- Media and technology business Iconic Labs said it expected to generate a significant amount of revenue that would push the company into an operating profit within three months after entering into a contract Greencastle Capital, which had completed the acquisition of the JOE media UK business.

Under the terms of the management services contract, Iconic Labs would be paid a monthly management fee of £50,000 plus external costs, and in addition would receive 25% of all profits if certain revenue and profit targets were met.

'Iconic Labs anticipates this management services contract will contribute a significant amount of revenue to the company and will enable Iconic Labs to become operationally profitable within three months,' the company said.

'Iconic Labs will immediately manage all operational and commercial aspects of the JOE media businesses in the UK and will do so in Ireland following regulatory clearance' it added.

At 9:27am: [LON:ICON] share price was +0.01p at 0.02p

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