GON Galleon Hldgs

TIDMGON

RNS Number : 3832Z

Galleon Holdings PLC

06 March 2013

6 March 2013

Galleon Holdings plc

("Galleon" or the "Company")

Trading Update

The Company announced on 21 November 2012 that its cash flow was increasingly under pressure and significant risks remained due to the nature of the marketplace in which it operates.

In January 2013, the Company launched two games, 'Happy Tank' and 'Chuangshenlu' on Qzone, a leading social networking portal in China owned by QQ (Tencent), and has expanded into new territories, licensing Revenge of Titans to Turkey. Revenge of Titans is also now in closed beta testing in the United States on koramgame.com where it is titled 'Everlight'.

The Board anticipated that this increased activity would improve the Company's working capital position. However, to date these games have fallen short of management expectations in both sales and cash flow generated. Every measure is being taken to manage costs and whilst the Company continues to update the games and seeks new commercialisation opportunities, its cash position is coming under increased pressure. All funding options are being considered to improve the working capital position but significant risk remains going forward. A further announcement will be made in due course.

Enquiries:

 
 Galleon Holdings plc 
  Hayden Eastwood, Chief Financial 
  Officer                              +44 20 8987 0011 
 Nominated Adviser 
  Cairn Financial Advisers LLP 
  James Caithie / Avi Robinson         +44 20 7148 7900 
 

Notes to Editors:

ABOUT GALLEON HOLDINGS

Galleon Holdings plc is primarily a publisher of digital content in China across both online and mobile platforms. It also has a Product IP Division that provides innovative marketing devices for fast moving consumable goods and an Entertainment Division that develops multi-platform branded formats designed to establish a direct, interactive relationship with the viewer.

This information is provided by RNS

The company news service from the London Stock Exchange

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