VDS Vividas

    RNS Number : 8343E
  Vividas Group plc
  01 October 2008
   
    AIM: VDS
    1 October 2008
    VIVIDAS GROUP PLC
    ("Vividas" or "the Company")

    Announces

    Trading Update & Board Changes

    Vividas, which has developed unique streaming software technology able to transmit HD quality video over normal broadband connections,
today announces an update on trading and Board changes.  

    After discussions with the Board, Paul Neville has decided to step down from his position as Chief Executive Officer. This change takes
effect from today and follows the geographic refocusing of the business referred to in the text below. Paul has been with the Company since
July 2005 and the Directors would like to take this opportunity to thank Paul for his contribution and commitment to the Company during this
time. In the Interim Non-Executive Chairman, David Pearson has assumed the role of Executive Chairman.  

    Vividas continues to make progress in both signing evaluation licence agreements and converting these to full scale contracts.
Additionally, the Company continues to develop and enhance its technology to ensure that it remains market leading. However, with the video
streaming market still in its infancy and the economic climate toughening, trading conditions remain challenging. The Board has decided
therefore to focus on those markets where the business has enjoyed the most traction to date and which offer the greatest opportunities.
Vividas will therefore reduce its European operations and focus on Asia-Pacific and North America. This will generate cost savings of
c.�500k pa and further savings will be sought so as to position the cost base appropriately. 

    Additionally, the Board is currently reviewing all strategic options for the business as it focuses on maximising shareholder value.
Further updates will be provided in due course as appropriate.

    Enquiries:

 Vividas Group plc 
 David Pearson, Executive Chairman     Tel: +44 (0)118 949 7903
 Greg Minns, Finance Director                   www.vividas.com

 HB Corporate
 Imran Ahmad / Rory Creedon           Tel: +44 (0) 20 7510 8600

 Biddicks
 Katie Tzouliadis / Sophie Lane      Tel: + 44 (0) 20 7448 1000





This information is provided by RNS
The company news service from the London Stock Exchange
 
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