Primorus Inv. Regulatory News (PRIM)

25 Feb 2005 08:49

CSS Stellar PLC25 February 2005 Immediate Release Friday 25 February 2005 CSS STELLAR PLC DISPOSAL The Board of CSS Stellar plc ("CSS") is pleased to announce the sale of its58.5% stake in Target Entertainment Limited ("Target") for £625,000 in cash toAmphitrite Limited, a company controlled by Richard Thompson, the formerChairman of Civilian Content plc. The disposal was anticipated when we announcedour interim results and will realise a small profit for the Group. Target's operating losses for the six months to 30 June 2004 were £581,000 onturnover of £3.8 million with net liabilities at 30 June 2004 of £902,000. CSS remains committed to the strategy of incorporating a television division todevelop and distribute programming which incorporates the personalities andclients of companies within the Group. Reality based television, which hasbecome the focus of Target's production portfolio is not an ideal fit with theassets that we have available to us. Therefore, it makes both financial andstrategic sense to focus our attention on other areas of television goingforward. The proceeds from the sale will be used to reduce bank debt. CSS intends to report its results for the year to 31st December 2004 on 16thMarch 2005. -Ends- For further information contact: CSS Stellar Tel: 020 7078 1400Sean Kelly, Chief ExecutiveKevin Rose, Finance Director Buchanan Communications Tel: 020 7466 5000Bobby Morse, Rebecca Skye Dietrich Note to Editors: CSS Stellar is a global sports and entertainment marketing group, deliveringcreative solutions to clients worldwide in film, television, sports, publishingand marketing. This information is provided by RNS The company news service from the London Stock Exchange