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Betbull Completes German Bookie Acquisition

31 Oct 2005

LONDON – (PRESS RELEASE) -- Betbull has successfully completed the acquisition of the Leip Group, one of Germany's leading retail bookmakers. This landmark deal is a cornerstone in Betbull's move to establish itself as a leading privately run Continental European retail betting player.

The initial purchase consideration consists of EUR10.0 million and 700,000 Betbull ordinary shares - with the customary lock in provisions. In addition, success based earn-out payments have been agreed contingent upon the Leip Group reaching ambitious hurdles over the next five years.

In connection with the acquisition Betbull has successfully completed a EUR7.5 million private placement amongst highly reputed international institutional and private investors issuing 1,250,000 new ordinary shares at a price of EUR 6 per share. The new ordinary shares shall be listed as Austrian Depositary Certificares ("ADCs") on the Vienna Stock Exchange in due course. For further development of the retail betting business and due to the high level of further demand Betbull is considering issuing additional new ordinary shares in order to raise up to an additional EUR4 million.

Following the completion of the deal, Alexander Leip, founder of the Leip Group, has joined Betbull's Board of Directors as an Executive Director adding another 17 years of retail bookmaking experience and high visibility to the Board. He was also appointed as Managing Director of the Wettenleip GmbH.

An EGM to approve the deal was held on September 29th in London and the Board of Directors of Betbull has approved of all aspects of the transaction, including the terms and conditions of the private placement.

In the year ended 31 December 2004 the Leip Group's (unaudited) accounts showed a profit before tax of EUR1 million (EBITDA EUR 1.4 million) on bets placed of EUR51.7 million and revenue of EUR8.1 million.

The Directors believe that the Leip Group together with Betbull has the brand, expertise, personnel, outlets, licenses, and scale to continue to grow quickly in the German retail betting market and to realise imminent opportunities in other Continental European countries.

Commenting on the announcement of the acquisition of the Leip Group, Simon Bold, COO of Betbull said:

"Leip's presence across Germany will give us a massive "footprint" in both the German horse racing and sports betting markets - ahead of the 2006 soccer World Cup."

Gunter Schmid, CEO of Betbull added: "This was just the first step in our endeavor to capitalize on the Continental European Retail Betting opportunity. Upon closing the acquisition of the Leip Group we are already following up on other leads."

 
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