02-07-2007 Ubet2Win reports heavy losses

Despite a substantial increase in turnover to $2.7m generated from the company's website and its telephone betting service, the heavy costs incurred in marketing and developing the online betting site added to the continuing difficulties with the racecourse part of the business caused "unsustainable" losses of £925,000. As a result, Ubet2Win decided to undertake a wide review of all aspects of its business.

While the company's main creditor, Chairman Gerry French, expressed his intention to continue supporting Ubet2Win for the foreseeable future, the company continues to negotiate with its other major creditors, Headstart Global Fund and Headstart Global Aggressive Fund, to obtain their support for the future.

Ubet2Win also announced to have ceased its on-course operations in an attempt to remove losses whilst also concentrating on a single operation in order to generate profit.