TIDMDISH

RNS Number : 7557B

BigDish PLC

12 October 2020

BigDish Plc

( " BigDish " or the " Company")

Strategy and Operational Update

BigDish Plc (LON: DISH), a technology and software solutions company currently specialising in the food technology space, is pleased to announce a Strategy and Operational Update.

Highlights:

-- Developing a Venture Builder model to gain sweat equity stakes in a portfolio of assets with no cash outlay

-- Funding runway potentially further extended beyond Q2 2021

-- Upcoming enhancements to the management team

-- BigDish business to be funded privately and in a non-dilutive manner

The Company has been approached on various occasions with regards to utilising the BigDish technology platform for use in other sectors. The current BigDish technology platform enables bookings, dynamic pricing, search and discovery, payments, delivery and pick up as well as analytics. The technology team is able to modify the code to make the technology applicable to other sectors. Therefore, the Company has decided to commercialise the opportunity, especially given that opportunities have multiplied in technology and online applications, due to the pandemic.

Over the next few weeks the Company will sign agreements with several significant startup and early stage technology companies whereby BigDish will provide the technology in return for equity stakes. There will be no cash contribution required from BigDish to support these businesses. This presents an exciting opportunity for BigDish to both diversify and own meaningful equity stakes in exciting ventures with no capital outlay. The company believes that this approach, where it will effectively be paid to develop tech businesses and then own equity at a ground floor valuation, could very well set the Company on a path to sustainability. The strategy is that once BigDish has gained its respective equity stake that it would also be paid to maintain and develop further technology updates for the various businesses. This presents an opportunity for the Company to grow a portfolio of assets at the cutting edge of the tech sector with minimal long term cash burn.

As part of this strategy the Company is making plans to bring in new experienced technology focused management to lead this initiative. The Company is also having talks with several potential Non-Executive Directors to add further substance to the Board.

Aidan Bishop will step down from the Board when a replacement has been identified. With his time freed up off the board, and as the largest shareholder, he will continue to work with the Company to progress the various opportunities that are being presented. In addition, he will originate new technology opportunities to create value for shareholders from the new technology development platform, a concept which has only been accelerated in terms of merit since the arrival of COVID-19, and the need for technology to address the fresh issues which it has delivered.

Looking ahead, BigDish is expected to grow into what is termed a Venture Builder and through this diversification, own stakes in companies across the technology spectrum. It is envisioned that the new, larger company, having fully developed will be able to increase the value of the assets at a significant premium to the present market implied valuation.

A Venture Builder model benefits from a leaner management team and has a low cost base with its core focus on technology development where the various businesses are privately funded. The Company recently announced having secured short term funding to provide sufficient runway to the end of the second quarter of 2021. A leaner model may, in all likelihood, extend that runway substantially beyond the second quarter of 2021, especially as by this time it is anticipated that Venture Builder will be contributing to the bottom line. The recent conditional funding of USD 5 million that was previously announced will be for the progression of the BigDish platform once conditions precedent are met. This will ensure that the ongoing development of the BigDish business will effectively be privately funded. The Company will also consider a change of name as the Venture Builder model progresses.

Enquiries:

   Zak Mir, Digital Communications Officer, BigDish              +44 (0) 7867 527659 zak@bigdish.com 
   Jonathan Morley-Kirk, Non-Executive Chairman                jmk@bigdish.com

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October 12, 2020 02:00 ET (06:00 GMT)

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