West 175 Media Group Inc
28 September 2000
WEST 175 MEDIA GROUP INC.
('West 175' or 'the Company')
CHAIRMAN'S AGM STATEMENT
At the Annual General Meeting of West 175 Media Group Inc., the AIM-listed
lifestyle media group, held in London today, shareholders approved the change
of the Company's domicile from California to Delaware, a move designed to
facilitate any future potential listing on NASDAQ.
Rohan Courtney, Chairman of West 175, highlighted the Company's achievements
in the year ended 31 March 2000, which included:
* An increase in turnover by 400%
* An increase in gross profits by 850%
* The successful launch of MasterChef USA
* The broadcast of Series 2 of 'GREAT FOOD' and Series 4 of the 'Chefs of
* The US distribution of World of Wildlife series
* The purchase of 60% of Actrix.com, New Zealand's leading internet service
* The launch of a live celebrity chef event, ahead of a planned national
Mr Courtney also made the following remarks: 'Much has happened since the
year-end. In August West 175 has become the first US company listed in London
to announce settlement in CREST. We also announced the purchase of 24.9%
equity interest in Central Park Interactive Limited, which currently operates
13 stores across New Zealand, marketing Playstation, Nintendo and Game Boy.
Central Park Interactive provides an important distribution channel through
which Actrix will be able to market Internet products and services. It will
also provide a platform for both Actrix and West 175 to leverage opportunities
in the emerging on-line gaming market.
The advantage of forging links with Sony and Westfield Group, one of the
world's largest shopping mall developers with which Central Park Interactive
has a key relationship, will be seen in advertising on the Group's television
and radio stations in New Zealand.
Since the year-end we have also raised £11 million from institutional and
other clients to fund both the Company's active corporate development
programme and its future working capital requirements. We said at the time,
and I would like to emphasise again, that the Company now has adequate
resources to meet all of its funding requirements, although we will continue
to review opportunities to enhance shareholder value as and when they arise.
'We have built a business with significant capabilities in broadcasting,
production, events, publishing, fulfilment, merchandising, e-commerce and the
Internet and which has operating bases in the United States, New Zealand and
the United Kingdom. We are abreast of the latest technology and are meeting
the increased demand for all aspects of lifestyle. Our strong management
team is committed to delivering to shareholders the real increases in value
that the integration of these businesses is capable of producing.'
28 September 2000
Chairman, West 175 Media Group, Inc Tel: 020 8398 7175
Mobile: 07879 498 544
Peter Binns / Jane Mallinson
Binns & Co. Tel: 020 7786 9600