Disposal
December 29 2003 - 5:52AM
UK Regulatory
RNS Number:6875T
Eckoh Technologies PLC
29 December 2003
For Immediate Release 29th December 2003
Sale of Investment in Rivals Digital Media
Eckoh Technologies plc ("Eckoh") today announces that it has agreed to sell its
40% equity investment in Rivals Digital Media Limited ("Rivals") as part of a
sale of the entire share capital of Rivals to ukbetting plc. Eckoh will receive
consideration totaling #700,000, payable half in cash and half in ukbetting plc
shares. In addition, potential loan commitments from Eckoh totaling #250,000
have been cancelled.
Last year Eckoh wrote down its investment in Rivals to zero, and will therefore
report an exceptional gain from the sale in this year's financial statements.
Rivals is the producer, publisher and distributor of sports content across
digital platforms, particularly the internet and mobile phones. Rivals reported
a loss for the year to 31st August 2003 of #1.12 million (2002: #1.69 million
loss) on a turnover of #3.70 million (2002: #2.33 million). Net assets at 31st
August were #3,000.
Martin Turner, Chief Executive Officer of Eckoh, commented:
"This sale completes our exit from internet content provision. The Rivals
management team have done an excellent job over the past two years, and we wish
them and ukbetting the very best of luck in the future."
For further enquiries, please contact
Eckoh Technologies plc Tel: 08701 100 700
Martin Turner, Chief Executive Officer
Buchanan Communications Tel: 020 7466 5000
Mark Edwards/Jeremy Garcia
This information is provided by RNS
The company news service from the London Stock Exchange
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