Cube8.com PLC
22 August 2000
Cube8.com acquires 70% strategic stake in
web development consultancy Planet Three
Cube8.com plc, the AIM-quoted technology, media and telecoms incubation and
investment company which also provides consulting and technology services,
announces today that it has made a strategic investment in Planet Three
Limited, a web development consultancy, for a 70% stake in the company. The
maximum total investment is £550,000 cash.
Planet Three Limited is an e-commerce consultancy and software development
company led by its founder and Managing Director, Chris Love. The company was
formed in 1998 and now has over two and a half years of experience of meeting
its clients' needs. Planet Three has extremely valuable resources in a market
that is experiencing exponential growth. It employs 33 full time staff, and
is set to continue its growth in the forthcoming months.
Planet Three's core strength lies in its established technological
capabilities and its strong team of experienced and committed staff. In an
industry that is renowned for high levels of employee churn, Planet Three has
experienced minimal staff turnover.
Planet Three's business ranges from consultancy work through to complete
Internet solutions. The company has the resources in place to undertake a
wide range of diverse projects, and offers a number of other services. These
include web site hosting, email/web forwarding and domain name registration.
The company's software development expertise was highlighted when Web Street,
a Planet Three developed software product, was a semi-finalist in the BT
e-business innovation awards.
Commenting on the investment, Tim Dean-Smith, Chairman and Chief Executive of
Cube8.com, said, 'This strategic investment in Planet Three underlines Cube8's
commitment to developing substantial cash-generative consultancy and web
agency services. I expect Planet Three to increase its turnover rapidly over
the next 12 months, and to produce significant profits.'
Chris Love, Managing Director of Planet Three Limited, commented, 'We are
looking forward to working with the Cube8 team. Cube8 is an added value
investor, and will help Planet Three achieve its goal of becoming a leading
player in the UK e.commerce consultancy market'.
Cube8's Chief Technology Officer, David Cartwright, will join the Plant Three
Board as Projects Director with immediate effect. Dan Parker and Philip
Marsden, Commercial Director and Company Secretary of Cube8.com will become
non-executive directors.
www.cube8.com www.planet-three.net
For further information please look at the new investor relations website at
www.cube8.com or please contact:
Cube8.com plc Tel: 020 7243 2000
Tim Dean-Smith, Chairman & Chief Executive
E-mail: timds@cube8.com
Planet Three Limited Tel: 0870 729 5666
Chris Love, Managing Director
E-mail: chris@planet-three.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 is a technology, media and telecoms investment and incubation company
that provides financial and intellectual capital to accelerate start-up and
early-stage internet businesses.
The Company's operations have 3 main areas of focus, these being:
(i) Investment
(ii) Consultancy and Agency Services
(iii) Networking and Fundraising
The company's shares started trading on the Alternative Investment Market
(AIM) of the London Stock Exchange on 28th February 2000.
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