Warthog plc

Announcement of passing of all resolutions at Extraordinary General Meeting of the Company and Trading Update

Warthog plc ("Warthog" or "the Company") announces that at its EGM held today in relation to the Placing and the Proposed Rights Issue, originally announced on 30 January 2004, all the resolutions were passed.


Warthog is also pleased to announce that, in respect of the recently announced strategy of IP partnering, the Company is in contract negotiations with two new IP providers regarding partnering contracts for two significant movie-related games projects.


Additionally, Warthog announces the termination of a previously unnamed title that had been under development by the Company's Texas studio for a US client.
The contractual terms of this work for hire project mean that Warthog expects to receive a significant termination payment. The expected net financial impact of this termination on the current financial year (ending 31st March 2004) is to reduce the Group's reported loss by £23,000 and to improve cashflow by £121,000.
The Company's prudent treatment of the contract resulted in no royalties being forecast for this project. It is currently envisaged that one of the above-mentioned IP partnering projects would be undertaken by the Texas studio.

Ashley Hall, Chief Executive Officer of Warthog, commented:

"We are pleased to have secured the funding from the Placing to allow us to implement our strategy of partnering with the owners of valuable IP licences. It is currently envisaged that the contract termination will allow our Texas studio to accelerate Warthog's development of games in partnership with IP holders."