ServicePower Technologies Plc
("ServicePower" or the "Company")
New US Head Office and Grant of Warrant
ServicePower Technologies Plc (AIM: SVR), a market leader in field management, is pleased to announce that it has secured new premises for its head office in the United States, in Reston, Virginia. Reston is an established hub for growth technology businesses and the high quality offices will serve as a good base from which to service the Company's growing US client base.
ServicePower's North American COO, project managers, business analysts, technical consultants, product managers and architects will be centralised in Reston.
A sublease has been entered into between ServicePower and Asteria Corporation ("Asteria"), a charitable foundation in the US, for a period of 4 years. Further to the sublease, a warrant agreement has also been entered into with Asteria under which, in lieu of rental payments, the Company has granted Asteria a warrant to subscribe for 4,264,896 ordinary shares of 1 pence each ("Warrant Shares"). The Warrant Shares can be exercised over 5 years in 8 equal parts with only 4 parts to be exercised each year at the closing price for the business day immediately prior to the service of a warrant exercise notice, less 50 per cent.. The agreement preserves the cash in the ServicePower business while demonstrating Asteria's confidence in ServicePower's growth prospects.
Following the grant of the warrant as described above, ServicePower has 20,969,667 warrants and options over the Company's shares outstanding.
Mark Duffin, CEO of ServicePower plc commented, "ServicePower has taken significant strides forward in recent months in the evolution of its offering. Through ServiceBroker and ServiceMarket we have added the next generation of social media technology onto our established platform which we believe means we will be the first to market with a complete field service solution through crowd sourcing - connecting together our customers with independent service technicians giving them a service reach they have never been able to achieve before. The new HQ in Reston, Virginia offers us a fantastic base from which to launch this new offering and establishing our new head quarters."
For further information, please contact:
|ServicePower Technologies Plc||FinnCap||Newgate Threadneedle|
|Tel: 0161 476 2277||Tel: 0207 220 0500||Tel: 020 7653 9850|
|Mark Duffin, Chief Executive Officer||Marc Young||Caroline Evans-Jones|
|Charlotte Stranner||Fiona Conroy|
ServicePower Technologies Plc is the only company that can provide a complete, global field management platform that controls all elements of the service lifecycle from offering an appointment, assigning resource and dispatching work through to tracking resources, processing claims and providing business intelligence and analytical reports. With advanced intelligence-based scheduling, dispatch and open market auction software, as well as access to a global network of 86,000 repair and installation technicians, we enable companies to control and schedule work using a mixed resource pool of employees and independent contractors. ServicePower provides solutions that cross all industries. Current customers include Assurant Solutions, Mitsubishi, Farmers Insurance, and Pitney Bowes.
ServicePower is listed on the AIM market of the London Stock Exchange with the ticker SVR.L.
For more information please visit www.servicepower.com