Newsplayer Group PLC
18 January 2002
For Immediate Release
18 January 2002
Update on FootageQuest Acquisition
Newsplayer Group plc ('NPG') announces that completion of its planned
acquisition of FootageQuest from eMotion, Inc. ('eMotion'), has been delayed
until the services of an alternative technology supplier to NextLec, Inc.
('NextLec') have been secured.
The services provided by NextLec to eMotion in respect of the assets to be
acquired are crucial to the functionality of the assets, and NPG will require
that similar services be secured before the purchase can proceed.
NPG announced on 2 January 2002, that it had signed a conditional agreement to
acquire the trade and assets of FootageQuest from eMotion, a distributor of
rights protected and royalty free content, (the 'Agreement'). Two of the
conditions for the completion of the Agreement related to the provider of
technical services to FootageQuest, NextLec, which was in Chapter 11 bankruptcy
protection when the Agreement was signed. NextLec's Chapter 11 bankruptcy has
since converted to Chapter 7 bankruptcy, which is the equivalent of being in
liquidation. As a result neither of the two conditions related to NextLec will
be met and the Agreement has to be renegotiated.
This does not effect the acquisition of Footage.Net from eMotion which NPG
announced on 27 December 2001.
Paul Duffen, Chief Executive of NPG, said: 'We remain committed to acquiring
FootageQuest and are in talks with third parties who can provide the services
previously supplied by NextLec. When we signed the agreement we knew that this
situation was a possibility and have planned for this contingency. We are
working closely with eMotion to find a satisfactory solution.'
A further announcement will be made as appropriate.
Enquiries:
Newsplayer Group Plc
Paul Duffen, CEO 07785 313 485
Barry Llewellyn, Marketing Director 07768 502 090
Brunswick Group Ltd
Harry Chathli 020 7404 5959
Pamela Small
Notes to editors:
Newsplayer Group plc is a new media company that exploits rights and/or
licences to television and cinema content and markets them globally to
business, educational and consumer audiences using interactive technology.
Revenues are generated from the licensing of content to third parties, from
subscription and pay-per-view fees paid by consumers, and from shared
advertising revenues.
NPG has a range of on-line channels including:
* Newsplayer.com - a thousand hours of 20th century news material from ITN and
Reuters
* Frost.tv - hundreds of interviews conducted by Sir David Frost
* Screenplayer.com - Hollywood and showbiz footage
* Ucreate.tv - online video editing service
* Birdstream - archives of RSPB film unit
* Video.tv - hundred years of music videos from EMI
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