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West 175 Media Grp (WEP)

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Friday 29 July, 2005

West 175 Media Grp

Preliminary Results

West 175 Media Group Inc
29 July 2005


WEST 175 MEDIA GROUP INC.

Preliminary results for the year ended 31st March 2005

29 July 2005

Chairman's Statement

The operating loss for the year ended 31 March 2005 was reduced to £196,457
compared with a loss in 2004 of £311,710: legal and professional fees accounted
for some 62% of total expenditure in the year under review. Under the Company
Voluntary Arrangement ('CVA'), most of the amounts contained in the balance
sheet as at 31 March 2004 and owing to creditors and to holders of the Company's
loan notes were cancelled, giving rise to a non-recurring credit in the year
under review of £1,565,432. As a result of this credit, the Group profit before
taxation for the year amounted to £1,378,977 (2004: loss of £391,000) and
earnings per share in the year were 1 penny (2004: loss of 2 pence).

The company, which disposed of its last trading subsidiary in March 2003,
continued as a non-trading shell in the year. Neither the Company nor any
subsidiary traded and no turnover was recorded.

These are consolidated accounts. However the only two remaining subsidiaries
were dissolved during the year. The Group balance sheet is therefore identical
to the Company balance sheet.

Far the most significant event in the year was the CVA, as fully described in
the several documents sent to shareholders, holders of loan notes and creditors
in documents dated 14 May 2004. On 7 July 2004, the Company announced that the
CVA of the Company had been successfully completed.

Under the terms of the CVA, creditors could elect to receive either a cash
payment of 10 pence for each £1 of their debt or 25 pence per £1 of their debt
in new shares of the Company issued at 1.5 pence per share. In order to finance
and implement the CVA, new equity funds of £65,000 were raised through an issue
of shares at 0.4 pence per share. In addition, and conditional on the completion
of the CVA, further new equity funds of £450,000 (before expenses) were raised
by the issue of 90,000,000 New West Shares at a price of 0.5 pence per New West
Share. Following completion of the CVA, the issued share capital of the Company
was increased to 161,957,470 West Shares, all of which were re-admitted to AIM
on 7 July 2004.

On 31 March 2005, the Company raised £1,040,000, before expenses, by the issue
of 130,000,000 shares at 0.8 pence per share. The cash proceeds of the issue
were received in full in the first week of April 2005, but as at 31 March 2005,
the sum of £1,040,000 was recorded as an amount owing to the Company among '
debtors'.

In financial terms, the balance sheet of the Company has been transformed both
by the CVA and by the cash raised by the March 2005 placing. The balance sheet
of 31 March 2004, which has been restated to convert all amounts from US dollars
into pounds sterling, recorded net liabilities of approximately £2,220,000. As a
result of the CVA and all the amounts raised as new share capital, the balance
sheet as at 31 March 2005 recorded net assets of £1,209,246 all of which was
represented by cash balances or debtors which were converted into cash within a
week of the year end.

The Directors have decided henceforward to use pounds sterling in the accounts
as the CVA was conducted in that currency.

The Directors therefore achieved the objective of creating a cash shell
possessing substantial cash balances and without either subsidiaries or any
known liabilities which pre-date the CVA.

The Directors have made considerable progress towards their previously stated
objective of finding a suitable acquisition for the Company and hope to make an
announcement in due course.

David Montgomery
Non-executive Chairman


For further information

Charles Sebag-Montefiore
(Non-Executive Director, West 175 Media Group Inc)   020 7236 0973

Stephen Austin
(Teather & Greenwood)                                020 7426 9548



GROUP PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2005


                                                                                          2005             2004 
                                                                 Note                        £                £
                                                                                          
GROUP TURNOVER                                                      2                        -                -

Administrative expenses                                                                196,457          311,710
                                                                                    ----------       ----------
OPERATING LOSS                                                      2                (196,457)        (311,710)

Non recurring credit arising on the CVA                             3                1,565,432                -
                                                                                    ----------       ----------
                                                                                     1,368,975        (311,710)

Interest receivable                                                                     10,002               54
Interest payable                                                                             -         (79,383)
                                                                                    ----------       ----------
PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE                                          1,378,977        (391,039)
TAXATION

Tax on profit/(loss) on ordinary activities                                                  -                -
                                                                                    ----------       ----------
RETAINED PROFIT/(LOSS) FOR THE FINANCIAL                                             1,378,977        (391,039)
YEAR                                                                                                                    
                                                                                    ==========       ==========
EARNINGS/(LOSS) PER SHARE                                                                 
- undiluted                                                                               0.01           (0.02)
- diluted                                                           4                     0.01           (0.02)
                                                                                    ==========       ==========


The group and the company, being non-trading, had no activities in the year.

The company has taken advantage of section 230 of the Companies Act 1985 not to
publish its own profit and loss account.



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                                                                                          2005             2004
                                                                                             £                £

Profit/(loss) for the financial year                                                 1,378,977        (391,039)
Currency translation difference on foreign currency net investments                          -         (29,366)
                                                                                    ----------       ----------
Total recognised gain/(loss) during the year                                         1,378,977        (420,405)
                                                                                    ==========       ==========


GROUP BALANCE SHEET AS AT 31 MARCH 2005

                                                                                         2005             2004
                                                            Note               £            £                £

CURRENT ASSETS
Debtors                                                        5       1,040,000                             -
Cash at bank                                                             264,944                         4,794
                                                                      ----------                    ----------
                                                                       1,304,944                         4,794

CREDITORS: amounts falling due within                                     95,698                       604,644
one year
                                                                      ----------                    ----------
NET CURRENT ASSETS/(LIABILITIES)                                                    1,209,246        (599,850)
                                                                                   ----------       ----------
TOTAL ASSETS LESS CURRENT LIABILITIES                                               1,209,246        (599,850)

CREDITORS: amounts falling due after more                                                   -        1,619,543
than one year
                                                                                   ----------       ----------
                                                                                    1,209,246      (2,219,393)
                                                                                   ==========       ==========

CAPITAL AND RESERVES
Called-up equity share capital                                                     23,100,970       21,051,308
Profit and loss account                                                          (21,891,724)     (23,270,701)
                                                                                   ----------       ----------
SHAREHOLDERS' FUNDS/(DEFICIENCY)                                                    1,209,246      (2,219,393)
                                                                                   ==========       ==========



GROUP CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2005


                                                                                         2005             2004
                                                            Note               £            £                £

NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES            6                    (264,852)            2,300
                                                            
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest received                                                         10,002                            54
                                                                      ----------                    ----------
NET CASH INFLOW FROM                                                                   10,002               54
RETURNS ON INVESTMENTS 
AND SERVICING OF FINANCE
                                                                                   ----------       ----------
CASH (OUTFLOW)/INFLOW                                                               (254,850)            2,354
BEFORE MANAGEMENT OF LIQUID 
RESOURCES ANDFINANCING

MANAGEMENT OF LIQUID RESOURCES
Increase in fixed term deposits                                        (260,000)
                                                                      ----------
NET CASH OUTFLOW FROM
MANAGEMENTOF LIQUID RESOURCES                                                       (260,000)

FINANCING
Issue of shares                                                          515,000                             -
                                                                      ----------                    ----------
NET CASH INFLOW FROM FINANCING                                                        515,000                -
                                                                                   ----------       ----------
INCREASE IN CASH                                                                          150            2,354
                                                                                   ==========       ==========

NOTES

     
 1.  Basis of preparation

     The financial information included above has been prepared on the basis of 
     the accounting policies as stated in the previous year's financial 
     statements. The financial information set out in this announcement does not 
     constitute statutory accounts for the purpose of Section 240 of the 
     Companies Act 1985. This announcement has been approved by the Board of 
     Directors on 28 July 2005. The auditors have reported on those accounts: 
     their reports were unqualified and did not contain statements under section 
     237 (2) or (3) of the Companies Act 1985. Statutory accounts for the year 
     ended 31 March 2005 will be posted to all shareholders shortly.

 2.  The company was wholly dormant in the year, neither generating turnover nor
     incurring cost of sales. The operating loss of £196,457 for the year was
     incurred from the costs of legal and other professional fees (£122,460),
     Directors' fees (£42,150, comprising fees of £39,000 and associated VAT of
     £3,150) and sundry expenses (£31,847). The Company's principal operations
     were carried out wholly in the UK.

 3.  The Company Voluntary Arrangement ('CVA') was fully described in the several
     documents sent to shareholders, holders of loan notes and creditors in
     documents dated 14 May 2004. The CVA was successfully completed on 7 July
     2004.

     Under the terms of the CVA, creditors could elect to receive either a cash
     payment of 10 pence for each £1 of their debt or 25 pence per £1 of their 
     debt in new shares of the Company at 1.5 pence per share (the 'Share 
     Alternative'). Holders of Loan Notes were offered only the Share 
     Alternative. In order to finance and implement the CVA, new equity funds of 
     £65,000 were raised through an issue of shares at 0.4 pence per share. In 
     addition, and conditional on the completion of the CVA, further new equity 
     funds of £450,000 (before expenses) were raised by the issue of 90,000,000 
     new shares in West 175 at a price of 0.5 pence per new share. Following 
     completion of the CVA, the issued share capital of the Company was 
     increased to 161,957,470 shares, all of which were re-admitted to AIM on 7 
     July 2004.

 4.  Basic and diluted earnings per share are based on the profit for the year 
     of £1,378,977 (2004: loss of £391,039) and the following weighted average
     number of shares.

                                                            2005            2004
                                                          Number          Number

Weighted average number of shares                    138,245,605      22,730,038
Weighted average number of dilutive share options        549,899               -
                                                     -----------      ----------
Weighted average number of shares - diluted          138,795,504      22,730,038
                                                     -----------      ----------

 5.  Other debtors of £1,040,000 represent the proceeds of a placing of
     130,000,000 new shares of common stock on 31 March 2005. The cash proceeds
     of the placing were received in full in the first week of April 2005.

 6.  Reconciliation of operating loss to net cash (outflow)/inflow from 
     operating activities

                                                            2005            2004
                                                               £               £

Operating loss                                         (196,457)        (83,739)
CVA expenses paid in shares                               56,250               -
Credit arising from CVA                                1,565,432               -
(Decrease)/increase in creditors                     (1,690,077)          80,037
Decrease in debtors                                            -          35,368
Foreign exchange movements                                     -        (29,366)
                                                     -----------      ----------
Net cash (outflow)/inflow from operating               (264,852)           2,300
activities
                                                     ===========      ==========


 7.  Reconciliation of net cash flow to movement in net funds
     
                                                               2005         2004
                                                      £           £            £
Increase in cash in the period                      150                    2,354
Cash invested in fixed deposits                 260,000
                                            -----------               ----------
Change in net debt arising from                             260,150        2,354
cash flows
Other non cash changes                                    1,619,543    (307,354)
                                                        -----------   ----------
Change in net funds                                       1,879,693    (305,000)
Net debt at 1 April 2004                                (1,614,749)  (1,309,749)
                                                        -----------   ----------
Net funds at 31 March 2005                                  264,944  (1,614,749)



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