Information  X 
Enter a valid email address

West 175 Media Grp (WEP)

  Print      Mail a friend

Wednesday 08 May, 2002

West 175 Media Grp

Loan Agreement

West 175 Media Group Inc
8 May 2002



For Release                                                         8 May 2002


                           WEST 175 MEDIA GROUP INC.

                                Loan Agreement



West 175 Media Group Inc. ('West 175'), the media group listed on AIM, announces
that on 7th May 2002 the final instalment of the loan to West 175 Media (NZ)
Limited, its wholly-owned subsidiary, was received in full in cash. This
completes the loan of NZ$1,000,000 (equivalent to approximately £303,000)
referred to in the announcement of 15th March 2002.



The terms of the loan agreement as originally announced have been varied in that
NZ$480,000 (£145,000) was provided by John McEwen, the Chairman and founding
Chief Executive of West 175, and NZ$520,000 (£158,000) under a Deed of Novation
by Film Investment Corporation of New Zealand (No.2) Limited ('FIC No.2'), a
company registered in Auckland. FIC No.2 has been substituted for John McEwen
under the Debenture and Loan Agreement. All other terms and conditions of the
loan remain the same.



ENDS



For further information please contact:


West 175 Media Group, Inc
Paul Burton, Finance Director
Tel:  020 8398 7175


Binns & Co PR
Peter Binns / Caroline Anderson
Tel:  020 7786 9600



                      This information is provided by RNS
            The company news service from the London Stock Exchange