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HARRIS TECHNOLOGY GROUP LIMITED — Capital/Financing Update 2009
Mar 4, 2009
65074_rns_2009-03-04_23ee0491-6e9d-4c61-ae7c-f0b59f6feeba.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT FOR IMMEDIATE RELEASE – 5 MARCH 2009
EXTENDS ITS ORCHARD MUSIC CONTRACT TO COVER INDIA
Swish Group announces that its subsidiary Swish Amphead has extended its existing content aggregation and distribution agreement with USA based The Orchard (NASDAQ:ORCD) to cover India. The agreement is for a similar term to the existing agreement between the companies and runs to 2012 but unlike the existing agreements which are exclusive has been extended on a non-exclusive basis. The new contract is a significant expansion of the existing agreements given that it extends the territories covered by its agreement with The Orchard to include the worlds second most populous Country.
During the past 12 months Swish Amphead has experienced substantial revenue growth in its digital music business and this growth is expected to continue. This rate of growth is well ahead of the digital music industry as a whole which is itself experiencing significant growth. The extension of the content aggregation and distribution agreement to cover India along with its recent expansion to cover South East Asia is expected to see the Company significantly expand this part of its business.
The extension of the agreement means Swish AmpHead’s, territories now include Australia, New Zealand, the Pacific Islands, Singapore, Thailand, Indonesia, Malaysia, Cambodia, Laos, Myanmar, Vietnam, Brunei, East Timor the Philippines and India and includes territories with a combined population of over 1.7 Billion people. The consumption of online digital music, especially through mobile phones and similar devices, is expected to rise significantly in many of these developing regions over the next 3 -5 years.
The Orchard catalogue, which is made up of music sourced from the various Orchard partner’s in 79 countries, is now one of the world’s largest catalogues of independent artists and labels and comprises over 1.3 million tracks and 3,500 hours of video content. The catalogue makes up approximately 20-25% of all music available on Apple iTunes and is available on over 400 of the other major online music retailers and mobile music stores worldwide. The growth of the industry is expected to continue as more online music offerings emerge and mobile phone operators begin to increase their presence in the music and video area.
Gary Mackenzie, CEO of Swish Amphead said “the extension of our agreement to cover India is extremely significant in terms of the expansion of the geographical region now covered by the Company and entrenches Swish Amphead position as the one of the largest wholesalers and marketers of independent music in the region. Swish AmpHead now has an agreement that maintains its leading position in the supply of online music to the worlds leading online music retailers and telecommunications carriers for the next four years”
About The Swish Group Limited
The Swish Group Limited (ASX codes: SWG, SWGO) businesses include one of Australia’s largest digital signage networks, Australia’s largest wholesaler of independent digital music, a comprehensive film and television production business, Australia’s largest Indian Bollywood film production and distribution business, a telecommunications sales and marketing business and an internet TV business. The company is listed on the ASX with a market capitalisation of $4m. Websites : www.swishgroup.com.au, www.ampheadmusic.com, www.blackcatfilms.com.au, www.mgdistribution.com.au, www.swishtv.com.au
The Swish Group Limited (ACN 085 545 973 Level 1, 102 Toorak Road, South Yarra, VIC 3141