Mortgage Chat PLC - Change of Name, Board Changes and New Strategy

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

04 September 2024

Pitch Pit PLC

(formerly Mortgage Chat PLC)

("Pitch Pit" or the "Company")

Change of Name, Board Changes and New Strategy

The Company is pleased to announce that it has changed its name from Mortgage Chat PLC to Pitch Pit PLC. The change of name was registered on Companies House on 03 September 2024. The Company's ticker symbol, under which its shares are currently traded on the AQSE Growth Market namely, "MCAI", will be changed to "PICH". The name change and new ticker will take effect on the AQSE Exchange on 05 September 2024, at 8.00 a.m.

New Strategy

The Company is excited to announce a strategic shift towards launching an artificial intelligence (AI) and technology accelerator, known as the Pitch Pit Accelerator.  This will be led by Chandila Fernando and Judith Hough who have a wealth of experience and contacts gained during their time working for Innovate UK, which is part of UK Research and Innovation, the public sector organisation that invests £8 billion annually to the UK research and innovation system.

Pitch Pit is designed to foster growth for AI and technology ventures by identifying the right companies and management teams and assisting them to procure early-stage funding along with a comprehensive program focused on helping these companies to grow, innovate and progress. 

AI and technology is revolutionising industries worldwide driving exceptional levels of innovation. However, in a rapidly evolving technological landscape, even the most innovative ideas can struggle to gain traction. The Pitch Pit Accelerator addresses this challenge by giving startups access to critical resources, expert mentorship, and a collaborative environment. This support enables them to move from concept to market more swiftly than they could independently, transforming ideas into scalable, investable businesses.

Board Changes

The Company is pleased to announce the following board appointments which will be made once Alfred Henry Corporate Finance Ltd has conducted the necessary checks as required by the AQSE Rules. A further announcement will be made upon the appointments being made:

-     Chandila Fernando as an Executive director and CEO 

-     Judith Hough as an Executive Director and COO 

Information for the purpose of Rule 4.9 of the AQSE Growth Market Access Rulebook for the new directors will be provided once the board appointments have been made.

The Company is also pleased to announce the appointment of Brian Stockbridge as a Non-Executive Director with immediate effect.

The following information is provided for the purpose of Rule 4.9 of the AQSE Growth Market Access Rulebook. 

Brian Stockbridge has over 20 years' experience in corporate finance, including direct investments and financing into companies, IPOs, capital raisings and mergers and acquisitions for both public and private companies. He has held board positions on several public and private companies throughout his career. He has also held director and management positions with Zeus Capital, Allenby Capital, Noble & Company and Grant Thornton. He served as a Regulator for the Panel on Takeovers and Mergers, where he presided a significant number of transactions.

Brian Stockbridge directly holds 50,000,000 shares and indirectly holds 792,942,886 shares of the Company via his fully-owned companies.

There is no further information to be disclosed pursuant to Rule 4.9 of the AQSE Growth Market Access Rulebook.

Upon Chandila Fernando and Judith Hough's appointment becoming effective, Derek Lew will relinquish his role as CEO and Executive Director but remain on the Board as Non-Executive Director. Jeremy Woodgate will remain on the Board as Non-Executive Director.

For more information, please visit the Company's website at https://pitchpit.ai/

The Directors of the Company take responsibility for this announcement.