3rd Oct 2006 14:15
Zoo Digital Group PLC03 October 2006 3 October 2006 ZOO DIGITAL GROUP PLC ("ZOO" or "the Group") Directorate Change ZOO today announces that Andy Scrivener, Chief Operating Officer, has resignedfrom the Board with effect from 3 October 2006. Following the strategic reviewannounced in February 2006 the Board decided to focus on the continuingdevelopment of its unique video technology and will no longer acquireintellectual property rights in order to develop consumer products.Consequently, Andy is leaving to establish his own interactive DVD gamesdevelopment business with the full support of the Group. There are now a number of established companies in the US and Europe who useZOOtech's DVD-EXTRA STUDIO product to make interactive DVD titles. ZOO isfocused on providing market-leading professional products and services tosupport these customers from which ZOOtech earns royalties and fees. It is planned that 11 staff will transfer to Andy Scrivener's new businesstogether with some associated licences for a deferred consideration of £200,000payable to ZOO in March 2008. This arrangement with Andy Scrivener constitutes arelated party transaction for the purpose of the AIM Rules by virtue of AndyScrivener being a director of ZOO within the past 12 months. The directors ofZOO consider, having consulted with Noble & Company Limited, the Group'snominated adviser, that the terms of the related party transaction are fair andreasonable insofar as shareholders are concerned. Stuart Green, CEO commented: "The Board would like to thank Andy for his contribution to the business and forhis pioneering work to establish a viable and growing interactive DVD market inthe UK. We look forward to welcoming him as a new licensee and to workingclosely with him in his new venture. ZOO now has a wide range of customers usingDVD-EXTRA STUDIO and our focus is on development of our unique video productiontechnologies where significant opportunities exist rather than development ofconsumer products." - ends - Enquiries: Stuart Green Helen ThomasCEO, ZOO Digital Group plc Weber Shandwick Square Mile0114 241 3700 020 7067 0700 Alasdair RobinsonNoble & Company Limited0131 225 9677 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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