Trading Statement (5296Z)
14 Januar 2011 - 5:40PM
UK Regulatory
TIDMGON
RNS Number : 5296Z
Galleon Holdings PLC
14 January 2011
Date: 14 January 2011
On behalf of: Galleon Holdings plc ('Galleon', 'the Company'
or the 'the Group')
For immediate
release
Galleon Holdings plc
Update
Galleon Holdings plc (AIM: GON), the AIM listed entertainment
media company developing and producing multi-platform properties
with a focus on emerging markets, announces the following update in
relation to its year end results for the year ended 30 September
2010.
The Company expects results for the year ended 30 September 2010
to be below market expectations. This is because of a payment, due
at the end of December 2010 from Estrategia Global in relation to a
contract entered into prior to the financial year end with Galleon
for territory rights for the Latin American Market, which remains
unpaid. Following discussions with Estrategia it is not clear when
or if these monies will be paid and the Board has therefore taken
the decision to unwind this deal, resulting in a decrease in
revenue and an increase in the loss before tax of approximately
GBP948,627. Discussions are continuing in the territory.
In addition, as part of our year end closing, the Board believes
that it is necessary to significantly write down the value of its
Intangible assets, WIP and Goodwill. The Company's focus is
shifting more and more towards its digital operations in China and
the Board feels it is prudent to make these write offs as at 30
September 2010.
Enquiries:
Galleon Holdings plc www.galleonplc.com
Stephen Green, Chief Executive Tel: 020 8987 0011
Cenkos Securities (Nominated Adviser
& Broker)
Ken Fleming / Beth McKiernan Tel: 0131 220 9772 / 0131
220 9778
Notes to Editors:
ABOUT GALLEON HOLDINGS
Galleon Holdings plc creates and distributes multi-platform
branded entertainment properties focused on the emerging markets,
in particular China and South East Asia. The entertainment
properties are designed to establish a direct, interactive
relationship with the viewer.
Television in China reaches approximately 98% of the population
of 1.3 billion. Mobile phone penetration is also high, with over
500 million subscribers and with over 300 million people online,
China is now the largest online market in the world. Huge TV
audiences and growing interactive platform access presents a
substantial opportunity for Galleon to benefit from the popularity
and demand for interactive entertainment and game shows. China is
forecast to become the world's fifth largest advertising
market.
In October 2007 Galleon acquired Phoenix, a Hong Kong based
media solutions company, which specialises in the provision of
interactive broadcast television services that enable broadcasters
in China and South East Asia to provide interactive entertainment
for audiences to access through TV, online and mobile.
In February 2008 Galleon acquired Yunbo, a mobile service
provider in China, strengthening the Company's ability to provide
Chinese broadcasters with a complete media solution for
multi-platform entertainment. Galleon now has total control over
the interactive content, its delivery to the consumer, data capture
and the billing process.
Galleon develops entertainment formats for children, families
and young adults. These include:
Super Soccer Star - an interactive family targeted football
talent show produced in association with Chelsea Football Club. The
show has aired successfully in China and Malaysia. Format rights
have been sold for Eastern Europe, Scandinavia, Turkey, India,
Middle East and Vietnam to partners including IMG and Media Star
Global.
Super Fashion Stars - a multiplatform entertainment property
that includes a reality TV show aimed at 16-45 year olds with 60
contestants working together as a designer, stylist and model. Each
team is slowly eliminated over the series for the prize of
showcasing in London during London Fashion Week in the Fashion
Fringe at Covent Garden venue.
Skunk Fu! - a comedy action animated TV show for kids aged 6-11
which airs in 100+ territories including Cartoon Network(US), the
BBC(UK), Disney Latin America, Cartoon Network Asia and Super
RTL(Germany).
Apollo's Pad - a multiplatform young adult sitcom that airs on
Bite TV in Canada and includes a content rich online offering.
Sokator-442 - a multi-player intergalactic football (soccer)
management game that combines tactical thinking with fantasy/sci-fi
gameplay.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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