TIDMCBUY

RNS Number : 2696W

Cloudbuy PLC

16 April 2019

cloudBuy plc

("cloudBuy" or the "Company")

AGM Statement

16(th) April 2019

cloudBuy plc (AIM: CBUY), the global provider of cloud-based e-commerce marketplaces and B2B buyer and supplier solutions, is holding its Annual General Meeting at 11.00am today, at which management will make the following statement:

We continue to make progress with PHBChoices, with more Clinical Commissioning Groups signing up and moving to use PHBChoices for the management and administration of their Personal Budget Holders. There has been an increase in enquiries as the 1(st) April 2019 deadline for Personal Health Budgets to be offered as a default has come into effect. Personal Health Budgets remain a key strategic imperative for the NHS, as confirmed in the NHS 10 year plan.

In Canada the York District School Board project has gone live and is acting as a case study for other districts. The first follow-on win is with Waterloo Catholic District School Board who have signed a contract and implementation work has started.

Our cost cutting program has been effective reducing our operating loss by 27% in 2018. In March we agreed with Roberto Sella to drawdown GBP500,000 from the December 2017 Convertible Loan Facility. This funding, together with the successful sale of our Company Formations business for approximately GBP260,000, gives the Board confidence that the Company has sufficient funding to reach cashflow break even.

For further information, please contact:

 
  cloudBuy plc 
   David Gibbon, CFO                                  Tel: 0118 963 7000 
 
  Arden Partners plc - NOMAD and broker              Tel: 020 7614 5900 
  Paul Shackleton/ Daniel Gee-Summons - Corporate 
   Finance 
  Simon Johnson - Corporate Broking

About cloudBuy plc

cloudBuy, (AIM: CBUY), provides cloud solutions for buyers and sellers - and brings them together to trade securely and ethically via an increasing number of public eMarketplaces and private purchasing portals around the world, powered by cloudBuy technology. cloudBuy solutions for buyers help B2B purchasers understand and control their spend, to reduce costs and increase value. Our cloudSell solutions enable sellers of all sizes, from startups to corporates, reach new customers and grow their business.

cloudBuy's technology platform powers web sites, public marketplaces and private purchasing portals that enable all types of online interactions and relationships including, citizen and business to government; consumer to business; and business to business.

For more information, visit: www.cloudbuy.com.

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April 16, 2019 02:00 ET (06:00 GMT)

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