Webis Regulatory News (WEB)

11 Jan 2006 14:47

betinternet.com PLC11 January 2006 FOR IMMEDIATE RELEASE 11 January 2006 BETINTERNET.COM PLC ("betinternet" or the "Company") AGM STATEMENT At today's Annual General Meeting of betinternet, the Chairman, Mr Denham Eke,made the following statement regarding the Company's current trading position: "Shareholders will be aware following the recent publication of our Reportand Accounts that a number of major strategic initiatives are underway. I am delighted to inform shareholders that the necessary funding to underpinthese initiatives has now been secured following approval by shareholders thismorning of a placement to our major shareholder, Burnbrae Limited, for £1.6million less costs associated with the issue. I am also pleased to report that the strategic issues are proceeding accordingto plan and in line with our anticipated timetable. Specifically the new sportsbook platform which is being developed in partnershipwith IGW, a Florida based company with particular expertise in developingsoftware for the US market, is on target to be functioning in advance of the2006 Soccer World Cup Tournament. Arrangements are also proceeding in parallel to launch the new software fromservers in Curacao. As previously reported this will allow us to target thevast US market with a comprehensive sports, casino and games offering. The fundraising will also provide resource for a targeted marketing campaigntowards potential new players from the USA and our core markets in the Far Eastand Europe. Our pari mutuel business, European Wagering Services Limited ("EWS"), has madesteady progress in the current period. This follows the well documented issuesit faced last year which resulted in our decision to cease offering incentivesto certain high wagering US punters. Accordingly, the turnover from thisactivity will be significantly less than was the case in the correspondingperiod last year. Nevertheless by concentrating on higher margin opportunitiesEWS is expected to make a modest contribution before interest and depreciation. Activity in the sportsbook division mirrors the period to May 2005. Wagering onsporting events will be less than for the comparable period last year as it wasfelt imprudent to undertake significant marketing expenditure in advance of thenew platform launch which I refer to above. We continue to be pleased with the turnover from the live casino and gameswhich, in the period to end of November 2005, will have exceeded that fromsports events. The company anticipates announcing its interim results for the 26 weeks to 27thNovember 2005 in early March. In view of the reduction in wagering on sportsevents mentioned above these are likely to record an operating loss afterattributable overheads. The Board is however looking towards the future with considerable confidence. Ibelieve that the results of the strategic initiatives mentioned earlier,designed to create a compelling and exciting one stop gaming and entertainmentplatform, will lead to significantly improved financial results." END For further information: betinternet.com plc Tel: 01624 698141 Garry Knowles, Managing Director Britton Financial PR Tel: 020 7251 2544Tim Blackstone Williams de Broe Tel: 0113 243 1619 Joanne Lake This information is provided by RNS The company news service from the London Stock Exchange