Zoo Digital Group PLC
8 May 2002
PRESS ANNOUNCEMENT
8th May 2002
ZOO DIGITAL GROUP PLC ('ZOO')
ACQUISITION OF DIGITAL WORLDWIDE LIMITED ('Digital Worldwide')
ZOO Digital Group PLC, which is a provider of games and entertainment products
announces, today that it has acquired the whole of the issued share capital of
Digital Worldwide Limited.
Digital Worldwide is engaged in the acquisition of rights for the publishing/
distribution of Gameboy Advance and PC titles. This currently includes a total
of 13 titles including Tiger Woods PGA TOUR, F1 2002, Medal of Honor and Grand
Theft Auto 3. During its set up phase, in the 14 months ended 30 June 2001,
Digital Worldwide made a loss before tax of £34,741. Net liabilities at 30 June
2001 were £34,641. The acquisition by ZOO will provide the company with
infrastructure support to allow it to develop and in return Digital Worldwide
will provide ZOO with an excellent opportunity to penetrate deeper into the
games market and generate strong revenue and profits.
The consideration for Digital Worldwide is £1.08 million of which £0.25 million
is payable in loan notes and £0.83 million funded by the issue of 18,461,540 ZOO
ordinary shares. Additional consideration will be paid if the net cumulative
profit before tax from the business acquired exceeds £0.75 million between the
acquisition date and 30 September 2003. The additional consideration will be
calculated as 20 per cent. of the first £0.75 million and 50 per cent. of net
cumulative profit in excess of £0.75 million in that period up to a maximum
additional consideration of £400,000.
The directors of Digital Worldwide Limited, Barry Hatch and Ian McFegan will
remain within the business.
Enquiries:
ZOO Digital Group PLC Tel: 0114 241 3700
Ian Stewart
Robert Deri
This information is provided by RNS
The company news service from the London Stock Exchange
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