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West 175 Media Grp (WEP)

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Friday 11 April, 2003

West 175 Media Grp


West 175 Media Group Inc
11 April 2003

                    Disposal of New Zealand holding company

West 175 Media Group Inc. (the 'West Group') announces that it has completed the
sale of its entire  shareholding in West 175 Media (NZ) Limited ('West NZ')
together with the benefit of all debts owing by West NZ and its subsidiaries to
West Group and its subsidiaries for a nominal consideration of NZ$1 to Tasray
Investments Limited ('Tasray'). Tasray is a New Zealand company whose principal
shareholder is Jeffrey Raymond Green, the former Chief Executive New Zealand and
director of the West Group. This disposal is in accordance with West Group's
policy of reducing its overall operating costs.

The immediate benefit of the disposal is the reduction of the consolidated
liabilities of the West Group by NZ$5,430,000 (£1,901,000).

The directors of West 175 Media Group Inc. have sought to dispose of these
assets over the past 10 months and in the absence of other offers on improved
terms they do not consider that West NZ has any assets that would realize any
greater value for the West Group. All inter-company debts have previously been
provided against in the West Group parent company Balance Sheet.

West NZ was incorporated in November 1998 to act as a holding company for West
Group's activities in New Zealand. Since June 2002, in accordance with West
Group's policy, West NZ has disposed of a number of its loss-making businesses.
West NZ's current subsidiaries are Actrix Networks Limited and Connections
Incorporated Limited, an internet service provider, and Centurion GSM Limited, a
mobile phone retailer. In the year to 31st March 2002, West NZ had consolidated
revenues of NZ$19,876,000 (£6,960,000) and losses after tax of NZ$13,837,000
(£4,845,362) and as at 31 March 2002 had consolidated net liabilities of
NZ$24,668,000 (£8,638,000).

The independent directors of the West Group consider, having consulted with
Numis Securities Limited, its nominated advisor, that the terms of the
transaction are fair and reasonable insofar as West Group's shareholders are

West Group further announces the sale of its minority shareholding in e-services
Limited, a New Zealand based telecommunications software developer, to the
majority shareholders. The consideration is an immediate cash payment of
NZ$25,000 (£8,700).

The sale of West NZ and e-services Limited completes the disposal of all West
Group's trading operations in New Zealand and also completes West Group's plans
of becoming a 'shell' company. West Group continues to seek to identify
acquisition opportunities within the media sector across UK and Europe.

11th April 2003

For further information, please contact:

West 175 Media Group Inc
Tel: 020 7462 0632

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