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.

tgtl up a few ticks today

Whog is now oversold and trading 35% below book value. The Gizmondo will hit the UK shops this month and the Tiger Nasdaq listing could happen anytime. Reach your own conclusion.

2.6p fairly soon if not better?

Iturama, FYI I rang Gizmondo Europe early this morning for a slant on the Gizmondo launch. I asked for Nick Messer or Peter Lilley (Marketing). One was not available, the other was not answering his phone. I left my number but as yet no reply (11.45 GMT). TGTL is currently trading sideways so nothing inspiring there. I don't understand the need for keeping the launch date of the Gizmondo so quiet, Sony will launch their new mobile offering in March and everyone knows it. Fortunately, I don't have much to lose on WHOG but no news is not necessarily good news.

Deancroft. TGTL informed me over a week ago that they will be launching throughout the UK in February. I think the US investors are now waiting for the sound of tills ringing. Please let us know if you get an answer.

When TGTL comes on the shelf this month, this will rise to the occasion

Iturama. I rang again at lunchtime and asked to speak to Joe Marten, Investor relations manager. The receptionist told me it was bad timing as they had a lot of visitors all enjoying an extended lunch engagement with various employees. Hope they were buyers!! I imposed on the lady to ask someone to give me a call if only out of courtesy and even if to tell me there was no news. If no answer by 4.00pm, I'll be a nuisance once more. The launch of the Gizmondo really has to upstage the Sony portable offering in March, Sony were unable to firm up a March date for that when I rang this afternoon. Curiously, when I rang and asked the question, the guy who answered directed me to a message answering service!!

Already on the extended lunches! Hope they were buyers and not lawyers. Keep at them DC.

Iturama. Got a (very polite)courtesy reply back from Gizmondo(about 15:20) to tell me that my message has been put on someone's desk to deal with and if I do not receive a further reply later today then I should definitely have one on Monday. In addition, Sony UK revealed to me that the portable playstation will be released in USA about March 24th and UK would get this anywhere up to two months later. IMO this is all relevant to the possible success of Gizmondo in the market place and hence any investments in the relative companies.

This is a copy of an e-mail posted today on a US TGTL BB.


Dear Sir,

I am very sorry you feel you have been ignored in the past, I checked with the Investment Group where your previous email was forwarded to and a reply was actually sent. I can only presume there was some kind of error.

Anyway, we are always interested in hearing from our investors and keeping them informed of our progress. The street launch of the Gizmondo in the UK is very very close now. We are currently mass producing in China so it is looking like being around the 28th of February.

In two weeks we are opening a large Gizmondo store in a very prestigious position in Regent Street, opposite Hamleys, the largest toy store in the UK.

Please feel free to keep in touch with me and I will inform you of our progress. I can ensure you that the Gizmondo is an amazing device and will be worth the wait!

Kind Regards,

Tamela Sainsbury
Office Manager
Gizmondo Europe Ltd

Gizmondo Central can exclusively report this evening, the first shipment to retailer date and the date the Regent Street shop in London opens it's doors!..

We have been informed this reliable information by an unnamed retailer, that they will receive their first shipment on the 26th February 2005.

Not only this but the date of the first Gizmondo shop in Regent's Street in London opens on Monday 28th February.

Finally, it's not known if all retailers will receive their shipment on the 26th and are/will be able to sell units until the 28th February is unknown.

Today also had some more good news for Gizmondo, as it has been heard the Sony PSP won't hit European shores until at least June 2005, with production still slow and the US launch taking prioity.

Friday 4th February 2005 - 19:12 PM GMT

Great news, iturama, and hope deancroft get a phonecall tomorrow. Gizmondo will be 2 steps in front of Sony if it hit the shelf first. WHOG looks cheap at 1.6p now. BUY!

Hello All,

I cant work out what the story is with WHOG today. Big sells going on with very few buys (95/5). I know that last month these were massively oversold but I thought things might have settled down by now. Anyone got a slant on how things are going to look on the run up to the UK launch?

Thanks
Chris

IBM, Sony and (I think) Toshiba announced the release of a new microprocessor today to rival AMD/INTEL. So impressed are they with the chip that Sony will now hold back the launch of their new PlayStation (PS3) until late 2006 so that it may incorporate said device.

That's one less rival for Gizmondo in the short term. Good(ish) news, imo.

Iturama and others.
Today 15:15 GMT I was able to discuss with a Gizmondo Europe employee who confirmed to me that the launch date is definitely 28th February for some retailers and 1st of March for others. Their opinion of Sony is that the Sony offering will not come to the market place until min. autumn this year. Gizmondo accepts that Sony has a superior product but whereas Sony will be looking to sell millions of items very quickly to warrant the product placement, Gizmondo only needs to sell volumes of 10/100 thousands to achieve the same effect (smaller company)of coming to the market place with the Gizmondo product and shall be very content to achieve their expectations in this manner over a more generous time frame than what Sony could accept for their product. The general conversation was very very positive. I do have the employee's name but out of courtesy have not mentioned it.
Apologies for the late post but unfortunately, my proper job comes first.

Follow up from my previous post, it was mentioned during conversation that mainland Europe will receive deliveries of the Gizmondo from March onwards, France, Germany and Italy were specifically mentioned, and the USA would receive products for sale within 3/4 months of the UK launch.

Thanks DC. With forward sales consignments totalling almost 4M already, I'm sure the Gizmondo will do very well. It has certain functions the PS3 doesn't have and a 10% market share will be great. Biggest problem will be supply, rather than demand - and there will no doubt be a Gizmondo2 before too long.

deancroft thanks, Gizmondo has a good ring to it lets hope it will keep the tills ringing for a long time to come.

Company Background
Warthog is a games development company that was founded in 1997. The core of the development team comprise ex-Electronic Arts personnel responsible for, amongst titles, the hit Privateer: The Darkening. With this as the basis, Warthog began to develop something of a speciality in space flight sims with follow-up titles Starlancer (which sold over 330,000 units, mainly on PC) and Star Trek Invasion (achieving over 230,000 units on PlayStation). Since 1999, the Company has also developed expertise in children's titles, with releases including Tom & Jerry, Loony Tunes, Harry Potter and Asterix.
The Company has already worked with a variety of international publishsers including Microsoft, Activision and Infogrames and is currently developing new titles for SCi and EA. In late 2003, following the failure of a number of its smaller publisher partners, the Company began to refocus its development strategy towards large third party IP and US development, away from UK and original IP development.
The Company raised 4.3m (net of expenses) when it floated on AIM in February 2001, 2.1m in January 2002 and 4.15m (net of expenses) in February 2004. This follows a number of private rounds (since 1997) totalling 300,000.
The Company currently employs 120 people and is based in Cheadle, near Manchester with studios in Sweden and the USA.
The games assets and subsidiaries of Warthog PLC were sold to US electronics manufacturer Tiger Telematics in November 2004. Coverage cease from this point on.

Activities
Following restructuring in 2003 and 2004, Warthog has 4 development teams at its main Cheadle headquarters and at:
42-Bit: Swedish developer acquired in early 2002, working on Richard Burns Rally
Fever Pitch: US studio that began working on an unannounced project for Vivendi Universal Games. The project was cancelled in early 2004. Fever Pitch was acquired in 2003.

Conclusion
Until the last 2 years, Warthog had proven itself to be a dependable and well managed development company with a creditable history of consistent profitability (an extremely rare occurrence amongst games developers). It had an experienced development division with some 100 titles under their collective belts and a number of high-selling titles under the Warthog name which made the Company a promising prospect. However, a combination of bad luck and bad judgement brought this success story to a grinding halt in late 2002 and early 2003 and led to the Company's effective disposal in November 2004 to Tiger Telematics.
The bad luck came in the form of three publishing partners either going under or experiencing sufficient financial difficulty to halt contractually due milestone payments mid project. However, the Warthog management are guilty of some substantial errors of judgement. Firstly, they let the Company grow too large too fast, in the ill-advised pursuit of contract volume and advance-based revenue growth over product and contract quality, and development efficiency improvements. Whilst growth to support growing demand is no sin, poorly managed growth almost invariably leads to product quality compromises and once this starts a downward spiral of diminishing publisher quality, declining production budgets and values sets in. At one point, Warthog dealt with Microsoft, Activision and Infogrames. By the time of its sale to Tiger, it was struggling to find any publishers interested in its products at all such was the decline in the Company's reputation.
Put simply, games development companies do not scale well. In addition to quality problems, the larger a developer becomes, the larger the burden is of signing new products and the more susceptible it becomes to product signing delays. Such delays or signing failures can result in potentially crippling cashflow problems should a number of projects suffer concurrent problems. This in turn can lead to developers grasping the nearest publisher contract to stem the cash outflow and such deals are rarely favourable for the developer and are often made with the smaller, weaker publishers who are less likely to produce a hit product and may even be financially vulnerable themselves.
It would have taken a substantial change in fortunes for Warthog to have survived as an independent developer and Warthog shareholders should welcome the fact that some value will be achieved from its sale to Tiger unlike Argonaut shareholders who will have lost everything.