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West 175 Media Grp (WEP)

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Friday 04 July, 2003

West 175 Media Grp

Financial Position Statement

West 175 Media Group Inc
04 July 2003



For Immediate Release



West 175 Inc



('West' or the 'Company')



In April 2003, West completed the sale of the last division of its operating
businesses.  As the Company no longer has any trading activities, by mutual
agreement with Paul Burton, the board has now confirmed his resignation as
finance director and company secretary.  The secretarial function has been taken
over by the Company's financial adviser, Ludgate Investments Limited ('Ludgate
'); and, in conjunction with Ludgate, the board of West has been reviewing the
Company's position.



The Company has a deficit and, at present, is unable to pay its debts as and
when they fall due.  However, the board has been working with Ludgate and with
Numis Securities Limited ('Numis'), and expects to be able to raise the
necessary funding to offer a cash settlement to its creditors, who consist
mostly of the company's present and recent advisers.   It is expected that this
offer will be made within the next seven days.  The Company is also disputing a
claim for unfair dismissal from an ex-employee.



Ludgate and Numis continue to work with the board of West to identify a basis
for West to be used as a quoted shell to acquire a suitable business.






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