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West 175 Media Grp (WEP)

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Monday 16 February, 2004

West 175 Media Grp

Company Voluntary Arrangement

West 175 Media Group Inc
16 February 2004


West 175 Media Group Inc ('the Company')


Following the Company's suspension on 12 August 2003, and further to the
announcement on 21 November 2003, the Company intends to proceed with a company
voluntary arrangement ('CVA') with all of its creditors.  The requisite
documentation has been prepared by the Company and Hacker Young and Partners to
enable the requisite meetings for the CVA to be convened very shortly.  The
terms of the CVA include the issue of new shares to creditors, requiring the
approval of shareholders of the Company in General Meeting.  In parallel to this
the Company is currently completing outstanding US tax returns required in order
to allow any amendments to the Company's Articles of Incorporation, a necessary
pre-condition to entering into the CVA process.  A third party has been
identified to invest sufficient funds to cover the cash dividend to creditors
and to settle the fees for existing advisers connected to the CVA process.
Subject to shareholder approval, these funds will be convertible into shares in
the Company and the third party will receive warrants to subscribe for new
shares.

At or prior to convening the CVA, it is intended that the audited accounts of
the Company for 31 March 2003, together with an unaudited interim statement for
the period from 1 April 2003 to 30 September or 31 December 2003 will be
published.  It is also proposed that at or about the same time that the CVA is
published, further funds will be raised to provide the Company with some working
capital with a view to using the Company as a shell to acquire a suitable
business in due course.

Trading in the shares of the Company will remain suspended for the time being.


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