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.

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.

given that ..it bodes well for the future, sp is dawdling about a bit

Down again today...

Par value of TGTL shares is still 2.20p. In the long run that is all that matters. Sometimes it is better to buy on a dip, or take the dog for a walk - whichever suits your nature! My dogs just lost out, I bought another 100k.

well done iturama would like more but fully invested.

what ?? - well a rise follows a dip sure as dogs need a walk..

Tiger up 3.5% in early trading.

Anyone understand the 1.5m trade listed for 10.35 or is it an error?

Late trade from yesterday,possible a buy at 1.55p.

If it went through at 10.35am it was probably the sell that knocked the SP down a notch yesterday. IMHO

And strangely enough the SP went down again 0.03 at 10.27 this morning! Another big sell? Wonder when that will show up!!

Another down day for tiger so another good buying opportunity for the WHOG tommorrow!! Surely this listing is imminent!

call me a cynic - but would I be surpised to see a bounce back now.. just nod if you can hear me

m100

Good call! tgtl up over 5% at the moment should get a bit of a bounce back tomorrow worth topping up first thing i think ready for the next run.

Finished on a days high of $28.25, up 7.2%. Blue day tomorrow.

More news on the opening date.

Gizmondo to open first store on Regent Street

Regent Street wont be the same after Gizmondo opens its very own flagship store. Not only will its shelves be packed with the revolutionary pocket-sized consoles that play games, music and movies, take pictures and send text, MMS and email messages, not to mention their route-planning GPS capabilities, the shop will also stock a wide range of accessories: clothing, carry cases, games, headphones, and everything a Gizmondo owner could possibly desire.



Opening 25 February 2005, its two floors will immerse visitors in the Gizmondo experience. At street level, logo-inspired lighting, stylish showcases and plasma screens showing music videos and movies will complement the consoles, games and clothing on sale. In the basement, celebrity visits and interactive events will maintain a lively atmosphere, as eager gamers seated on product pods compete against each other using Bluetooth-equipped demo units. Staff will be on hand to answer questions and to show all visitors just how good Gizmondo really is. Mark it on your calendar and prepare to be wowed!

I topped up some this morning but didn't really beat the spread by much. Never mind.
As said before, here's to hopefully a blue day / week / month / year (delete as hope builds / fades!) :-)

Since Whog is dependent on the TGTL price, have a look at latest chart indicators for Tiger.

http://quotes.barchart.com/texpert.asp?sym=tgtl

iturama

Could you summarise please as i am having trouble with my computer this morning did manage to top up though!