Coolabi plc makes first acquisition under leadership of new CEO

Coolabi plc ('Coolabi' or the 'Company') (AIM: COO), the AIM quoted media company whose focus is on the creation, development and exploitation of intellectual property rights, is pleased to announce that it has acquired the business and assets of the children's division of Zenith Entertainment Limited (in administrative receivership).

The children's division of Zenith Entertainment Limited contains an important catalogue of quality programming, including the BBC's top-rated drama series The Ghost Hunter and the Famous Five.

Most importantly, the acquisition includes all rights to Zenith Entertainment's successful animated series of King Arthur's Disasters, co-produced with Neptuno Films in Spain. Featuring the voice talent of Matt Lucas, Rik Mayall, Morwenna Banks and Phil Cornwell, Series I of King Arthur's Disasters was first screened on ITV 1 in the UK in April 2005 where it was the highest rated new CiTV show that spring. Following the success of Series I, ITV has commissioned a second series of 13 episodes each of half an hour duration.

More than half of Series II has already been delivered to the broadcaster and Coolabi plc is taking on the key creative talent of the children's division of Zenith Entertainment Limited to ensure that the remaining episodes are delivered on time and on budget.

King Arthur's Disasters has already begun to be sold internationally to, amongst others, Nickelodeon (Germany), Cartoon Network (France), Disney (Italy) and ABC (Australia). The Series is also broadcast on Nickelodeon in the UK. However, a number of territories remain unsold and there is also the opportunity to generate revenues from ancillary licenses.

This transaction is expected to be cash positive to Coolabi within six months of completion of the acquisition on the basis of existing contracts.

Welcoming the deal, Coolabi's Chief Executive Jeremy Banks said:

'This is an important early first step in the strategic development of Coolabi plc and one which provides us with ownership of a popular animated series in the relatively early stages of its international exploitation.'

For further information contact:

Jeremy Banks Coolabi plc 020 7258 7080
Luke Ahern Corporate Synergy Plc 020 7448 4400
Gerry Beaney Grant Thornton UK LLP 0870 991 2790

Notes to editors:

King Arthur's Disasters follows the absurd and epic adventures of King Arthur on his various quests to satisfy Princess Guinevere's need for exotic presents, in the vain hope that she will finally agree to marry him. King Arthur's enthusiasm is as limitless as the quests are futile and with his doddery magician Merlin he must confront the likes of cunning pigs, pink knights, blood thirsty squirrels and the inevitable Robin Hood and his not so Merry Men and Women.

This information is provided by RNS
The company news service from the London Stock Exchange

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