Information  X 
Enter a valid email address

West 175 Media Grp (WEP)

  Print      Mail a friend

Wednesday 19 April, 2000

West 175 Media Grp

Issue of Equity

West 175 Media Group Inc
19 April 2000


                           WEST 175 MEDIA GROUP INC:
                  Share Placing Raises £1.6m for the Company
                                       
West  175 Media Group Inc. ('West 175' or the 'Company'), the lifestyle  media
group   listed   on  AIM,  announces  that  Apax  Securities,  its   Nominated
Stockbroker, has placed 570,000 new shares with institutional clients at  285p
per share and raised £1.6m for the Company.

The  funds  will be invested in West 175's internet activities, in  particular
Actrix, an established and profitable Internet Service Provider ('ISP')  based
in  Wellington, New Zealand.  Actrix started in 1990, is the oldest ISP in New
Zealand  and  fifth  oldest  in  the world.   It  has  a  highly  web-literate
management  team which will be deployed across West 175's group of  companies,
including its expanding US operations.

Actrix is rolling out its internet telephony project in the second quarter  of
this year.

Application will be made for the new ordinary shares which rank pari passu  in
all  respects  with  the  Company's existing issued  ordinary  shares,  to  be
admitted to trading on AIM.

Commenting,  Rohan  Courtney, Chairman of West 175  said:  'These  funds  will
assist West 175 in further developing our internet activities which is central
to  our  e-commerce business.  Actrix is an old established  internet  service
provider and the tie-up with West is both logical and timely.'


Enquiries:
Rohan Courtney, Chairman, West 175 Media Group Inc               020 8398 7175
                                                         Mobile: 07879 498 544
Peter Binns, Binns & Co.                                         020 7786 9600

Editor's Notes:
Actrix  has  7,880 customers (as at March 2000), 30% of which are  businesses.
This is almost double the 4,500 it had in March 1999 and reflects the move  to
reduce  connection charges to boost subscriber numbers.  In the 12  months  to
March  1999, Actrix generated sales of $0.74m or $164 per subscriber  counting
businesses  as single subscriber and is modestly profitable (NZ $25k)  without
any material marketing costs to date.

Actix  has built its reputation primarily in the business community and has  a
prestigious customer base including: The Inland Revenue, Ministry of  Defence,
ISOCNZ,  Wellington Newspapers, US Embassy, French Embassy, and  the  Internet
Society of NZ, owned by NewsCorp.

Actrix offers its retail customers general ISP services including: e-mail; web
hosting;  design  and  high speed connections.  It  also  offers  a  range  of
enhanced  services  to its business customers including:  intranet  telephony;
unified messaging; virtual private networks and virtual ISP's.

In  terms  of domain names per capita, New Zealand is one of the world's  most
networked  countries as well as having a high internet penetration  of  homes.
Said: Paul Swain, Minister of Technology, New Zealand Government: '...50% of
the population of New Zealand now has access to the internet at home or work  
each day.'