Unaudited interim results for the three months ended 31 December 2001
DDD Group Plc
20 March 2002
DDD announces unaudited interim results for the three months ended 31 December 2001. This announcement is being made to comply with the rules of the Alternative Investment Market of the London Stock Exchange (“AIM”) relating to the disclosure of financial information and will enable DDD to announce future half-yearly and annual results on a more customary timeframe. Consequently, DDD will report half-yearly results for the six months to 30 June 2002 in September 2002 and preliminary results for the period to 31 December 2002 by 30 June 2003.
DDD Group Plc was formed following a reorganisation in which DDD acquired the entire issued share capital of Dynamic Digital Depth Inc. (“DDD Inc”) by way of a share for share exchange, which was consummated on 2 January 2002 after the reporting period for the interim results being released.
During the quarter ended 31 December 2001, the Group reported turnover of £41,000 and an operating loss of £966,000. Net assets at that date were £1,615,000. During this period, DDD was focused primarily on raising £7 million through a placing of shares by its nominated adviser and broker Old Mutual Securities. DDD’s shares were subsequently admitted to trading on AIM on 3 January 2002. The interim results do not reflect the proceeds from the placing that closed on 3 January. Previously, DDD Inc’s shares had been listed on the Canadian Venture Exchange (“CDNX”).
The Company also announces the appointment to its Board of Directors of Brett Frederick Cohen, 31, a portfolio manager at Elliott Associates in New York. Elliott Associates is DDD’s largest shareholder, with 26.7 per cent. of the Company’s issued share capital.
Chris Yewdall, Chief Executive Officer of DDD, said: “DDD’s focus during the last quarter of 2001 was on the corporate reorganisation, the fund raising and AIM listing. Having concluded these activities successfully, we now have the financial resources to implement fully our strategy of validating our technology in the public space advertising market. I am confident that DDD is well placed to exploit this significant market opportunity and the foundations for growth are now in place.”
Notes to Editors:
Based in Santa Monica, California, DDD’s goal is to bring 3D TV to market. Its patented technologies enable 3D viewing without glasses; supply of 3D content through 2D to 3D conversion; and 3D transmission over existing networks. DDD’s proprietary technology provides 3D programming through the conversion of existing 2D content to 3D. This 2D-compatible-3D content may be viewed in 3D without glasses on suitably adapted TVs or computer monitors, using DDD’s proprietary software and hardware.
DDD Inc’s shares traded on the CDNX until 2 January 2002 when DDD effected a reorganisation whereby DDD acquired the entire issued share capital of DDD Inc by way of a share for share exchange. DDD’s shares are now listed on AIM and DDD Inc’s shares no longer trade on the CDNX. DDD commenced business in 1993 as a research and development company, researching, developing and patenting 3D content and delivery and display technologies.
DDD has developed proprietary technology to enable 3D viewing without glasses, to provide 3D programming through the conversion of 2D content to 3D and, through 2D-compatible-3D technology, to enable concurrent transmission of content in 2D and 3D formats.
DDD’s short term market development strategy is to focus on the introduction of its TriDefTM 3D TV systems into the public space advertising market. In the longer term, DDD will create commercial relationships with consumer electronics manufacturers, broadcast networks and movie studios to license its technologies and bring 3D TV to the consumer television market.
For further information:
DDD Group Plc
Chris Yewdall, Chief Executive Officer
Tel: +1 310 566 3340
Old Mutual Securities
Tel: 020 7002 4600