R4E.L Regulatory News (R4E)

4 Feb 2005 10:23

First Artist Corporation PLC04 February 2005 4 February 2005 First Artist Corporation plc ("First Artist" or the "Company") Acquisition and trading update First Artist is pleased to announce its successful completion of the acquisitionof the business, assets and goodwill of Team Sports Management Limited ("Team")which has been run for many years by Mel Stein who we are delighted has joinedFirst Artist as a consultant. Team is a football and sports player management agency representing over 40players in football and other sports, including rugby. Team will be incorporatedinto First Artist's player management division. The acquisition increases First Artist's player roster and, through Team's SouthAmerican contacts, will open up new opportunities for the Group in that region. Team will benefit from being part of a larger organisation with strong links tomajor UK and European clubs and, with its rapidly expanding marketing division,develop further income streams. The initial cash consideration was £25,000 paid from the Company's existingresources with a further £25,000 payable in 12 months. In addition, deferredconsideration of up to a maximum of £50,000 is payable based on incomegeneration derived from the acquired roster. First Artist has had a successful trading period in the first three months ofits current financial year and would also like to inform the market that it willbe announcing its results for the year ended 31 October 2004 on Monday 7February 2005. For further information, please contact: First Artist Corporation PLCJon Smith, Chief Executive 020 8900 1818Richard Hughes, finance Director Shore CapitalAlex Borrelli 020 7408 4090 This information is provided by RNS The company news service from the London Stock Exchange