Earthport Regulatory News (EPO)

9 May 2006 09:00

Earthport PLC09 May 2006 9 May 2006 EARTHPORT BECOMES GLOBAL PAYMENTS PARTNER TO BURNLOUNGE Earthport plc, ("Earthport" or "the Company"), the UK-based specialist providerof secure electronic payments services, has signed an agreement to become theglobal payments partner of U.S. based BurnLounge, the community-powered digitalmusic service that enables music fans to sell the music they love to friends orlike-minded individuals. Under the initial five year agreement, Earthport will provide BurnLounge with aglobal payments platform to manage its payment requirements. Through itsUniversal Payments Network (UPN) and global banking network, Earthport is ableto provide BurnLounge with payment delivery solutions in over 190 territories,thus allowing for the rapid expansion of its services. BurnLounge is a new, community powered digital music service that enables musicfans to discover and enjoy music, as well as become online retailers with accessto a huge catalogue of premium and diverse content. This content includes tracksfrom all four major, and thousands of independent record labels. A new conceptin online music retailing, BurnLounge enables music fans to participate in themusic world on different levels by establishing digital music stores thatreflect their own music tastes. In return for selling music content, storeoperators earn BurnRewards points to spend online, as well as receive money,which will be transferred via Earthport's systems. The International Federation of the Phonographic Industry, reported in its 2006Digital Music Report that revenues from digital sales almost tripled from $400million in 2004 to $1.1 billion in 2005. The number of digital single tracksdownloaded online or to mobile phones rose from 156 million to 470 million. Strategy Analytics projects that by 2010 more than $8.2 billion worth of musicwill be delivered via digital platforms in Western Europe and North America,accounting for almost 30% of total music sales. Commenting on the agreement, Mike Harrison, Chairman of Earthport said: "We aredelighted to be working with BurnLounge, a significant American business partnerfor Earthport. This agreement is a good example of how Earthport's strategy canbenefit fast growing online businesses. By utilising our extensive globalbanking network and the advanced technology which comprise our UPN, we providemulti-million transaction businesses with a solution to their global paymentsrequirements" Ryan Dadd, President and COO of BurnLounge continued: "In the digital age,keeping on track with payment requirements is a vital piece of the business.Earthport provides us with the ability to confidently service a vast communityand receive and track payments in an efficient and cost effective manner". Press enquiries: For EarthportMike Harrison Chairman - Earthport plc +44 20 7220 9700Lulu Bridges / Paul Dulieu - Tavistock Communications +44 20 7920 3150lbridges@tavistock.co.uk For BurnLoungeKaren DeMarco / Ayn Allen - mPRm Public Relations +1 323 933-3399kdemarco/aallen@mprm.com Notes to Editors About Earthport Earthport plc is a UK-based company specialising in the provision of secureelectronic payments services. Earthport's key product is its Universal PaymentNetwork, a payment infrastructure which links directly to traditional and modernbanking systems around the world. The UPN allows parties to make and collectpayments using bank accounts and card services in a secure and compliantenvironment at affordable rates. The UPN enables payment delivery in over 190countries and in multiple currencies. The UPN is bi-directional and caters formicro to macro payments. Further information may be obtained from Earthport'swebsite at www.earthport.com About BurnLounge BurnLounge is the first, next-generation, community-powered digital musicservice enabling music fans to discover and enjoy music, as well as operatetheir own digital music stores and evangelize the music they love. Through thisinnovative model, BurnLounge provides record labels and artists with a newfan-driven promotional channel. For additional information, visit BurnLounge atwww.burnlounge.com. This information is provided by RNS The company news service from the London Stock Exchange