Cube8.com PLC
23 February 2001
Cube8.com plc ('Cube8' or 'the Company')
Web Street Limited Ceases Trading
Cube8 has been advised by the directors of Web Street Limited ('Web Street')
that the company ceased trading on 14 February 2001. The directors of Web
Street are seeking a buyer for the business.
Cube8 owns 25% of Web Street; the company offered web based software capable
of building on line shops. Cube8 confirmed that the £1.3 million provision
against the cost of investments announced in December 2000 included full
provision for the cost of its investment in Web Street.
Brian Hindson, Chief Executive of Cube8 said: 'The portfolio remains under
regular review and the board's policy is to be decisive in cases where we do
not see an economic return. The Web Street technology is very good, but the
company was not able to translate that into a sustainable revenue stream.'
Cube8.com plc
020 7479 2700
John Winfield, Financial Director
Email: john@cube8.com
Steve Masters, Director of Marketing and Communications
Email: steve@cube8.com