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Galleon's Yunbo exceeds EBITDA target

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Date: Monday 13 Oct 2008

LONDON (ShareCast) - Aim listed entertainment firm Galleon said its recently bought Yunbo Information Technology exceeded its EBITDA performance target for the first six months.

The emerging market focused company said Yunbo has grown its average monthly revenue by around 60% and is now China's tenth largest mobile services provider.

"This growth has been driven by a diversified product offering and Galleon's roll-out of its entertainment properties, including interactive TV services, which continues with a number of negotiations with broadcasters underway," it said.

As a result of Yunbo exceeding the agreed performance targets, the first element of deferred consideration is due for payment to vendors, said Galleon, which is to be satisfied by the issue and allotment of around 10.18m Galleon shares at 1p per share.

Last week Galleon said overall the group had made good progress during the year, with full year results expected to be at least in line with market expectations.

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