http://www.warthog.co.uk
Daily Execution Price and Volume

Major Shareholders
( 4 Nov 04) 367.48m 1p Ords - Evo Noms Ltd 9.12%, Broughton Ltd 8.16%, Chase Nominees Ltd 4.76%, Barclayshare Noms Ltd 4.71%, Goldman Sachs Secs (Noms) 4.18%, HSBC Global Cust Noms (UK) 3.81%, Gartmore Inv Ltd 3.09%, A J Hall 2.05%, Other Dirs 1.34%.
http://www.hemscott.com/internet/custom/whog/
Trades over 90,000 shares are delayed in reporting by 1 hour.

03 November 2004
WARTHOG PLC
DISPOSAL OF SUBSIDIARIES

The board of Warthog plc (the 'Company') announces that it has today completed
the sale of all of the Company's subsidiaries to Tiger Telematics, Inc ('TGTL')
together with the transfer to TGTL of certain intra-group indebtedness due to
the Company. The total consideration including assumed indebtedness is $8.11
million of which $1,113,000 will be paid in cash and $7 million satisfied by way
of an allotment of 497,866 shares of common stock in TGTL at $14.06 per share,
being the average mid market closing price of a TGTL common share over the 14
days preceding completion. These shares are restricted stock and as such can
only be traded on or after the first anniversary of completion (the
'Anniversary') in accordance with U.S. securities laws. Up to the Anniversary,
these shares will be held in escrow against any claim arising under certain
warranties, tax indemnities and completion account net asset value adjustments
set out in the sale and purchase agreement. 150,000 of the cash consideration
will also be held in escrow until the Anniversary, pending specific warranties.
The Company has waived the balance of all other amounts due to it by its former
subsidiaries.

Upon completion of the transaction, the executive directors Ashley Hall, Steven
Law and Simon Elms together with one other remaining employee of the Company
will transfer employment to TGTL leaving Ian Templeton FCA and David Robinson as
non-executive Directors of the Company. The Company has also undertaken to
change its name and will be calling an EGM to effect such a change in due course
and will at that time update shareholders further.

The board of Warthog plc has sought to complete this transaction as rapidly as
possible (and therefore did not elect to seek shareholder approval) because the
group has continued to face difficult trading conditions within the games
development industry, as reported in the Company's Final Results on 28 September
2004, which has put the group under ongoing financial pressure. In addition,
TGTL required the transaction to be consummated as expeditiously as possible, in
conjunction with the commencement of shipping of its Gizmondo product into the
UK. The transaction leaves the Company having discharged substantially all of
its liabilities and with a valuable shareholding in TGTL which will be capable
of realisation in a year's time. The realisable value of this shareholding
depends entirely upon the commercial success of TGTL and the performance of the
TGTL shares on the financial market.

The board considers, in conjunction with its advisers, that this transaction
represents the best available outcome for the Company and its shareholders.

Tiger Telematics, Inc is listed on the 'NASDAQ Other OTC Market' under symbol
'TGTL'. TGTL's publicly stated intention is to apply for a listing on the
'NASDAQ National Market' in December 2004. TGTL is a designer, developer and
marketer of mobile telematics systems and services that combine global GPS
functions and voice recognition technology to locate and track vehicles and
people down to street level in countries throughout the world. The systems are
designed to operate on GPS and are currently being marketed to GSM current and
potential subscribers, primarily by the company's United Kingdom based
subsidiary, Gizmondo Europe Limited ('GEL'). GEL is a wholly owned subsidiary of
TGTL and is the maker of the Gizmondo, a next-generation mobile entertainment
device which includes games, built-in music, video, messaging and picture
functions and GPS. On 29 October, TGTL began shipping its first generation
product as part of a strategic retail roll out in the UK.

The transaction gives GEL access to existing games content and porting
technology to enable the transfer of titles developed for use on other platforms
on to the Gizmondo handheld device. Warthog plc shareholders will therefore
benefit from continued investment in TGTL as it seeks to exploit the games
content and technical capabilities that the Company has developed over the past
few years.

As previously announced on 12 October 2004, GEL is interested in 8.62 per cent.
of the Company's current total issued ordinary share capital.

About the Gizmondo device
The Gizmondo is powered by a Microsoft Windows CE.net platform, boasts a
2.8-inch TFT colour screen with a Samsung ARM9 400Mhz processor and incorporates
the GoForce 3D 4500 Nvidia graphics accelerator. It provides cutting-edge
gaming, multimedia messaging, an MP3 music player, MPEG4 movie playing
capability, a digital camera and a GPRS network link to allow wide-area network
gaming. Additionally, it contains a GPS chip for location based services, is
equipped with Bluetooth for use in multi-player gaming and accepts MMC card
accessories.

The Gizmondo device and its games are due for launch in the UK in the fourth
quarter 2004 and in North American markets from the first quarter 2005.

Further information on TGTL, GEL and the Gizmondo device can be found at:
www.tigertelematics.com
www.gizmondo.com
Enquiries:
Ian Templeton
Chairman - Warthog plc
Tel: 0870 122 5420

6 November 2004.
Daily Mail Newspaper : Page 80.

DEALERS believe that Warthog, 0.11p dearer, could be a good recovery punt. More than 52m shares in the computer games developer changed hands on hopes that the worst is over. Tiger Telematics, a leading European games console maker grabbed it by the tusks in October when it bought its subsidaries, intellectual properties and assests. In return Warhog acquired a stake in TT which is now worth at least 3p per share.

Think this is the crux of it:
To compensate for this we have extended our bank facility by 1.5 million and
drawn down against this.......

.........................

At the half-year we were trading 700k within our banking facility but as stated
previously further losses will be incurred in the second half and we recognise the need to repair the damage these exceptional provisions have caused, strengthen our balance sheet and create a solid platform on which to move forward.

I suppose it depends on whether WHOG and banks are happy to rely on the extended bank facilities and trade out of the difficulties, or whether "strengthen our balance sheet" means expect a rights issue/placing soon.

LONDON (AFX) - Warthog PLC six months to Sept 30, 2003
Sales - 4.95 mln stg vs 5.4 mln
Pretax loss - 2.6 mln stg vs profit 134,000
Loss per share - 5.37 pence vs EPS 0.18
newsdesk@afxnews.com

Price 3.0-3.75 pence now, up 22.7%. Looking good!

Bigger trades are delayed by an hour.

A revised Banking facility was an option and they have gone for this rather than diluting share holder value.

Price 3.5-4.0 pence now, up 36.3%.

2004 first half should be interesting.
There should be quite a boost when Richard Burns Rally is released.

Delayed buys at 3.5 pence from an hour ago have started to come through.

100,000 and 115,000 buys reported at 3.5 pence - appeared in sell column.

UPDATE: Warthog warns on outlook as it slips into loss
AFX
First half swing into pretax loss blamed on tough trading conditions


Computer games group Warthog PLC posted a first-half pretax loss due to difficult conditions in the industry and said it faces a challenging period ahead.

Revenue for the half year to end-September was 4.95 mln stg, down from 5.4 mln stg last time but exceptional provisions of 2.2 mln stg caused the group to generate a pretax loss 2.6 mln stg, compared with a profit of 134,000 stg in the comparative year-earlier period.

The provisions were made against both insolvent publishers and in respect of developments cancelled or delayed due to uncertainty regarding the intellectual property on which they are based, the group said.

The group said the global games industry has grown as rapidly as it had foreseen and the key games projects are correspondingly large and complex, which plays to Warthog's strengths.

A game requiring 100 plus man-years of effort to develop is no longer unheard of. What is changing more unexpectedly is the business model - the way the developers make a reasonable profit for their efforts on work-for-hire projects, said the group.

The previous practice of a publisher, making a royalty advance sufficient to fund the development of a game - out of which a developer can make a reasonable profit, has all but gone. Instead, what is happening is that developers are often expected to spend their own money bidding for projects which they might never get, based on IP which in some cases the publishers have not fully secured or fully committed to production.

This can add up to hundreds of thousands of pounds of work which has to be written off if unsuccessful. Also, royalties on work-for-hire projects have all but disappeared with some publishers stating that they will no longer pay royalties for work-for-hire projects, the group said.

Recognising the dissatisfaction of the IP owners and other parties involved and working in conjunction with them, Warthog has developed a strategy involving a change to its business model to respond to these factors and in line with the latest thinking in the games industry.

This involves creating a co-operative relationship with the IP owner, who will provide, on a joint-venture basis, the licensed property for a game to be funded and developed to prototype stage.

In the past year, the games industry has also become US centric, being related to the film and television making industries and so focused on the West Coast of America.

For this reason the group said it is planning to open a small office on the West Coast to be closer to the games and film markets.

Warthog is also planning to expand its Texas Studio's capability, in line with new contract wins.

Hello Sue. I came across this share before xmas and i have been monitoring its development, must say the chart looked scary and put me off. I think this share more like smash and grabe situation. However, your research sounds interesting. Like they said every dog has to bark sometime. I think this will bark for the next few days, how louder? who knows. I think it is worth to put some spare money one 'can' afford. I think this may see some inprovement during the summer months of june or july. Take a look at some share of the same kind and you'll see a pattern. thanks

Price 3.75-4.25 pence now.

Hi xmortal.

Fully agree with you and I have seen similar patterns hence I created this thread last week an I am anticipating the same.

Best Wishes,

Sue.

Lots of buys came through at 4 pence and we have had a 100,000 MM buy at 4 pence too.

Trades are delayed by an hour so we may see bigger buys around 4 pence come through later.

1.87M Market Cap for a company with assets worth over 7M is what I call cheap!

Notable LEADERS today include Warthog, which rose 36.3% to 3.75p despite today posting a first-half pretax loss due, it said, to difficult conditions in the industry. The company said it faces a challenging period ahead. Revenue for the half year to end-September was 4.95m, down from 5.4m but exceptional provisions of 2.2m led to a pretax loss 2.6m compared with a profit of 134,000 last time.

Price 3.75-4.5 pence now, up 50%.

Delayed buys at 4 pence are still coming through - appearing in sell column.

Price 4.0-4.75 pence now, delayed buys at 4.25 pence and 4.5 pence levels will be filtering through soon.