6 Mar 2015 15:00
March 6th 2015
Cellcast plc
("Cellcast" or "the Company")
Cancellation of joint venture
On 30 May 2014, Cellcast (AIM; CLTV) announced that the Company had entered into a joint venture ("Joint Venture"), with the principals of the Atlas Group of Companies (the "JV Partners"), whereby Cellcast agreed to invest £1.0 million for a 49% equity interest in Euro TV SA ("Euro TV"). Cellcast and the JV Partners have today mutually agreed to cancel the Joint Venture, as the directors of Cellcast believe that the funds committed by the Company to the Joint Venture would be better utilised pursuing other business expansion opportunities.
The Joint Venture will return to Cellcast the amount it has committed to the Joint Venture and Cellcast will deploy these funds elsewhere in the business as appropriate. As previously announced by the Company, the directors of Cellcast are continuing to explore new exploring new genres of interactive multiplatform TV, primarily focussed on the gaming and gambling sectors.
For further information:
Cellcast plc | 020 3376 9420 |
Andrew Wilson, Chief Executive | |
Allenby Capital Limited (Nominated Adviser and Broker) | 0203 328 5656 |
Nick Naylor / James Reeve |