20 July 2006
121 Media, Inc.
("121 Media") or (the "Company")
The Company announces that Kent Ertugrul, chief executive officer, has
exercised options and warrants over 454,184 and 295,628 common shares,
In addition, the Company has been informed by Kent Ertugrul that, following a
clarification of the legal status of the 629,527 common shares held by Dartley
Holdings, Inc, Mr Ertugrul is to be regarded as having a beneficial interest in
Accordingly, following admission of the common shares to be issued, (following
the exercise of the options and warrants set out above) Kent Ertugrul will be
beneficially interested in 2,594,412 common shares (equivalent to 24.22 per
cent. of the issued share capital of the Company) and is the holder of options
to subscribe for up to a further 880,707 common shares on terms previously
Mr Ertugrul has confirmed to the Company that he has no intention to dispose of
any shares in the Company for the foreseeable future.
The Company also announces that Tim Bowen, chief financial officer, has
exercised options over 25,000 common shares. The registered holder of these
shares will be James Hay Pension Trustees, the trustees of Mr Bowen's Self
Invested Pension Plan.
Following admission of these shares Mr Bowen will beneficially hold 70,000
common shares (representing 0.65 per cent. of the issued share capital of the
Company), of which 35,000 common shares are registered in the name of James Hay
Pension Trustees. Mr Bowen continues to hold options to subscribe for up to a
further 45,000 common shares on terms previously disclosed.
In addition, members of staff have exercised options over 59,259 common shares.
Application has been made for a total of 834,071 common shares to be admitted
to trading on AIM and dealings are expected to commence on 26 July 2006.
Following the issue of these shares there will be 10,711,982 common shares in
121Media, Inc. 0870 405 7727
Tim Bowen, CFO
John East & Partners Limited 020 7628 2200