Update
August 11 2006 - 3:02AM
UK Regulatory
RNS Number:5479H
BETonSPORTS PLC
11 August 2006
11 August
BETonSPORTS PLC Update
The Board of Directors of BETonSPORTS plc announced that in the light of the
Temporary Restraining Order issued by the United States District Court for the
Eastern District of Missouri, and the related Indictment issued by such Court,
and after thoroughly reviewing possible alternative business plans, they no
longer consider the US facing operations of the Company, which are based in
Costa Rica and Antigua, to be viable.
The Directors have considered the impact of this conclusion and now intend that
the Company should:-
1. cease its operations in Costa Rica and Antigua as soon as practicable;
2. pay any liabilities to staff and creditors in an orderly manner; and
3. repay balances due to US customers in an orderly manner.
Items 2 and 3 above will take time and their successful completion will depend
upon the Company's ability to persuade banks and cash processors to release its
funds. It also will depend on the Company's ability to realise further and
sufficient funds from its assets and operations outside Costa Rica and Antigua
and to earn sufficient profits from operations which are not US facing.
The Directors are taking steps to ensure that the Company will not knowingly
accept any wagering transactions from US based customers.
The Directors will provide further updates in due course.
Contact Information:
Citigate Dewe Rogerson
Ged Brumby
+44 (0)20 7638 9571
BETonSPORTS
Kevin Smith
+1 314.623.2734
kevin@celticom.net
This information is provided by RNS
The company news service from the London Stock Exchange
END
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