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

(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.