MMX Reveals $7.1 Million Investment By Chinese

MMX, or Minds + Machines, certainly sees a bright future in China. In an announcement to the London Stock Exchange Tuesday, the company announced a Chinese investment company based in the tax haven of the Cayman Islands will be buying £5.5 million ($7.1m) worth of shares in the new generic Top Level Domain company.”The first half of the year has been transformational for MMX with the Company achieving its stated goals of transitioning into a lean pure-play registry business, able to operate incisively across three time-zones and, more importantly, crossing-over into operating profitability for its ongoing operations, a transition which is ahead of management’s expectations,” said Toby Hall, CEO of MMX, in a statement. “As underlined by our H1 success in China, both the industry as a whole and MMX itself have reached an inflexion point where the historic excitement surrounding new gTLDs is now beginning to be reflected by tangible results and meaningful progress. China and the Far East are leading the way and MMX has demonstrated it can and will continue to play a meaningful role in this region and the gTLD market as a whole.”Given the continued strength of our cash balances and the strong performance of our ongoing operations in H1, the Board is therefore delighted to also announce today a tender offer for 100,000,000 ordinary share at 13 pence as well as the private subscription for 42,307,692 Ordinary shares at 13 pence by Goldstream Capital Master Fund I, advised by Goldstream Capital Management Limited, a private fund incorporated in the Cayman islands which is wholly owned by Hony Capital, a leading Chinese equity investment company. The Company is confident that Goldstream and Hony will be able to greatly assist MMX’s long term plans in China and the wider Asia region.”The executive management team is optimistic for the outcome of the year as a whole as we continue to stream-line operations, outsourcing where possible and investing in sales and marketing as appropriate. We remain excited about the medium and long term prospects for 2017 and beyond across our three markets of focus: Asia, Europe and the US.”MMX also reported strong earnings growth with billings for the first half of 2016 increasing over 300 percent to US$8.05 million (H1 2015: US$2.0 million) significantly helped by the successful launch into China in the period. Also in the first half of 2016, revenues doubled to US$7.4 million (H1 2015: US$3.6 million).MMX is also in the process of migrating technical back-end services onto Nominet’s platform. Nominet is the registry for .uk and also provides registry services for .wales and .cymru.MMMX provides backed registry services for ten new gTLDs, the largest of which is .vip which has 460,000 domain names registered, totalling 584,000 domains according to It also operates 26 new gTLDs, including .vip.