RNS Number:8215W
Clipper Ventures PLC
8 January 2001


FOR IMMEDIATE RELEASE                                            8 January 2001



                             CLIPPER VENTURES PLC



    FORMATION OF CLIPPER ONLINE AND RE-ORGANISATION OF INTERNET ACTIVITIES



Clipper Ventures PLC ("Clipper Ventures"), the AIM quoted yacht racing and
branded marine events company, has reorganised its internet / web activities
which support its activities and has formed a new company for this purpose
called Clipper Online Ltd. ("Clipper Online").



Earlier this year, Clipper Ventures assisted in the formation of Offshore
Telecom Plc ("Offshore Telecom", formerly named Clippertelecom plc) a company
established to provide wireless communications and internet services to the
global offshore boating market.  In addition, this company assumed
responsibility for developing and maintaining the internet presence of Clipper
Ventures and The Times Clipper 2000 Round-the-World Race with its associated
cities' and schools' programmes.



Offshore Telecom has decided to focus its activities on its telecoms
interests.  It has announced today that it has successfully completed a fund
raising through a private share placing and is seeking admission for its
shares to the Alternative Investment Market.



As a natural outcome of the new priorities for Offshore Telecom, it has been
agreed that the internet related services provided to Clipper Ventures will be
transferred to Clipper Online which will  be majority owned by Clipper
Ventures with a shareholding of 90.1% with Offshore Telecom entitled to hold
9.9%.  Following Offshore Telecom's admission to AIM, Clipper Ventures will
hold 9.4% of Offshore Telecom.  In addition to participating in the ownership
of Clipper Online, Offshore Telecom will provide communications services to
those competing in and associated with the Times Clipper 2000 round-the-world
race.



Clipper Online will be responsible for maintaining Clipper Venture's corporate
web site (www.clipper-ventures.com) together with its marketing and e-commerce
activities, the official Times Clipper 2000 round-the-world race site, and the
various other web sites associated with this major event.  Clipper Online will
also develop new internet activities associated with other Clipper Ventures
activities.  Clipper Online will generate external revenues from advertising
and e-commerce.





Chairman of Clipper Ventures, Sir Robin Knox-Johnston commented :



"We are delighted that Offshore Telecom has successfully completed its fund
raising and will be floating on AIM.  The reorganisation of our mutual
internet interests is a sensible move which will enable Clipper Ventures to
continue to develop its internet presence and allow Offshore Telecom to focus
its attention on building its wireless communications business."







For further information, please contact :


Clipper Ventures PLC                          Sir Robin Knox-Johnston, Chairman
023-8023-7088                                     William Ward, Chief Executive
                                              Richard Cooper, Managing Director
                                                   Tim Cowper, Finance Director

Buchanan Communications                            Steve Liebmann or Ed Cowdery
020-7466-5000
Clipper Ventures (LSE:CLV)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Clipper Ventures Charts.
Clipper Ventures (LSE:CLV)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Clipper Ventures Charts.