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BetOnSports Plc announces office closure, U.S. withdrawal

12 Oct 2006

Update

The Board of Directors of BETonSPORTS plc announced that in the light of the Temporary Restraining Order issued by the United States District Court for the Eastern District of Missouri, and the related Indictment issued by such Court, and after thoroughly reviewing possible alternative business plans, they no longer consider the US facing operations of the Company, which are based in Costa Rica and Antigua, to be viable.

The Directors have considered the impact of this conclusion and now intend that the Company should;

  1. cease its operations in Costa Rica and Antigua as soon as practicable;
  2. pay any liabilities to staff and creditors in an orderly manner; and;
  3. repay balances due to US customers in an orderly manner.

Items 2 and 3 above will take time and their successful completion will depend upon the Company's ability to persuade banks and cash processors to release its funds. It also will depend on the Company's ability to realize further and sufficient funds from its assets and operations outside Costa Rica and Antigua and to earn sufficient profits from operations which are not US facing.

The Directors are taking steps to ensure that the Company will not knowingly accept any wagering transactions from US based customers.

Further information will be posted on www.betonsports.com once agreements are in place with the relevant parties.

 
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