Cube8.com PLC
29 February 2000
Cube8.Com plc ('Cube8')
Completion of three internet investments
and appointment of Non-Executive Director
Cube8 today announces that it has completed three
investments in internet based technology companies.
Details of the three investee companies were set out in
the Company's prospectus dated 21 February 2000 where it
was stated that conditional agreements had been reached
on the three investments subject to further due
diligence. A brief summary of each follows:
Web Street Limited
Web Street is a UK based technology company specialising
in creating inexpensive and easy to mange e-commerce
sites. The service, built around a do-it-yourself
template, allows retailers to quickly and inexpensively
set up an online presence. Retailers pay a monthly fee
to use the service. Web Street currently has sixty-seven
stores online. Cube8 has acquired 25.02 per cent. of the
issued share capital of Web Street for a consideration of
£1,000,000 to be satisfied by the issue of 5,882,353 new
Ordinary Shares. In addition Cube8 has made a loan to
Web Street of £250,000.
TaoTalk Limited
TaoTalk is a free downloadable software package that
allows users to send voice messages over the internet and
talk to each other in near real time. TaoTalk has
acquired over 30,000 users having done minimal
advertising to date. A number of portals and ISP's are
already promoting the product to a wider audience.
Cube8 has acquired 15 per cent. of TaoTalk's issued share
capital for a consideration of £2,250,000 to be satisfied
by the issue of 11,470,588 new Ordinary Shares and
£300,000 in cash and has an option to acquire a further
10 per cent.
Prizescratch.com Limited
www.prizescratch.com is a graphically rich games and
competition website. Offering attractive game formats,
the model is already generating revenue.
Prizescratch.com Limited has also developed a range of
scratch card games proposed to be run with national
newspapers.
Cube8 has acquired 50 per cent. of the issued share
capital of Prizescratch.com Limited for a consideration
of £1,000,000 to be satisfied by the issue of 5,882,353
new Ordinary Shares and has an option to acquire the
remaining 50 per cent.
Application will be made for the 23,235,294 new Ordinary
Shares to be admitted to trading on the Alternative
Investment Market and dealings are expected to commence
on 6 March 2000.
Appointment of Non Executive Director
Cube8 has also appointed Alexander Thomas Joseph Meisl,
aged 37, as a Non Executive Director. Alex graduated
with a dual business degree from the Ecole Superieure de
Commerce in Reims. Alex worked at Saatchi and Saatchi
plc before moving to a number of business development
roles within Grand Metropolitan plc. In 1990 he joined
Legion, Europe's leading premium rate telephony operator,
where he was responsible for founding Legions German
subsidiary. He became Legions group managing director in
1993. In 1996 he formed Gothem Limited, an international
telecom and audiotex company.
Alex has been granted options over 4,706,274 Ordinary
Shares in Cube8. The options have been granted for nil
consideration and are exercisable at 17p per share.
Details of Alex Meisl's current and past directorships
are as follows:
Current Directorships: Past Directorships:
Prizescratch.com Limited Legion (UK) Limited
Gothem Limited Legion Telecall PTY
Central Europe Multimedia IMS PTY
Limited
Sponge Limited Legion Telecommunikation GmbH
TaoTalk Limited
Vocal Plus SA
Proyectos Telemedia CA
Kazakaudiotext LLP
Audioteks Limited
Gothem CJSC
Connekta DOO
Enquiries:
Cube8.Com plc 0171 243 2000
Tim Dean-Smith, Chairman
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