Mineral & Fin Regulatory News (MAFL)

6 May 2008 14:34

Upstream Marketing and Comms Inc.06 May 2008 Upstream Marketing and Communications Inc. ("Upstream" or "the Company") Disposal of Media Services Asia Limited Upstream Marketing and Communications Inc. (AIM: UPS), the Asia-based fullservice marketing and corporate communications network, today announces that itswholly owned subsidiary, Media Services Asia Limited ("Media Services"), hasagreed to dispose of certain of its assets and grant a license to MarketwireChina Holdings (HK) Limited ("Marketwire China"). Media Services had previously entered into an agreement with MarketwireIncorporated ("Marketwire"), the parent company of Marketwire China, to provideAsia-based businesses with global news release distribution and this agreementwill enable Marketwire to expand the scope and reach of its Asia Pacific newsrelease distribution services. As part of the agreement, Media Services will exit the news wire business butUpstream will continue to offer its clients high value added digitalcommunications services to support the corporate communications, publicrelations and investor relations of its clients. The total consideration in respect of the Disposal will be $350,000 payable incash. Completion of the Disposal is expected to take place on or before May 7,2008. In its unaudited accounts for the year ended 31 December 2007, Media Servicesgenerated an operating profit of $ 350,748 on a turnover of $ 567,943. As at 31December 2007, Media Services had net assets of $ 350,748. Upstream willrecognise a profit on disposal of approximately $ 330,000 in its financialstatements for the year ended 31 December 2008. The net proceeds from thedisposal will be applied towards the ongoing working capital requirements of theCompany. "Our Media Services business created a relevant, effective product for ourregion," commented David Ketchum, CEO of Upstream. "It is a testament to thequality of the news distribution services provided that a global leader such asMarketwire should choose to first partner with Media Services, and thenultimately move to acquire these assets and a license." For additional details please contact: David Ketchum, CEOUpstream AsiaTel:+852 2973 0222Email: david@upstreamasia.com Strand Partners LimitedJames Harris / Angela PeaceTel: +44 (0)20 7409 3494 Hybridan LLPClaire Louise Noyce/Stephen AustinTel: +44 (0)20 3159 5085 About Upstream Founded in 2000, Upstream is a full service marketing and corporatecommunications network positioned to help companies make the most of businessopportunities in the Asia Pacific region. Upstream has offices in Beijing, HongKong, Shanghai, Singapore, Sydney, Taipei and an Upstream branded affiliated inTokyo, as well as regional and global affiliates. Key practice areas includetechnology, corporate & financial, and consumer & travel. For more information,please visit www.aboutupstream.com This information is provided by RNS The company news service from the London Stock Exchange