Information  X 
Enter a valid email address

West 175 Media Grp (WEP)

  Print      Mail a friend

Friday 28 April, 2000

West 175 Media Grp

FthrAcqn.of Interest,etc

West 175 Media Group Inc
28 April 2000

                           WEST 175 MEDIA GROUP INC:
                             IN WEST MEDIA EVENTS

West  175 Media Group Inc. ('West 175' or the 'Company'), the lifestyle  media
group  listed on AIM, announces that it has purchased the outstanding  40  per
cent  of  the ordinary equity it does not own in West Media Events, an  events
management business previously called Montage Projects Limited ('Montage'), to
be  satisfied  entirely  by  the issue of 200,000 new  common  shares  in  the
Company.  The initial 60% in West Media Events was acquired in March 1999.

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

Following  the latest purchase by West 175, the co-founding Managing Directors
of  West  Media  Events, Mathew Brockman and Steve Waring,  will  continue  to
manage the business day-to-day.

West  175  acquired Montage in March 1999 for £225,000 by way  of  an  initial
consideration satisfied entirely by 300,000 common shares of West  175  and  a
further consideration of up to 75,000 common shares payable dependent upon the
achievement of agreed profit targets, to be met by October 1999.   The  profit
targets of £83,378 were exceeded and Montage was renamed West Media Events.

At  year end 31st March 2000, West Media Events had net assets of £238,250 and
made pre-tax profits of £97,000.

Mr.  Rohan Courtney, Chairman of West 175, is a director and Chairman of  West
Media  Events.  Accordingly, the Directors, other than  Mr.  Courtney,  having
consulted  with  their Nominated Adviser Teather & Greenwood Limited  consider
that  the  terms  of the acquisition are fair and reasonable  so  far  as  the
shareholders are concerned.

At  the  time of the acquisition, West Media Events client base included  blue
chip multinational companies in the retail, consumer, finance and IT sectors.

Since  the  acquisition, when the business was largely a UK  corporate  events
producer, West Media Event has expanded its activities into the US, added  new
clients and increased its revenues.

Commenting,  Rohan Courtney, Chairman of West 175 said:  'The  acquisition  of
West  Media  Events has proved a highly lucrative franchise and  the  enlarged
events  division should pay for itself in its first 3 years of  consolidation.
This would include start up costs of the launch of the US division and a trial
event in the US.  We expect the West Media Events division as a whole to break
even in the 12 months to March 2001.'

He  added: 'We are delighted with the performance of Matt Brockman, who  heads
up the US operations and Steve Waring, who is running the UK operations.

They  have expanded the operation in the UK, North America and also now manage
our publishing and merchandising activities.'

Planned  live  gourmet cookery events in 2000 / 2001 will  include  St  Louis,
Minneapolis, San Diego and Cleveland.

Rohan  Courtney, Chairman, West 175 Media Group  Inc             020 8398 7175
                                            Mobile:              07879 498544
Peter  Binns,  Binns & Co.                                       020 7786 9600