GON Galleon Hldgs

TIDMGON

RNS Number : 6229R

Galleon Holdings PLC

21 November 2012

Galleon Holdings plc

("Galleon", "the Company" or "the Group")

Update

We are pleased to announce that our Product division, Croco Worldwide, has recently secured two orders from an existing customer totalling USD$1.2m and anticipate further orders in the coming months. In addition to this we have successfully sold rights to our exclusive game, Revenge of the Titans, for the US and Thailand markets. This deal will see a license fee payable in advance with an ongoing share of income. The game was launched successfully in South Korea in August and we have been encouraged by the results to date. We are currently in negotiations to sell rights to other territories, further expanding our global footprint.

Our roll out of exclusive games is taking longer than we had anticipated but we are getting closer to being in a position to launch our upcoming games, Happy Tank and Shenxianbang (List of Gods) in market. As a result of the delays, cash flow is increasingly under pressure. The coming months will see increased activity which in turn could see an improvement in results although significant risks still remain due to the nature of the marketplace in which we operate.

Enquiries:

 
 Galleon Holdings plc                         www.galleonplc.com 
 Hayden Eastwood, Chief Financial Officer     Tel: 020 8987 0011 
 
 Nominated Adviser & Broker 
  Cairn Financial Advisers LLP                Tel: 020 7148 7900 
 James Caithie / Avi Robinson 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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