Cube8.com PLC
13 June 2000
Cube8.com signs £1.25m deal with Itchy Limited
Cube8.com, the AIM-quoted internet incubation and investment company which
also provides strategic management consulting and technology services,
announces today that it has made a cash investment of £400,000 in Itchy
Limited ('Itchy') for an initial 28% stake. Cube8.com also has options to
increase its stake to 43% within two years. The maximum total consideration is
£1,250,000, which is payable via a mixture of cash and Cube8.com shares.
Based in Leeds, Itchy is the publisher of a number of city guides including The
Little Book of Leeds, The Little Book of Nottingham and The Little Book of
Sheffield. The publications are aimed mainly at the student and young
professional market with listings and reviews of pubs, clubs, bars and
restaurants. Itchy published their first city guide for Leeds in February 1999.
Commenting on the investment, Tim Dean-Smith, Chairman and Chief Executive of
Cube8.com, said, 'The Itchy brand is well established in Leeds, Sheffield and
Nottingham and we have invested in the right team to expand this market
geographically. Itchy is a traditional publishing business with significant new
media potential. This is another well-placed content based business to add to
the Cube8 portfolio, which has a strong bricks and mortar element.'
Andrew Wood, Managing Director of Itchy said, 'We chose Cube8 as a strategic
investor because they shared our new media vision for the business and we are
convinced that they will be able to add significant value. The cash that we have
raised will enable us to accelerate the development of our business and to
extend our coverage to 21 UK cities by the end of this year.'
Dan Parker, Commercial Director of Cube8.com, will join the board of Itchy
with immediate effect as a non-executive director.
www.cube8.com www.itchycity.com
For further information, please contact:
Cube8.com plc Tel: 020 7243 2000
Tim Dean-Smith, Chairman & Chief Executive
E-Mail: timds@cube8.com
Itchy Limited Tel: 0113 246 0440
Andrew Wood, Director
E-mail: mailto:woody@itchymedia.co.uk
Issued by:
Bankside Consultants Limited Tel: 020 7220 7477
Henry Harrison-Topham / Julian Bosdet
E-Mail: henry@bankside.co.uk / julian@bankside.co.uk
Note to editors:
Cube8.com is an investment and incubation company that provides financial and
intellectual capital to accelerate start-up and early-stage internet businesses.
The company focuses on 5 investment sectors:
Enabling technologies
Providers of internet development and support services
Business-to-Business (B2B) e-commerce and community portals
Business-to-Consumer (B2C) e-commerce and community portals
Content providers and media companies
Cube8.com also helps companies to expand globally, particularly focusing on
launching established US businesses into Europe. Cube8.com also invests in
established 'Bricks & Mortar' companies seeking to maximise new media
opportunities, particularly where the B&M element provides a durable competitive
advantage.
The Company's shares started trading on the Alternative Investment Market (AIM)
of the London Stock Exchange on 28th February 2000. Cube8.com plc also holds
stakes in Blue Carrots plc, TaoTalk Limited, Prizescratch.com Limited,
Unmissable Limited, Web Street Limited, Project Boris Limited, MailTrack
Limited, PVC PR Limited, Dynamid Limited and Harden's Limited
For full information on Cube8.com investee companies, please visit our web site
www.cube8.com.
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