Completion of sale to IGT

    RNS Number : 6178Y
  Cyberview Tech Inc
  08 July 2008
   


    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO CANADA, AUSTRALIA OR JAPAN

    For immediate release
    8 July 2008

    CYBERVIEW TECHNOLOGY, INC. ("Cyberview" or the "Company")
    Completion of sale to IGT

    Any terms used but not defined in this announcement are as defined in the Circular dated 13 June 2008. 

    The Company is pleased to announce the Company has today completed the sale of the its business and operations (including cash balances
but excluding certain assets and liabilities) to IGT, a wholly owned subsidiary of International Game Technology and granted an exclusive
licence to certain of Cyberview's intellectual property. A summary timetable of future events is noted below.

    The Directors intend to dissolve and wind up the Company and, as part of that process, distribute the net cash proceeds arising from the
Transaction to Cyberview Shareholders, subject to retention of reasonable reserves for known and contingent liabilities in accordance with
Delaware law.  

    After allowing for liabilities, expenses and obligations (including an obligation to pay to a third party an amount equal to 25 per
cent. of the licence fee to be paid pursuant to the Patent Licence), the anticipated costs of liquidation and the effect of the exercise or
cancellation of outstanding options and warrants, the Directors remain of the view that, based upon their current knowledge, this process
should lead to total distributions to Cyberview Shareholders of up to £34.7 million (equivalent to 216p per Cyberview Share).  

    On Completion, the Company successfully furnished to IGT acceptable insurance covering certain potential contingent liabilities, such
that the Directors will be able to add to the First Distribution of approximately £31.3 million (equivalent to 195p per Cyberview Share) the
Supplemental Distribution of approximately £0.8 million (equivalent to 5p per Cyberview share), and begin the process of making a
distribution of 200p per Cyberview Share to Cyberview Shareholders beginning on 15 July 2008.  

    A letter of transmittal will be sent to Cyberview Shareholders notifying them of the procedure to follow to claim this initial
distribution following the Filing Date.

    The Company cannot currently predict the timing of further distributions but it is hoped that they will be made prior to the third
anniversary of the Filing Date.

    Following Completion, the Company is in the process of changing its name to Mudalla Technology, Inc., the occurrence of which will be
notified at the appropriate time.

      


    Expected Timetable of Principal Events

 Last date of dealing in Cyberview Shares        4.30 p.m. Friday 11 July 2008
 Filing Date and Final Record Date            5.00 p.m. on Friday 11 July 2008
 Delisting of Cyberview Shares                7.00 a.m. on Monday 14 July 2008
 Expected date of commencement of First                   Tuesday 15 July 2008
 Distribution

    All times are references to London time.
                    

    ENQUIRIES

 Cyberview Technology, Inc.
 Seamus McGill, Chief Executive                   Tel.    [phone]
 Mark Nanovich, Finance Director                  Tel.    [phone]


 Arbuthnot Securities Limited                     Tel.     [phone]
 Financial Adviser and Nominated Adviser to
 Cyberview
 James Steel / Paul Vanstone  

 Hogarth Partnership                              Tel.    [phone]
 Public Relations to Cyberview
 Fiona Noblet


    Arbuthnot Securities Limited, which is authorised and regulated by the Financial Services Authority in the United Kingdom, is acting as
nominated adviser and broker to Cyberview for the purpose of the AIM Rules for Companies and financial adviser to the Company in respect of
the Transaction and not for any other person in connection with the Transaction and will not be responsible to anyone other than Cyberview
for providing the protections afforded to clients of Arbuthnot Securities Limited or for giving advice in relation to the Transaction or in
relation to the contents of this announcement or any of the matters referred to herein.

    This announcement does not constitute a prospectus relating to Cyberview and has not been approved by the UK Listing Authority, nor does
it constitute or form any part of any offer or invitation to purchase, sell or subscribe for, or any solicitation of any such offer to
purchase, sell or subscribe for, any securities in Cyberview under any circumstances. Cyberview Shareholders are advised to read carefully
the formal documentation in relation to the Transaction. Copies of this announcement are not being and must not be mailed or otherwise
distributed or sent in or into or from Canada, Australia or Japan or to, or for the account or benefit of, any Canadian, Australian or
Japanese person and any person receiving this announcement (including, without limitation, custodians, nominees and trustees) must not
distribute or send it, in whole or in part, in or into or from Canada, Australia or Japan or any other jurisdiction if to do so would
constitute a violation of the relevant laws of, or require registration thereof in, such jurisdiction.

    Forward-looking statements

    Certain statements contained in this announcement constitute "forward-looking statements". In some cases, these forward-looking
statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "prepares",
"anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable
terminology. Investors should specifically consider the factors identified in this announcement which could cause actual results to differ
before making an investment decision. Such forward-looking statements involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performance or achievements of the Cyberview Group, or industry results, to be materially different from
any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the Cyberview Group's present and future business strategies and the environment in which the companies will operate in the future. These forward-looking statements
speak only as at the date of the announcement.


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