GON Galleon Hldgs

RNS Number:7646W
Galleon Holdings PLC
22 March 2004



22 March 2004

PRESS RELEASE

GALLEON ANNOUNCES A UNIQUE INVESTMENT OPPORTUNITY INTO ITS IPR PORTFOLIO
and change of accounting reference date


Midlands entrepreneur Jim Driscoll's Galleon Holdings plc ("Galleon") has
launched an innovative fundraising instrument to raise up to #1.5 million for
his next major animated series, which will be showcased for the first time at
the industry's major festival this month.


The Oggies -featuring extreme sports-loving characters - will be shown to
global television bosses at the annual MIPTV festival in Cannes.


Driscoll's Stourbridge-based multi-media group announced on 17 February 2004 the
intended issue of bearer bonds to fund production of the first Oggies series.
The first #250,000 of investment in the bonds has already been committed.


The bonds are innovative in structure, and may be converted to new Galleon
ordinary shares at any stage up to 2007 at 2.5p per share. They come with eight
per cent secured annual interest and, additionally, offer the bondholders a 50
per cent participation in the net TV rights' revenue from the Oggies property,
together with a five per cent participation in all merchandise and video sales
worldwide.


Jim Driscoll, whose success includes hit 1980s children's series, The Shoe
People, believes that this investment opportunity can appeal to specialist
institutional and high net worth investors, which is one reason the bondsare
being privately placed amongst a select audience.


Not only are investors backing Oggies but, because the bond is a convertible
instrument, they receive the opportunity of investing at a future date in the
entire Galleon portfolio, which includes the Pepper's Patrol and Astro Knights
animated properties, through Galleon ordinary shares.


Driscoll said: "This is an elegant solution to funding the production of Oggies,
and which also caters for sophisticated investors, giving them an opportunity to
buy into the future successes of this exciting new series.


"With global financial markets still at a relatively low ebb, we perceive that
investors are looking for alternatives to straight equity risk, and we feel that
these bonds will likely be of considerable interest to specialist investors,
offering as they do a potential share in the success of the individual Oggies
property, as well as the chance to invest in the group, should the bondholders
so choose.


"We are enthusiastic about the Oggies property, and the early indications are
that we may have hit upon a winning formula. The creative team working on the
series feels that the characters strike the right chord for today's global
animation market.


"The Cannes audience, which views MIPTV as the premier industry forum in Europe,
should also be receptive to the concept.


"The advantage we have with Oggies is that a number of licences and
merchandising campaigns are already in place - for example, Safer Surfing on the
Internet with Fistral Freddy, in conjunction with the Metropolitan Police and
Crimestoppers."


Draft scripts for the 26 eleven-minute shows have been completed in Hollywood, a
pilot to be aired at MIPTV has been prepared for potential distributors, and the
series will be ready for broadcast next year.


The series has been developed and co-created by Jim Driscoll and Rob Lee; Lee
also created the hugely popular Fireman Sam series for the BBC. The project team
has a combined total of over 500 hours TV production under its belt.


Emmy award-winning writer Carter Crocker and ex-Disney producer Chris Henderson
bring their experience and expertise to the project, and the animation will be
produced by China-based Colorland Studios, whose President, Louis Sek, also
worked on The Shoe People.

The original idea behind the Oggies came from St Ives businessman, Vincent
Walker, with the characters developed by Galleon, which has acquired 100 per
cent of the intellectual property rights.


The accounting reference date is being moved from 31 March to 30 September. The
next set of published audited accounts will be for the period ended 30 September
2004.

                                    - End -


Notes to Editors:


Galleon Holdings plc is a multi-media company across a number of platforms with
interests in animation, media production, database marketing, software
publishing, public relations and trade journal publishing.


For further information contact:         
  
                        Oliver Du Croz or Nigel Pipkin
                        The Warman Group
                        Tel: 0121 605 1111
                        Fax: 0121 605 0111
                        Email: oliver@warmangroup.com


                        Jim Driscoll
                        Tel: 01384 350210
                        Mob: 07785 977969


                        Peter Binns
                        Binns & Co PR Ltd
                        Tel: 020 7786 9600






                      This information is provided by RNS
            The company news service from the London Stock Exchange

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