Martin Higginson of Immotion discusses sale of the LBE for $25m & the next stage in the company's exciting journey

Martin Higginson, CEO of Immotion #IMMO discusses the sale of their Location Based Entertainment business for $25m and the next stage in the company's exciting journey with the home based entertainment business.

HIGHLIGHTS

·   Sale of the LBE business agreed, subject to shareholder approval, for an enterprise value of $25,211,739

·   Sale of Uvisan for a total cash consideration of £100,000.

·  Retention of the Home-Based Entertainment business conducted by Let's Explore Media Limited ("HBE") following encouraging retail and TV shopping demand.

·   Intended return of the majority of the LBE sale proceeds to Shareholders (up to circa £13.5m, equating to approximately 3p per share), retaining circa £6.5m within the Company for future opportunities.

·   Intention to build on the Board's expertise using HBE as an initial platform to create a high growth trading group through strategic acquisitions.

·   Proposed change of name to Let's Explore Group plc

·   Following the completion of the disposals, Rod Findley will remain with the LBE business and step down as a director of the Company.

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