Information  X 
Enter a valid email address

Warthog PLC (WHOG)

  Print   

Monday 23 February, 2004

Warthog PLC

EGM Statement, Trading Update

Warthog PLC
23 February 2004


Warthog plc


 Announcement of passing of all resolutions at Extraordinary General Meeting of
                         the Company and Trading Update



Warthog plc ('Warthog' or 'the Company') announces that at its EGM held today in
relation to the Placing and the Proposed Rights Issue, originally announced on
30 January 2004, all the resolutions were passed.


Warthog is also pleased to announce that, in respect of the recently announced
strategy of IP partnering, the Company is in contract negotiations with two new
IP providers regarding partnering contracts for two significant movie-related
games projects.


Additionally, Warthog announces the termination of a previously unnamed title
that had been under development by the Company's Texas studio for a US client.
The contractual terms of this work for hire project mean that Warthog expects to
receive a significant termination payment.  The expected net financial impact of
this termination on the current financial year (ending 31st March 2004) is to
reduce the Group's reported loss by £23,000 and to improve cashflow by £121,000.
  The Company's prudent treatment of the contract resulted in no royalties being
forecast for this project.  It is currently envisaged that one of the
above-mentioned IP partnering projects would be undertaken by the Texas studio.


Ashley Hall, Chief Executive Officer of Warthog, commented:


'We are pleased to have secured the funding from the Placing to allow us to
implement our strategy of partnering with the owners of valuable IP licences.
It is currently envisaged that the contract termination will allow our Texas
studio to accelerate Warthog's development of games in partnership with IP
holders.'



23 February 2004


Enquiries:

Kirsty Black, Merlin PR                                        020 7653 6620







                      This information is provided by RNS
            The company news service from the London Stock Exchange
                                                      

a d v e r t i s e m e n t