West 175 Media Group Inc
30 May 2002
For Immediate Release 30 May 2002
WEST 175 MEDIA GROUP INC.
Resignation of John McEwen as chairman and chief executive
West 175 Media Group Inc ('West 175' or 'the Company'), the international
multi-media company, announces that John McEwen has agreed to resign as
executive chairman and chief executive of West 175 and from all other offices
within the Company. This resignation is conditional on payment of his severance
John McEwen's emphasis for the Company has been to expand opportunities in New
Zealand. Whilst revenues have grown substantially in New Zealand, the board
believes that the emphasis should focus more in Europe.
As part of John McEwen's severance package, in consideration of John McEwen
agreeing to refund the liabilities incurred by Ninox in June, the Company has
agreed to sell him the entire issued share capital of Ninox 175 Limited a loss
making film production company, together with Ninox Films Limited and Ninox
Communications Limited (both dormant) with effect from 30 June 2002.
John McEwen is also seriously considering making an offer for some or all of the
other companies and assets in New Zealand, where he lives, and intends to engage
broker support for this purpose.
John McEwen founded West 175 in 1989. He has been its chief executive since then
and was appointed chairman of the Company in February 2001. The board of West
175 thanks John McEwen for his contribution to the Company and wishes him well
in the future.
Jeff Green, an executive director based in New Zealand, will continue to run the
New Zealand operations as chief executive.
For further information, please contact:
West 175 Media Group Inc. Binns & Co. P R Ltd.
Charles Sebag-Montefiore, Paul McManus
Tel: 020 7355 1200 Tel: 020 7786 9600
This information is provided by RNS
The company news service from the London Stock Exchange