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Sale of Freelance Media to Avanti Screenmedia Group  19/01/2005

Summit Alpha

41.5% owned by Summit Group


Completion of the acquisition of Freelance Media Limited

Further to the announcement on 23 December 2004, Avanti Screenmedia, the market leading provider of retail television services to high street retail and the pub and bar market clients, is pleased to announce it has escrow completed (with completion occuring automatically on admission of the Consideration Shares to AIM) the acquisition of the entire issued share capital of Freelance Media Limited ("Freelance Media") following the conditions of the acquisition having now been met.

Freelance Media (which trades as "Screen Network"), has been trading since 2000 and provides screenmedia services to shopping centres. It currently has installed at two shopping centres (Victoria Place in London Victoria Station and White Rose in Leeds), has a contract to sell advertising on existing screens in the Trafford Centre Manchester and has signed a further 5 contracts to create screenmedia networks in shopping centres in London and the North with several others at late stage negotiation.

It employs a free to air model, signing exclusive agreements with shopping centre operators and generating revenue through the sale of advertising.

The acquisition, is for a consideration of approximately £1.9 million which will be satisfied by a cash payment of £541,728 and the issue of 690,441 new ordinary shares in the Company ("Consideration Shares") at a price of 200p per share.

Freelance Media generated a loss before tax of £498,976 on turnover of £59,225 for the year ended 31 December 2003 and had net liabilities as at 31 December 2003 of £21,546.

Commenting on the acquisition, David Williams, Chief Executive of Avanti Screenmedia said "Now that we have completed the acquisition we can begin the job of aggressively acquiring other contracts. Our financial and trading credibility puts us in a strong position to lead the shopping mall market, as we do in other areas of Out of Home Digital advertising. As a result of the acquisition, several prominent property entrepreneurs, will join our share register and we hope to learn a great deal from them."

Application for admission to trading on AIM for the Consideration Shares has been made and trading in the Consideration Shares is expected to occur on Monday 24 January 2005. The Consideration Shares will, on Admission, rank pari passu in all respects with the existing ordinary shares of the Company.

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Summit Alpha

Kit Hunter Gordon 
Zac Barratt
 
10 Cloisters House 
8 Battersea Park Road 
London 
 
SW8 4BG 
 
Tel: 020 7720 4262 
Fax: 020 7627 1218 

Email:
info@summit-group.co.uk  
 
 
 
 
 
 
 
 
 
 
 

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