The Board of Media Corp is pleased to announce that following the sale of casino.co.uk in August 2007, the Group has exceeded the pre-agreed performance targets as per the Asset Purchase Agreement with Gaming Portals Limited and will receive a further £625,000 as part of the deferred consideration of the sale.
London (PRWEB) May 1, 2008 -- The Board of Media Corp is pleased to announce that following the sale of casino.co.uk in August 2007, the Group has exceeded the pre-agreed performance targets as per the Asset Purchase Agreement with Gaming Portals Limited and will receive a further £625,000 as part of the deferred consideration of the sale.
Justin Drummond, CEO of Media Corp. commented:
"Part of the sale obligation was to run the portal with the new vendor for a period of six months post disposal and I am pleased to announce that we have exceeded the pre-agreed revenue target by a significant margin.
The highly experienced team that managed Casino.co.uk will be focused on developing the Group's non-gaming related portal assets in the coming months.
With the Group's existing significant cash resources, this deferred consideration will help strengthen the objective of expanding our internet and online advertising businesses further".
For further information please contact:
Media Corporation plc
Justin Drummond, Chief Executive
Nilesh Jagatia, Group Finance Director
+44 (0)20 7618 9000
Buchanan Communications
Charles Ryland/Suzanne Brocks/Susanna Gale
+44 (0)20 7466 5000
Canaccord Adams Limited
Mark Williams, Managing Director
+44 (0)20 7050 6500
Notes to editors:
Listed on the AIM market of the London Stock Exchange, Media Corp is a leading internet media and advertising group focused on website publishing and online advertising. www.mediacorpplc.com
The Group has two principal divisions:
Internet Publishing - Media Corp has a diverse publishing division specialising in online media. Our impressive portfolio of websites includes a number of market leading sites including www.gambling.com, www.onthebox.com www.sport.co.uk, www.creditcardexpert.co.uk and www.flightcomparison.co.uk.
Online Advertising - Eyeconomy is a leading internet advertising network and solutions provider, creating new and innovative media space, and generating real results through considerate on-line placements.
www.eyeconomy.co.uk
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