I have been offered shares before they come to market in a company called UBET2WIN PLC.they are being offered through a company called catalyst investment group i have never heard of this company has anyone else if so positive or negative.your help required cheers woodie

I found this for you if it helps.

http://www.catalystinvestment.co.uk/news.htm

driver thanks

the shares come to the market this morning i have picked up 30000 in the offer did anyone else show interest ?

Yup, I picked up a few as well. Trading at 4p to sell, 4.5p to buy just now, so showing a small premium to the 3.5p price paid to Catalyst.

Gambling seems to be the flavour of the day just now, so I thought I would have a punt myself!!! This one might really fly, if they get their on-line business started, and with a bit of luck the future will be very profitable.

Good luck Woodie.

People are not seriously thinking of investing in this company are they?

This should be your first warning sign

----

Andy Moore, Non Executive Chairman (aged 45 years)
Andy Moore was Chairman of 10 Group Plc and has held executive positions in many companies. He is currently Chairman of the shell Catalyst New Opportunities Plc, a Director of Emerging UK Investments Plc and Pavilion Insurance Network Plc, all being listed on AIM.

And the business model is terrible IMHO. I could replicate it in five minutes.

neil thanks do you have epic code as i cant find it cheers. scripophilist which model is in trouble ?

the code is ubt nice buying at the moment

I just can't believe that such a low quality issue can get off the ground. How much did they raise?

5 mill

a strong rise after todays news is there more to come

LOL! Sorry to be a cynic but....

I have a commercial API license for Betfair which I use actively every day on the market. I am well known to Betfair. But that doesn't make me worth a fortune or allow me to raise 5m from punters. This sort of outfit really makes me really want to come to market. I could tell such a good story.

Anything to do with gambling sells these days.Many of the companys concerned don't even bother with accurate financial details....just spin about how many new members logged on last month etc....They all seem to be registered offshore.
The U.K. ones go on about deregulation as if it is already guaranteed. American sites are treading on thin ice because of the problems in controlling this form of gambling,which is considered illegal.
Gambling is seen in the same light as smoking ,by regulators....i.e. it is bad for your health and affects your family too!(Worse of all,it is tax free).
It is tempting to get on the bandwagon,but the more research I do,the more I realise what a crazy bubble this is.Oh well,with factory orders in the U.K. falling for the last three months plus the oil squeeeeeeze, gambling is where the money is at the moment.
I shall certainly have a punt on Betfair if it comes to market....that will roar up.
LOL..Ethel

scripophilist i agree gone up to fast looking to offload when next rns is announced re poker site was offered these at 3.5 so nice profit only paper profit at the moment.

another strong rise today profit taking must set in soon.

Business Update

RNS Number:5300P
ubet2win PLC
29 July 2005


29 July 2005

ubet2win plc ("ubet2win" or "the Company")
strikes deal with Betfair


ubet2win, which commenced trading on AIM last Thursday, July 28th, announces
that it has signed a contract with the betting exchange expert Betfair, which
will enable its clients to bet on a number of sports under the ubet2win name.
The contract is a Commercial API License which allows ubet2win to access the
Betfair API (Application Programming Interface) to manage its business more
efficiently and profitably.

The deal will also enable ubet2win to place and hedge its own bets via the
Betfair API.

ubet2win chief executive Gerry French said: "We are delighted to announce such a
striking deal. Betfair is an acknowledged leading expert in its field and this
agreement will be of great benefit to both companies.

"It means we have got off to a cracking start in developing our strategy
designed to offer our clients the best service available in on course and
internet betting".

Betfair Head of Product Development Tom Johnson said: "The API is a powerful
software interface that gives bookmakers like ubet2win tremendous new
opportunities."


i thought i would put the rns statement from the other day as noone as done yet.

Hi Woodie, this RNS is a farce. Anybody can apply and get an API licence from Betfair this is no deal. They have bought a licence from Betfair nothing else. Hundreds of people own a license. I own a license. If you want one phone Boris on 0208 834 8283.

I would be very wary of a company that dresses up buying a software license as a deal, there is little other than hype behind this company.

I thought this was hilarious on their web site. Released on April fools day.

"Next race meet at Ascot - The next meet UBET2WIN are holding pitches is at Ascot from 3rd to 5th April 2005 Come along!"

I live near the course and this is what the course looked like in April.

The course closed in October 2004 for a near on two year re-development.

scripophilist i agree it is hype but end of day it is about making money as i brought in at 3.5 pence iam more then happy.

Sell it for god sake

Probably a bit late now to catch the top.

3 August 2005

ubet2win plc ("ubet2win" or "the Company")

Movement in share price

ubet2win, which commenced trading on AIM on Thursday, 28 July 2005, notes the
significant movement in its share price.

Other than as disclosed in the Company's Admission Document dated 22 July 2005
and the announcement made by the Company to the Stock Exchange on 28 July 2005
which set out details of ubet2win's contract with the betting exchange expert
Betfair, there are no other factors of which the directors are aware regarding
the Company's business which should otherwise be announced and which could have
contributed to the share price movement..

scrip thanks for posting that on here as i had no idea it was released on my stockwatch list no n is shown i asked ian to look into it as yet no reply. it is amazing since that was released buyers have come back in.

It is amazing isn't it!

Drop a note to support at MoneyAM I think their news indicator is broken.

scrip already done it yesterday, this one is not the only one i have problems with tgp is the same ian said he will look into it ,its annoying as what you posted above could have cost me more money if the price fell as i was unaware.ps thanks for your help

just sold out before price goes back down again

I just sold as well. Good profit for a few days investment!!

I wish I had bought more though !!!!!

This is beginning to remind me of the last days of the dot com boom.
All a bit worrying !!

I see warrants have been exercised at well below the market price diluting existing holders. Dot com 2 here we come. Incredible stuff.

A company that looks incredibly poor, promoting non existant pitches, releasing fake RNS's then fleecing existing holders. Incredible stuff, even worse that people are falling for it.

Further to Scripophilist's post above here is the RNS announcement (conveniently made after closing today).





ubet2win PLC
03 August 2005



FOR IMMEDIATE RELEASE 3 August 2005

ubet2win plc
('ubet' or the 'Company')

CONVERSION OF WARRANTS

At a Board Meeting on 3 August 2005, the Board received a Notice of Conversion
from Beaumont Cornish Limited for the conversion of Warrants to the value of
10,000 at a price of 3.5p per share and has agreed to allot 285,714 new
Ordinary 0.1p shares (the 'Shares') in accordance with the terms of the Warrant
Instrument.

Also, the Board received a Notice of Conversion from Midas Investment Management
Limited for the conversion of Warrants to the value of 20,000 at a price of
3.5p per share and has agreed to allot 571,428 new Ordinary 0.1p shares (the
'Shares') in accordance with the terms of the Warrant Instrument.

Application is being made for a total of 857,142 new Ordinary 0.1p shares to be
admitted to trading on AIM.

For further information:

ubet2win plc
Gerard French 078 18 453 995
Renwick Haddow 079 66 130 182

Beaumont Cornish Limited 0207 628 3396
Roland Cornish/Noelle Greenaway
0161 242 2895
Midas Investment Management Limited
Mark Sheppard


This information is provided by RNS
The company news service from the London Stock Exchange


OUTRAGEOUS !!

Be very careful with this one.

Supermono

:o(

That's about 20% dilution by the look of it. Classy stuff.

You got to hand it to Tosser Moore , he can't have fleece em.

Moneyam got my details if you wish to sue me tosspot ... all imo of course.

FOR THESE SORT OF COMPANIES ONE SHOULD ALWAYS LOOK HARD AT THE OPTIONS WHICH HAVE BEEN GRANTED.. IF THE TERMS OF THE OPTIONS ARE ACHIEVED AND THE OPTIONS TAKEN UP THEN THE ASSET /DIVIDEND INCOME OF THE OTHER SHAREHOLDERS CAN BE SEVERELY REDUCED.
ON TOP OF , OR IN ADDITION, THE DIRECTORS CAN AWARD THEMSELVES FURTHER OPTIONS AND SO THE BALL ROLLS ON

IN COMPANIES LIKE THIS THERE CAN BE NEGLIBLE HIDDEN VALUES I.E. ALL THE ASSETS ARE AT "FULL" VALUE. IN ADDITION THE FIXED AND INTANGIBLE ASSETS MAY HAVE LITTLE VALUE IF THE COMPANY CEASES BUSINESS.

I HAVE JUST SPIED THE EXCELLENT POSTING NO 33 OF SUPERMONO........THE ALLOCATION/USE OF WARRANTS CAN BE ANOTHER DISGUSTING ARRANGEMENT TO TRAP THE UNWARY BY THE EROSION OF THE VALUE OF THEIR HOLDING

how many other warrants are out there which can be converted into shares,on easy peasy terms, and thus drastically water down the value of shares held by existing share holders

Thought I'd relax for once and watch the test match but ..................
UBT is recommended in today's Daily Telegraph Questor column:

ubet2win

Yes, another online gambling site. Yes, it has an illiterate name that doesn't inspire confidence. And yes, this Aim-listed tiddler has a limited track record, a turnover of just 1m and a market capitalisation of 15m.

All the signs are that this is a screaming sell.

But, since listing on Aim last week, the company has caught Questor's eye, and not just because the shares have tripled to 10p. The company has only recently moved online, employing the low cost route of using Betfair's software and expertise. As a result, the tiny turnover should start to accelerate.

The main attraction with these shares, however, are the assets. Unlike most online sites ubet2win has a bricks and mortar business: cash-generative licensed pitches at all the main UK and Irish racecourses. Highly risky, yes, but ubet2win is worth a punt.

Poor Questor was on the right track to begin with but lost the plot !!

only time will tell i wished i had not sold out at 11.50 pence in the week looks like more to come with poker and casino deals still to come but over 200% profie in 4 trading days had to be banked.

Thread for the more intelligent.

https://www.moneyam.com/InvestorsRoom/posts.php?tid=8461#lastread

i still have the copies of the monthly investment magazine published by the "leading" stockbrokers KILLIK & CO......you may recall their PAUL KAVANAGH, the partner in charge of research AND THE MANAGING EDITOR OF THE MONTHLY MAG.,was a prominate writer in the SUNDAY TIMES...IF I RECALL CORRECTLY

IN THE MONTHLY INVESTMENT MAGAZINE PAUL DEVOTED A PROMINENT FEATURE TO HIS MONTHLY NAPS

VIRTUALLY ALL THE MONTH BY MONTH NAPS WERE GREAT DISASTERS. FROM THE NAPS I CAREFULLY SELECTED PSION AND KEWILL WHICH LOST ME ABOUT 90% OF MY MONEY....AND THOSE WERE PROBABLY THE BEST OF HIS STRONG RESEARCHED TIPS. I AVOIDED THE HOST OF HIS OTHER HOT TIPS SUCH AS BALTIMORE, SHERWOOD,ARM , TRAFFICMASTER,IMAGINATION,AUTONOMY.

I WOULD PREFER A BAG OF DUTCH TULIPS OR A BOWL OF SOUTH SEA BUBBLES

IF AN ENTITY IS THAT GOOD DOES IT REALLY NEED MONEY FROM THE PUBLIC....THERE ARE ENOUGH PRIVATE ENTITIES ABOUT TO GRAB THE OPPORTUNITY OF INVESTMENT NEEDS

IN THE CASE OF UBET2WIN THE SHAREHOLDERS PRIOR TO THE PUBLIC OFFERING COUPLED WITH THOSE HOLDING OPTIONS AND WARRANTS MUST BE HYSTERICAL

MY COMMENTS ARE OFF THE CUFF AND MADE AS A CONTRIBUTION TO THE DEBATE.......THERE CAN , OF COURSE, BE CONTRA POINTS AND ARGUMENTS . IT WILL BE INTERESTING AND OF VALUE TO HEAR THOSE ON A FAIR BASIS

WOODIE POSTING NO 38.....YOU MUST BE ABSOLUTELY DELIGHTED THAT YOU SOLD OUT AT 11.5P

TRUST MADNESS DID NOT PROMPT YOU TO BUY AGAIN

mp cant belive how this share went for me might buy back in at lower level looking for 3.5 -4 pence range

Nice to read your comments.
Occasionally,a share price has a different momentum or "buzz" about it as it takes off.This is going to go up,no matter what,and go up a lot whatever I think about the nonsensical attitude behind all the buying going on.This is what happened with this one.If you can grasp that the punters are all caught up in a mass frenzy of buying rather worthless shares propelled by greed and a desire "not to miss the boat"then,and only then you can calmly join the throng and cash in on the thing.
The only rpoblem with this form of investing is that you have to get it right or you can get very burnt!
GREAT TIP WOODIE!!!Next one please!
ETHEL

ethal thanks for praise i was lucky that i was offered them before they came to market so i was in front straight away as long as they was marked up on opening day which it was .

looking back on my previous posts post number 42 i said i might buy back at a lower level the price today is below what i was looking for but i am not keen as the co have in 9 months not taken the co foreward, from when it came onto the market.if you are thinking of buying beware as the spread is to wide.

this chart tells if the co has made any headway since it came to the market.

Heading downwards again...UBT can't sustain its sp...4.25p now

How in gods name is this company valued at 7 million ????

What a joke.

I am also led to believe from someone very reliable that a punter from North Wales has won about 20k off ubet2win in the past 5 weeks.

LOL.

Strong sell.

looking back at my post no 45 in april the company has still not made any progress and still not worth buying from a investment point of view.taken from the results in june
" Financial review


2005 was a difficult year for on-course trading which was the Company's only
source of income during the year. Margins were eroded as a larger than usual
number of favourites were winning races. Added to this, increased competition
from betting exchanges had a further adverse effect on margins as more and more
bets were channelled through the exchanges rather that through the racecourses.


On course bookmakers have had to live with these difficulties, although there
are signs that the situation is improving and we hope the situation will improve
during 2006. The year to 31 December 2005 was very much a start up period of the
Company and the results reflect this.


Post year end events


January 2006 saw the Company establish its Poker game facility online as well as
its telephone betting service. In April 2006 we launched our online Sportsbook,
which enabled betting online in a wide variety of sports. It is hoped that these
will be areas of high growth for the Company during 2006. Marketing for these
services has yet to be undertaken but already levels of trade are ahead of
expectations.



Strategy and Outlook


Ubet2win's objective is to build and expand its internet gaming and telephone
betting services. Whilst considerable progress has been made in establishing
these services much has still to be done to improve, expand and enhance them.

On course betting facilities will continue to be operated at the majority of the
major racecourses as this gives the Ubet2win brand a high profile presence and
an opportunity to market the Company and in particular its online services.


It is intended to enhance shareholder value by continued expansion of business
both organically and by strategic acquisition if available.


I look forward to 2006 being pivotal in the development of your company, as it
is poised and has in place the facilities to allow it to take opportunities to
grow to a higher level."
it looks like there has still been no headway in new revenue stream.dyor

If you buy for 3.25p and sell on the next positive news, still very risky. I have done a little research and think there site is not doing too good. Here are the stats:

Estimated Visitors : 6,500 visits in the previous 30 days.
Traffic Rank for ubet2win.co.uk : 992,892 down 184,785 Average over 3 months
Reach per million users: 0.5% (down 41%) over 3 months
Page Views per user: 6.8 pages (up 79%) over 3 months

This information is from alexa.com and traficestimator.com...
I will be keeping an eye on these figures and how they change

tonker the above is part of the last rns that was released it was not positive hence the sell off, there might not be a positive rns for some time.

I wouldn't touch this one at all. The website is very poor, the markets they offer are even worse, and to date as far as I know they haven't promoted the site at all.
To have not got themselves listed on any odds comparison site to date is extremely poor in my view.

This is one share where I was worried about selling too early, but it would appear that I have done the right thing for once.... I bought in the float, and sold them at about 11p if I remember correctly, banking a good profit for a few days investment.

However, in true style, I re-invested the entire proceeds in "Israeli Acquisitor 1 PLC" on Ofex, which has gone south since floatation, with a sell price half what I bought them for.

I still have a few UBT shares in an EIS scheme, I only wish they (the EIS manager) had the foresight to sell them at the peak as well!!!

There needs to be a lot of good news to get this one moving again, and like Woodie and Trigger45, I can't see where the good news is going to come from. However, hopefully the Management will have something up their sleeves !!!

Regards,

NM

neil where did you here of Israeli Acquisitor 1 PLC ?

"Israeli Acquisitor I" floated on Ofex just over a year ago. I was sent a prospectus by, if I remember correctly, Ruegg & Co, whom I have dealt with in the past. This Company is a shell, with the intention of investing in an Israel related company, but no deals have been struck to date. The price has fallen back due to the lack of newsflow, but one good deal could make investors a few quid richer I think.... Investing is really an act of faith in the Directors, as with all shell companies..... One Director is Gavin Burnell, who has quite a good reputation in the city as a young whizzkid, and this caught my interest initially.

I had hoped to turn in a quick profit on the back of a quick deal, but it is turning into a longer term hold than I expected!! Still, I think it will come good one day.


Regards,

NM

s/price marked down, spread at the moment 45%

taken a new look at this today as it has reached a new low, still not tempted at this price, no good news has been released by the company since my last post.it is now trading below the price it came to market at 2.5 pence still not good value.dyor

now only 0.25p to sell?

Good grief, it does look very bad for UBT......

I still have about 70,000 in an EIS scheme, I should have sold them long ago.

Time for the management to prove themselves, and steer the business out of this hole.

neil i think it is to late unless shareholders cough up the website is taking to long to get any serious revenue good luck

Ubet2win plc ('the Company')



The Company has now carried out its review of the performance of its racecourse
operations. As a result of continued poor performance it has decided to sell off
the remainder of its English racecourse pitches and reports that it has sold its
pitches at Ascot and Aintree for the sum of 22,500.The remaining English
pitches have been agreed for sale completing in early 2007. The total sale
proceeds of the pitches will be 160,000 - which will include the proceeds of
the pitches at Cheltenham and York as announced at the time of the interim
results - compared to a book value of 335,000. The turnover generated by these
pitches totalled 290,000 in the last year. Unfortunately the sale of these
assets will result in a substantial write down in their value on the Company
balance sheet, mainly due to the poor performance of the pitches in 2006.


Regarding the Irish pitches it has been decided to only operate at the major
Irish meetings which are making a significant contribution to the company. The
remainder of the pitches will be sold.


The Company will now concentrate on further development of its on-line gaming
business where the Company sees its future and substantial growth, and the
proceeds for the sale of the pitches will assist in this process.


As part of this plan, the Company has agreed with Betsol, an on-line gaming
solution business, to put in place the systems necessary to allow the company to
establish & operate an affiliate scheme for on-line gaming. The Company has had
numerous requests from companies to become affilited

6 March 2007



Ubet2win Plc ('Ubet2win' or the 'Company')

Trading Update and Strategic Review of Operations


On 21 November 2006, the Company announced continued poor performance of its
racecourse operations, the disposal of its remaining English pitches and the
decision only to operate the Irish pitches at major meetings.

The Company is due to announce its results for the year ended 31 December 2006
and the indications are now that the Company will report a significant loss for
the year.

In particular, the remaining Irish pitches during this period incurred
continuing losses. Given the continuing difficulties in the industry as a whole
the Board resolved to cease operating all their pitches this year and is
considering a disposal of those pitches. Accordingly, it is in discussions with
Mr Gerry French, a Director of the Company in this regard and were such a
transaction to proceed with Mr Gerry French, it would be a related party
transaction and require to be dealt with in accordance with the AIM Rules.

Similarly, the online betting side of the business, whilst achieving turnover in
excess of 1.6 million in the period, has traded at a loss and the Board has
resolved to undertake a strategic review of the future of the business. Given
the lack of working capital, online operations have been significantly curtailed
this year.

The Group has indebtedness of some 570,000 and will seek to negotiate with the
respective parties (including Mr Gerry French) regarding those debts.

The Company hopes to make a further announcement in due course regarding the
outcome of its stategic review and the renegotiation of its indebtedness.



Contact:

Jonathan French, Ubet2win Plc 07917 891079

Roland Cornish, Beaumont Cornish Limited 020 7628 3396





This information is provided by RNS
The company news service from the London Stock Exchange

TSTZGGGFDVMGNZM

Well, that looks like the end of this Company to me....
No business, and no credibility....
I still hold quite a lot of shares in this disaster through an ARC EIS scheme, guess I have another tax loss to claim !!!

neil sorry to hear you are still holding them,why not see if you can ditch them before it is tp late worth a try.

Hi Woodie,

I did think about telling them to sell, but it doesn't make sense financially.

I think the original stake (circa 70,000 shares) cost about 1000, on which I got 20% (200) tax relief.

At a selling price of 0.25p, the shares are worth about 175 less dealing costs, but I would have to repay the tax relief, so it isn't worth it......

neil still cant understand pis buying in now

I know, with the price spiking up a little it would appear that there is a bit of buying going on..... Strange time to be purchasing, maybe they know something we don't !!!!!

Ubet2win announces unsustainable losses

Ubet2win has labelled its current position as 'unsustainable' after posting a pre-tax loss of 925,000 for the year ending 31 December 2006. Chairman Gerry French cited continuing difficulties with its racecourse business and customer acquisition costs as reasons for its loss, despite a growth in turnover to 1.7 million.

In a statement to the market, chairman Gerry French said, "It is most disappointing to be reporting such heavy losses during what is still very much a time of development for the company.

"Due to continuing difficulties with the racecourse part of the business, and because of the heavy costs incurred in marketing and developing the online gaming aspect of the business, heavy losses were incurred in the year. The losses recorded were unsustainable and as a result it was decided that a wide ranging review of all aspects of the company's business should be undertaken. This is still ongoing," he continued.

"It is hoped that the ongoing review, and decisions arising from it, will result in much improved performance in the coming year."

still looks grim.

I started a company in the same sector at the same time as UBT. Our business is booming and very profitable. UBT is a shambles and always has been, you should lay the blame firmly at the door of the managment.

01 October 2007


NOTICE

(630)

01/10/2007 7:30am

TEMPORARY SUSPENSION OF TRADING ON AIM

UBET2WIN PLC

Trading on AIM for the under-mentioned securities has been temporarily suspended
from 01/10/2007 7:30am pursuant to AIM Rule 18.


Ordinary Shares of 0.1p each (B0D9FH5)(GB00B0D9FH53)
fully paid

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(updates with further detail)

LONDON (Thomson Financial) - Racecourse and online gaming operator Ubet2win PLC said its first half results have not been completed under IFRS and, accordingly, trading in its shares has been suspended pending publication and notification of the results.

In a statement, chief executive Francis French said a high level of losses had been incurred during the period, covering the six months to end June, with the company 'unable to develop as planned'.

Due to these continued losses, the company closed a number of its operations during the year, reflecting the reduced level of turnover.

French said the board had decided it should no longer lay bets through its internet website as the online software system was defective causing operational faults resulting in controls within the system being ineffective.

'A claim has been made to the online system provider for the return of all funds paid for the system and the servicing of it but to date the system provider has not acknowledged this,' he said.

The company said it would have to raise substantial new funds if it is to relaunch its online gaming business, as this would necessitate the purchase of a new online software system.

In the meantime, the company is continuing to generate its trade through the Betfair betting exchange.

In addition, Ubet2win said it has ceased trading from its pitches at racecourses in both England and Ireland 'as these were costly to operate and were continually suffering losses'.

The English Racecourse betting pitches were sold off and the Irish Racecourse betting pitches will be 'sold at the earliest opportunity' but in the

meantime are being rented our on a day-to-day basis, it said.

The company admitted it depends on the continued support of its two main creditors - French himself and Headstart Glogal Fund Ltd - in order to continue trading.

Both creditors have aggregate loans outstanding of over 600,000 stg.

'Presently, this essential support is forthcoming whilst the company seeks to find a way out of its difficulties. It is hoped that with the huge reduction in operating costs and overheads that the company's trading will soon be at break even and that the future can therefore hopefully be secured,' said French.

The shares closed at 0.2 pence on Friday, valuing the business at less than 400,000 stg.









matthew.scuffham@thomson.com

msc



COPYRIGHT



Copyright Thomson Financial News Limited 2007. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.





(updates with further detail)

LONDON (Thomson Financial) - Racecourse and online gaming operator Ubet2win PLC said its first half results have not been completed under IFRS and, accordingly, trading in its shares has been suspended pending publication and notification of the results.

In a statement, chief executive Francis French said a high level of losses had been incurred during the period, covering the six months to end June, with the company 'unable to develop as planned'.

Due to these continued losses, the company closed a number of its operations during the year, reflecting the reduced level of turnover.

French said the board had decided it should no longer lay bets through its internet website as the online software system was defective causing operational faults resulting in controls within the system being ineffective.

'A claim has been made to the online system provider for the return of all funds paid for the system and the servicing of it but to date the system provider has not acknowledged this,' he said.

The company said it would have to raise substantial new funds if it is to relaunch its online gaming business, as this would necessitate the purchase of a new online software system.

In the meantime, the company is continuing to generate its trade through the Betfair betting exchange.

In addition, Ubet2win said it has ceased trading from its pitches at racecourses in both England and Ireland 'as these were costly to operate and were continually suffering losses'.

The English Racecourse betting pitches were sold off and the Irish Racecourse betting pitches will be 'sold at the earliest opportunity' but in the

meantime are being rented our on a day-to-day basis, it said.

The company admitted it depends on the continued support of its two main creditors - French himself and Headstart Glogal Fund Ltd - in order to continue trading.

Both creditors have aggregate loans outstanding of over 600,000 stg.

'Presently, this essential support is forthcoming whilst the company seeks to find a way out of its difficulties. It is hoped that with the huge reduction in operating costs and overheads that the company's trading will soon be at break even and that the future can therefore hopefully be secured,' said French.

The shares closed at 0.2 pence on Friday, valuing the business at less than 400,000 stg.









matthew.scuffham@thomson.com

msc



COPYRIGHT



Copyright Thomson Financial News Limited 2007. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.