RNS Number:4246S
ubet2win PLC
06 March 2007
FOR IMMEDIATE RELEASE 6 March 2007
Ubet2win Plc ("Ubet2win" or the "Company")
Trading Update and Strategic Review of Operations
On 21 November 2006, the Company announced continued poor performance of its
racecourse operations, the disposal of its remaining English pitches and the
decision only to operate the Irish pitches at major meetings.
The Company is due to announce its results for the year ended 31 December 2006
and the indications are now that the Company will report a significant loss for
the year.
In particular, the remaining Irish pitches during this period incurred
continuing losses. Given the continuing difficulties in the industry as a whole
the Board resolved to cease operating all their pitches this year and is
considering a disposal of those pitches. Accordingly, it is in discussions with
Mr Gerry French, a Director of the Company in this regard and were such a
transaction to proceed with Mr Gerry French, it would be a related party
transaction and require to be dealt with in accordance with the AIM Rules.
Similarly, the online betting side of the business, whilst achieving turnover in
excess of #1.6 million in the period, has traded at a loss and the Board has
resolved to undertake a strategic review of the future of the business. Given
the lack of working capital, online operations have been significantly curtailed
this year.
The Group has indebtedness of some #570,000 and will seek to negotiate with the
respective parties (including Mr Gerry French) regarding those debts.
The Company hopes to make a further announcement in due course regarding the
outcome of its stategic review and the renegotiation of its indebtedness.
Contact:
Jonathan French, Ubet2win Plc 07917 891079
Roland Cornish, Beaumont Cornish Limited 020 7628 3396
This information is provided by RNS
The company news service from the London Stock Exchange
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