watched DDD evolve through research and development to commercialization of our patented technologies that are now bringing 3D TV to the mass market. With a healthy balance sheet from the recent listing on AIM and strong opportunities in the commercial marketplace, it’s an exciting time to be accepting the role of Chairman.”
Chris Yewdall, president and CEO of DDD, said:
“The board and management at DDD express their profound gratitude and appreciation to Neil for his tireless efforts for the company. We wish him every success with his new ventures.”
Notes to Editors
DDD is bringing 3D to the mass-market with its TriDef™ 3D TV System. Its patented technologies enable 3D viewing without glasses; conversion of 2D content to 3D; and transmission of 2D and 3D in the same signal, via any visual media. DDD is listed on the London Stock Exchange’s Alternative Investment Market (AIM:DDD).