11 Feb 2010 07:00
CSS Stellar plc (the "Company")
Trading Update
The Company announced on 8 January 2008 that it had disposed of its 75% interest in GEM Minneapolis, Inc., a US-based creative design and photography business, for US$1.8 million in cash, of which US$1.1 million was received on completion and the remaining US$0.7 million was due over three years by way of a promissory note. US$0.1 million was received in January 2009.
The Company has since been informed by the acquiring party that it will be unable to honour the original terms of the sale agreement. The directors of the Company have therefore renegotiated the terms of the sale agreement with the acquiring party to receive US$0.16 million immediately and eliminate any future uncertainty and risk of default. The total amount to be written off in the Company's 2009 results as a result of the acquirer's default on the original agreement is expected to be £0.25 million.
The Company's 2009 preliminary results will be released by 31 March 2010.
For further information please contact:
| Mark Ireland | CSS Stellar plc | 020 7332 2002 |
| Luke Cairns / Avi Robinson | Astaire Securities plc | 020 7448 4400 |
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