PIXL Pixel Int.

 

TIDMPIXL 
 
RNS Number : 6155C 
Pixel Interactive Media Limited 
17 November 2009 
 

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| Press Release                       |                         17 November 2009 | 
+-------------------------------------+------------------------------------------+ 
 
 
 
 
 
 
Pixel Interactive Media Ltd 
 
 
Completion of Restructuring and Trading Update 
 
 
 
 
Pixel Interactive Media Ltd, (the "Company" or "Pixel"), a leading Asia focused 
online advertising sales company, announces that it has completed the 
restructuring of its Beijing business, shifting the business model to an 
advertising network model. The Board reports that current trading during 
November 2009 is strong. 
 
 
Agreement 
As part of the restructuring process an agreement has been reached with the 
Feixian Group, the parent company of Dragon Tech Investment Ltd. ("Dragon 
Tech"), from whom Pixel acquired its Chinese subsidiary Easy Growth Limited on 8 
March 2007.  There are two principal components of the arrangement: 
  *  The Feixian Group has agreed to return 1,155,405 Ordinary Shares in the Company 
  (the "Shares") for nil consideration and to forego the US$730,000 final 
  acquisition payment outstanding from Pixel.  The Shares were originally issued 
  to Dragon Tech as part of the Easy Growth acquisition and will be cancelled by 
  the Company with effect from 17 November 2009. 
  *  Pixel has agreed to waive various amounts due from the Feixian Group and pay a 
  contribution to third party costs, the combined total of which amount to 
  US$1,242,000. 
 
 
 
The one off net charge relating to these arrangements will be that Pixel's 
reported earnings for the financial year to 31 December 2009 will be reduced by 
approximately US$250,000. 
 
 
Trading Update 
The Board is pleased to report that current trading is strong, with good levels 
of business seen for November and anticipated in December 2009, and reiterates 
that the fundamentals of the business remain solid. Based on current trends, the 
company remains on track to meet market expectations for both revenues and 
underlying EBITDA in 2009. However, due to the reduction in interest rates 
globally over the last 12 months, the Company's interest income will be reduced 
compared to previous years. 
 
 
Following the cancellation of the Shares, the Company will have 38,636,932 
Ordinary shares of US$0.05 each in issue (the "Enlarged Share Capital"). As 
such, the total number of voting rights which will be attached to the 
Enlarged Share Capital on the basis of one vote per ordinary share held will be 
38,636,932. 
 
 
The above total voting rights figure may be used by Shareholders as the 
denominator for the calculations by which they will determine whether they are 
required to notify their interests in, or a change to their interest in, the 
Company under the FSA's Disclosure and Transparency Rules. 
 
 
- ENDS - 
 
 
For further information: 
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| Pixel Interactive Media Limited        |                                | 
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| Kevin Huang, Chief Executive Officer   |            Tel: +852 2851 2490 | 
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| kevin.huang@pixelmedia-asia.com        |       www.pixelmedia-asia.com  | 
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|                                        |                                | 
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| Canaccord Adams Limited                |                                | 
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| Mark Williams / Bhavesh Patel          |      Tel: +44 (0) 20 7050 6500 | 
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|                                        |        www.canaccordadams.com  | 
+----------------------------------------+--------------------------------+ 
 
 
Media enquiries: 
+---------------------------------------------+----------------------------+ 
| Abchurch Communications                     |                            | 
+---------------------------------------------+----------------------------+ 
| Charlie Jack / Joanne Shears / Simone Alves |  Tel: +44 (0) 20 7398 7700 | 
+---------------------------------------------+----------------------------+ 
| joanne.shears@abchurch-group.com            |    www.abchurch-group.com  | 
+---------------------------------------------+----------------------------+ 
 
 
About Pixel Media 
 
 
Pixel Media is a leading Asian focused online advertising sales network 
headquartered in Hong Kong with offices in seven key cities throughout Asia 
covering Greater China and South East Asian markets and is listed on AIM, London 
Stock Exchange (Ticker: PIXL.L). 
 
 
Pixel Media specializes in the sale of branded display online advertising on 
behalf of premium branded web publishers while working closely with advertisers 
and agencies to deploy effective interactive marketing campaigns for valuable 
brands. For more information, visit us at www.pixelmedia-asia.com. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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