The Directors of Minds + Machines Group Limited (AIM: MMX) announced today that they will be participating in a minimum of three top-level domain (“TLD”) private auctions will be held on April 22md, 2014 and be conducted by Applicant Auction, Inc.
The new gTLDs the Company will definitely be bidding for in this round are .garden, .property, and .yoga.
The Company expects the format and rules for each of these TLD auctions to broadly follow earlier private auctions administered by Applicant Auction in which the Company has participated with an ascending-floor format applying. In line with the private auction format, the winning bid for a TLD will be divided evenly, net of the auctioneer’s commission, amongst the losing bidders for a given TLD.
Fred Krueger, Executive Chairman of Minds + Machines Group, said:
“We continue to view private auctions as the most efficient and cost-effective method for deciding who should be awarded a TLD with multiple applicants. We are likewise pleased to see an increasing number of applicants wishing to participate in the private auction process.”
The Company anticipates the private auction round to last up to five days. The Company will update the market on the results of this auction round after all relevant private auction and ICANN procedures have been satisfied.