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V2 Ventures Plc (HYE)

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Tuesday 06 July, 2010

V2 Ventures Plc

Update: Disposal of Assets


6 July 2010

                                V2 Venture Plc                                 
                                ("the Company")                                

On 8 December 2009, V2 Ventures entered into a Disposal Agreement (the
"Agreement") with Fred Wilson Entertainment Limited ("Fred Wilson"). Pursuant
 to the Agreement, Fred Wilson agreed to acquire certain assets and to assume
 all liabilities, of the Company for a total consideration of £85,000 (the 
"Consideration"). Under the terms of the Agreement, Fred Wilson would pay 
£50,000 in cash in deferred consideration, payable in 3 equal instalments on 
the 6th, 9th and 12th month anniversary of the Agreement.

On the date that the first of the three instalments was due, Fred Wilson
informed V2 Ventures that it would not be able to meet its obligation under the
Agreement. On 2 July 2010, V2 Ventures and Fred Wilson agreed that £1,700 would
be paid immediately by Fred Wilson Entertainment Limited. The balance due (£
14,966) will now be deferred until the 9th month anniversary of the Agreement.
The final two payments will now become payable on the 12th and the 15th month
anniversary of the Agreement.

The delay in the receipt of these funds is not likely to have any impact on the
operations of the Company.

The Board of Directors accepts responsibility for this announcement.

                                    --END-                                     

Enquiries:

V2 VENTURES PLC Tel: 020 8834 1652

Sebastian Moonjely

RIVINGTON STREET CORPORATE FINANCE Tel: 020 7562 3373

Eran Zucker

[email protected]


                                                                                                                                             

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