Information  X 
Enter a valid email address

West 175 Media Grp (WEP)

  Print      Mail a friend

Wednesday 12 February, 2003

West 175 Media Grp

Re Agreement

West 175 Media Group Inc
12 February 2003


             Settlement agreement with BBC Worldwide Americas, Inc.


West 175 Media Group Inc. (the 'West Group') announces that it has signed a
settlement agreement (the 'Agreement') with BBC Worldwide Americas, Inc. 
('BBCWA') whereby all the rights and obligations of the West Group relating to 
the co-development and production of the television series 'Great Food' revert 
to BBCWA.

Under the Agreement, BBCWA has agreed to pay to West Group in cash the sum of
US$200,000, of which US$100,000 is payable before 21st February 2003, being ten
days after signature and US$100,000 on 1st April, 2003. The immediate effect of
the Agreement is to reduce the liabilities of the West Group by US$180,000.

The proceeds of US$200,000 will be used to fund West Group's continuing working
capital requirements.

West Group and BBCWA originally entered into an agreement in June 1997 in
connection with the co-development and production of a television series
entitled 'Great Food'.  Among other matters, this agreement provided for the
exploitation in the USA of the television and ancillary rights of the BBC's
cookery programme library. Since 1997, three series of 'Great Food' have been
produced for the Public Broadcast Service in the US attracting US$1,691,000 of
sponsorship revenue and generating US$83,000 of net profit to the West Group.

For further information, please contact:

West 175 Media Group Inc
Paul Burton, Finance Director
Tel: 020 7462 0632


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