Webis Regulatory News (WEB)

2 Nov 2007 12:21

betinternet.com PLC02 November 2007 FOR IMMEDIATE RELEASE02 November 2007 BETINTERNET.COM PLC ("betinternet" or the "Company") AGM STATEMENT At today's Annual General Meeting of betinternet, all of the tabled resolutionswere duly passed and the Chairman, Mr Denham Eke, made the following statementregarding the Company's current trading position: "The Company has continued to trade according to expectations during the firstquarter of the new financial year, with good revenues being achieved through thecasinos and fixed-odds games on the sportsbook platform, during a period whenfootball content was reduced. Within the last week, the sportsbook has undertaken a substantial upgrade whichhas enhanced the opportunities for our customers, with the introduction ofStarting Price betting to complement our existing UK and Irish horseracingproduct, which we plan to start marketing within the next two weeks. We havealso added to our football offering with the introduction of Asian Handicapmultiple bets and made improvements to the betting slip and internal liabilitymanagement systems, as well as allowing for a better allocation and tracking ofpromotional bets. I anticipate that these enhancements will increase the appealof our website and have a positive effect on the revenues achieved by thesportsbook operation in the forthcoming months. The board intends to continue to seek a strategic acquisition for our sportsbookoperation and this will remain an area of focus for the forthcoming year, butnot to the detriment of driving organic growth of our existing sportsbookbusiness. European Wagering Services (EWS) has now secured a robust payment solution,which is already assisting with the reactivating of accounts from thosecustomers who were unable to deposit following our recently documented bankingissues. The impact of these issues on the operation has been limited, due to thenature of pari-mutuel betting and the composition of EWS' customer base and Inow expect that we will see a return to previous levels of revenue andanticipate further growth thereafter. Following today's shareholder approval, the board intends to change the name ofthe Company to Webis Holdings plc, to more accurately reflect its role in thegroup. It subsequently intends to re-organise the betinternet.com sportsbookportal and the EWS pari-mutuel businesses, subject to regulatory approval. Theoperations and trading names of both businesses will be unaffected by thischange. The company anticipates announcing its interim results for the 26 weeks to 25November 2007 in February 2008." For further information call: betinternet.com plc: Garry Knowles 01624 698141 Evolution Securities Limited: Joanne Lake 0113 243 1619 ENDS This information is provided by RNS The company news service from the London Stock Exchange