Joint Venture with SGI

24 Aug 2006 12:00

Yoomedia PLC24 August 2006 YooMedia plc / Ticker: YOO / Index: AIM / Sector: Media 24 August 2006 YooMedia plc ("YooMedia" or the "Group") Joint Venture Established With SGI Ltd YooMedia plc, the AIM-traded interactive media and games group, has signed anagreement with SGI Ltd ("SGI") to form a new company to exploit the UK andinternational interactive TV markets through new forms of participation TV andgaming. The 50/50 joint venture, controlled by SGI, will acquire and further utiliseYooMedia's innovative Real Time Messaging System, which allows viewers at hometo participate in programmes and win prizes. This system has previously beenused by ITV on Who Wants To Be A Millionaire. In addition, the joint venturewill acquire the rights to Tringo, a game which combines bingo and Tetris, foruse on TV. Tringo will be developed into a live presented interactivemultiplayer game for TV with cash prizes for the most skilful players. Venture capital firm SGI is backed by the highly successful entrepreneur PeterShalson, who currently controls three channels on Sky. Under the terms of theagreement, SGI will capitalise the joint venture with a £1.1m loan. The jointventure will acquire the IP and ownership of the Real Time Messaging System andthe Tringo rights for TV from YooMedia for a consideration of £1m to besatisfied in cash. YooMedia's Group Managing Director, Neil MacDonald, said: "This agreement is aclear indication that our partners have identified a strong market potential forthese and other formats in the digital TV and IPTV markets. SGI is keen tofurther develop the technology within the joint venture and exploit those rightsacross digital TV and IPTV." * * ENDS * * Contacts: YooMedia plc Neil MacDonald, Group Managing Director Tel: 020 7462 0870 St Brides Media & Finance Ltd Isabel Crossley Tel: 020 7242 4477 Notes on YooMedia plc: YooMedia is one of the fastest growing interactive entertainment companies inthe UK. Essentially, it develops and delivers premium interactive content andservices to households and individuals via TV, the web, telephony and mobilephones. It has four main divisions: • YooMedia Dating - manages dating brands including Dateline and Avenues from over 20 locations throughout the UK. Operates across traditional media, digital TV, internet and mobile phones. • YooMedia Gambling & Games - interactive fixed odds, play for fun casino and poker related games services for digital TV, the web and mobile phones. Brands include Channel 852, operated on behalf of William Hill, and Avago, which was established by YooMedia and is now managed on behalf of Gala Group. • YooMedia Interactive Services - delivers interactive content that enhances consumer and audience experiences. Customers include the BBC, Nestle, Celador, Channel 4, The Cartoon Network, Anheuser Busch, and HR Owen. • YooMedia Public Sector - provides digital solutions/media services to leading public sector organisations including the NHS Direct Interactive TV service, the Learning and Skills Council TV Kickstart service and a range of local authority TV services. The Group's experienced management team includes: Chairman, Dr. MichaelSinclair, who holds a number of directorships in both the UK and the USA havingpreviously founded Lifetime Corporation; and Managing Director, Neil MacDonald,whose career spans 11 years in multimedia and interactive sectors plus a further19 years in the retail industry. This information is provided by RNS The company news service from the London Stock Exchange