Placing to raise GBP0.3 million

12 February 2010

                                 MediaZest plc                                 

                        ("MediaZest" or the "Company")                         

                         Placing to Raise £0.3 million                         

                             Directors' Interests                              

                      Change of Accounting Reference Date                      

Placing

The Board of MediaZest announces that it has raised £324,000 to fund the
Company's working capital requirements by way of a placing with existing and
new investors of 64,800,000 new ordinary shares of 0.1p (the "Placing Shares")
at a price of 0.5p per share, being the closing mid price on 11 February 2010.

The Placing Shares represent approximately 38.7 per cent of the enlarged issued
share capital and will rank parri passu with the existing ordinary shares.

Application has been made to AIM for the admission of the Placing Shares and
dealings are expected to commence at 8.00am on 18 February 2010.

Directors' Interests

Lance O'Neill, the Company's non-executive Chairman, has subscribed for
2,000,000 Placing shares. In addition, EP&F Capital Plc, a company of which he
is a director and shareholder, has subscribed for a further 9,000,000 Placing
Shares.

Geoffrey Robertson, the Company's Chief Executive Officer and Finance Director,
has subscribed for 1,000,000 Placing Shares as part of the fundraising.

Following this issue of Placing Shares, the interests of the Mr O'Neill and Mr
Robertson are as follws:

Name                  Number of Placing     Total number of     Percentage of
                          Shares issued     ordinary shares      issued share
                                                       held           capital
                                                                             
Lance O'Neill                 2,000,000           5,184,121               3.1
                                                                             
EP&F Capital Plc              9,000,000          13,000,000               7.8
                                                                             
Geoffrey Robertson            1,000,000           3,115,000               1.9

Following the issue of the Placing Shares, the total number of shares in issue
is 167,625,327 ordinary shares of 0.1p each. As the Company does not hold any
ordinary shares in Treasury its total number of voting rights equals its
capital. This figure has been used in determining the percentage holdings in
the above table.

Change of Accounting Period

In view of this significant fundraising being completed only shortly after the
Company's normal year end date, the Board have decided to extend the current
period to 15 months, ending 31 March 2010. This will enable the Company to
present updated accounts that better reflect the current position and its
improvement since the last reporting period.

The Company will, as a consequence of this change in the year end from 31
December 2009 to 31 March 2010, report a second set of interim results for the
six months to 31 December 2009 by no later than 31 March 2010. The audited
results for the 15 month period to 31 March 2010, will be published by no later
then 30 September 2010.

Related Party Transaction

As Mr O'Neill is a director of the Company, the issue of Placing Shares to Mr
O'Neill and EP&F Capital Plc is deemed to be a related party transaction.
Similarly, as Geoff Robertson is a director of the Company, the issue of
Placing Shares to Mr Robertson is deemed to be a related party transaction. In
accordance with AIM Rule 13, and as there are no independent directors, Astaire
Securities Plc, being the Company's Nominated Adviser, has considered the terms
of the transaction and is satisfied that those terms are fair and reasonable
insofar as the Company's shareholders are concerned.

Contact:

Geoff Robertson, Chief Executive Officer                      020 7724 5680
                                                                           
MediaZest plc                                                              
                                                                           
Antony Legge                                                  020 7448 4468
                                                                           
Astaire Securities Plc