Last checked at 21 Nov 2011 07:00
21 November 2011
Lo-Q plc
("Lo-Q" or the "Company")
Contract Update
- New Agreement with Six Flags Entertainment Corporation ("Six Flags") extends relationship to the end of 2017
- Agreement delivers first sales of Lo-Q's Q-band Water Park solution -
Lo-Q (AIM: LOQ), the AIM listed provider of virtual queuing systems for theme parks and major attractions, is pleased to announce the signing of a new agreement (the "Agreement") with Six Flags: the Company's largest customer and the world's largest regional theme park operator.
The Agreement extends the term of Lo-Q's existing agreement with Six Flags, which was due to expire on 31 December 2012, to 31 December 2017. Under the terms of the Agreement, Lo-Q will continue to supply its Q-bot solution to the eleven Six Flags sites at which it currently operates. In addition, following the success of the Q-band trial at Six Flags White Water Atlanta and the positive guest feedback received, Six Flags has agreed to progress from this trial to a formal, contracted solution at this park. The Agreement also provides that Six Flags will install Q-band systems at seven other water park sites within its estate as quickly as possible.
Finally, the Agreement provides for an assignment of additional patent rights to Lo-Q that enhances its virtual queuing portfolio.
Commenting Tom Burnet, Chief Executive Officer of Lo-Q plc said:
"We are delighted to be extending our enduring partnership with Six Flags for another six years. This is the clearest proof yet of the power of our existing and new products, the strength of our sales force and the long-term opportunity open to us."
Also welcoming the announcement John Bement, Senior Vice President, In-Park Services at Six Flags Entertainment Corporation said:
"We are pleased to be extending and broadening our relationship with Lo-Q, the leading provider of virtual line queuing systems. Six Flags prides itself on offering our guests outstanding technology and The Flash Pass is an important element in enhancing our guests' experience when they visit our parks."
For further information, please contact:
Lo-Q plc +44 (0)118 934 7400
Tom Burnet, Chief Executive Officer
John Alder, Chief Financial Officer
FTI Consulting +44 (0)20 7831 3113
James Melville-Ross, Matt Dixon, Clare Thomas
Canaccord Genuity Limited +44 (0)20 7050 6500
Simon Bridges, Kit Stephenson
About Lo-Q
Lo-Q is the creator of a virtual queuing system for theme parks and other leisure attractions that allows users to queue without waiting in line. Lo-Q users reserve their place in a queue electronically and are notified when their turn is up, spending less time queuing and more time enjoying their day out.
Lo-Q's system has been adopted by leading theme park and attraction operators globally, with customers including Parques Reunidos, Six Flags, Dollywood and LEGOLAND Windsor. These operators benefit not only from happier customers but also from additional revenue streams as time previously spent queuing is instead transformed in to higher spending in park restaurants, gift shops and other retail facilities. By the end of 2010, more than six million individuals had used a Lo-Q product and that number is growing.
The Company's technology is protected by extensive patents or patents pending in Europe, USA, Hong Kong and Japan. The target market for this technology is large and growing, with Lo-Q currently exploring opportunities for expansion into new theme parks and new geographies as well as opportunities to develop new product for other complementary adjacent markets.
Lo-Q is listed on the Alternative Investment Market ("AIM") under the ticker "LOQ". For further information please visit www.lo-q.com
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