11th May 2009 12:00
6 May 2009
X-Phonics Plc ("X-Phonics" or "the Company")
Record Label Contract: The Attic Lights
The Board of X-Phonics today announces, that following a review undertaken by Universal-Island Records Limited ("Universal") of their existing artists, Universal have decided not to take up their option, granted under the licensing contract signed last year, to release further albums by The Attic Lights.
The Attic Lights, for whom we received an advance in May 2007 from Universal, released their first album, "Friday Night Lights" in November 2008. Whilst critically acclaimed the album did not generate sufficient sales to increase X-Phonics share of the sales beyond the initial advance.
X-Phonics retains the rights to receive a revenue stream from future sales of the first album and will continue to support The Attic Lights for the foreseeable future.
For more information please contact:
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Mike Hosie, Finance Director
X-Phonics plc
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Tel: 0208 987 0800
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Tim Cofman/Nicola Rayner
W H Ireland
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Tel: 0121 265 6330
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