RNS Number : 1254U
28 November 2013
Embargoed for release at 7.00 a.m.
28 November 2013
@UK plc (the "Company")
CHANGE OF COMPANY NAME TO CLOUDBUY PLC (AIM: CBUY)
@UK plc (AIM: ATUK), the cloud eCommerce marketplace, is pleased to announce that, further to obtaining shareholder approval at its General Meeting held on 14 October 2013, the process for the change of name to cloudBuy plc has been completed.
The Company announced in its interim results announcement on 3 September 2013 that it intended to change its name to cloudBuy following a complete review with VISA of its products, messaging and branding. The Company worked with VISA to synthesise its brand values and identify a new name which embodies these. The Board therefore considers that following completion of the rebranding exercise the Group will benefit from the parent company adopting the cloudBuy name.
It is expected that the Company's shares will commence trading on AIM with the new name with effect from 8.00 a.m. on today, 28 November 2013 with the ticker CBUY and the same ISIN number (GB00B09Y8Y28).
Information required by AIM Rule 26 will be available on the Company's new website at http://investor.cloudbuy.com/ with effect from today.
Commenting on the name change, Ronald Duncan, Chairman, said:
"It was obvious from our work with Visa that the @UK plc brand name was not suitable for a global roll out. We worked closely with Visa on our rebranding and agreed on cloudBuy and cloudSell for which the domains have been bought and trademarked. Now that our rebranding has been completed, it is appropriate that we change the Company's name to cloudBuy."
For further information please contact:
cloudBuy plc Tel: 01527 850080
Ronald Duncan, Chairman
Westhouse Securities Limited Tel: 020 7601 6100
Tom Griffiths/Richard Johnson
Newgate Threadneedle Tel 020 7653 9850
Caroline Evans-Jones/Alex White
About cloudBuy PLC
cloudBuy is Europe's leading transactional Cloud Platform with over 1 million users. The platform supports B2B eCommerce and eProcurement across a range of public and private sector organisations providing a secure, controlled transactional environment for B2B trading. The technology is unique in the B2B market, in that it delivers the B2C internet shopping experience in a business environment. The platform has been rebranded to cloudBuy.com for global expansion with Visa and partner banks. The platform is PCI DSS accredited, providing secure, integrated financial transactional capability, delivering savings to both the buyer and the supplier through greater accounts payables accuracy, reduction of manual processes and elimination of paper.
cloudBuy provides an immediate business case using SpendInsight. SpendInsight was developed to recognize, match and classify products and services, providing buyers with greater visibility to spend data, and supports the identification of cashable savings, through unique product level matching artificial intelligence. The output from this is then passed to the Visa member bank, for analysis by Visa to identify which suppliers accept card payments currently and compute the potential card rebate to fund the B2B ecommerce platform.
For more information, visit www.cloudbuy.com
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