Einstein takes over Brain Games and Kramnik

by ChessBase
1/25/2002 – It was announced today that the Einstein Group plc in England has taken over the rights previously held by the Brain Games Network for the Man v Machine event in Bahrain, the Dortmund qualifier and 2003 Chess Championship match against Vladimir Kramnik. The group was founded in 1999 and is a multimedia Group including a satellite channel on Sky Digital. More

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Einstein Reveals Game Plan

Einstein Group plc, the international multi media group is now expanding into the chess world, having today, 24 January 2002, purchased Intellectual Leisure Ltd, which owns some of the assets previously held by BGN plc.

The deal gives Einstein Group a five-year contract with World Chess Champion, Vladimir Kramnik; all contracts/arrangements relating to the proposed 'Brains in Bahrain' (Man v Machine) match; all contracts relating to the Dortmund qualifying rounds of the Chess World Championships and all contracts/arrangements relating to the proposed Chess World Championship in 2003. Intellectual Leisure Ltd will now be a subsidiary of Einstein Group plc.

Steve Timmins, CEO, Einstein Group, says: "There are two major areas of synergy between Einstein Group's digital science and technology TV channel, einstein.tv and Intellectual Leisure Ltd, which are of enormous benefit to both. einstein.tv provides a television platform for World Championship chess matches, enhancing the potential for sponsorship funding. Intellectual Leisure Ltd provides Einstein with intellectual property, sports rights, high profile content and an intellectual gaming feature, Indeed them is an almost exact demographic, intellectual and editorial fit between einstein.tv and the world of chess, offering a very attractive proposition to sponsors and advertisers. In addition, news of this relationship has met with much enthusiasm in countries around the world who are already in negotiations to take einstein.tv's science and technology programming." Timmins adds, We are already working hard on providing chess programming and competitions for both our tv channel and website, over and above live coverage of the world championships."

Vladimir Kramnik, World Chess Champion, says of the deal: “ We have never seen such a combination between World Chess and a multi media company. This could lift chess into another dimension. As the World Champion I am sure that Einstein Group was very clever in making this move. The company discovered a real niche in the market and hopefully this deal will bring the wonderful and intellectual game of chess to everyone, in particular, kids."

For further information please contact: Einstein Group Press Office Zena Howard: 07989-441293/ 0207 074 3900 zena_howard@einstein.tv

Einstein Group plc will be holding a press conference in early March (date to be confirmed), in London, to outline its strategy. For further information, contact Zena Howard on the e-mail below.

Einstein Group plc, founded in 1999, is an international multi-media group. It floated on the Alternative Investment Market (AIM) of the London Stock Exchange in March 2000. It includes Einstein Consulting which offers external clients a wide range of strategic and 'hands on' consultancy services in the areas of channel management, production technology, marketing & PR, and new media business development Einstein Entertainment Ltd, the programme division of Einstein Group plc, produces output for the UK and overseas.

By early 2002, Einstein.tv, (the digital science and technology tv channel owned by Einstein Group) is expected to have rolled out across 15 European territories in three languages, including the Benelux countries, Scandinavia and Central & Eastern Europe. einstein.tv Is on Sky Digital, channel 576 in the UK and is available across both Germany and Switzerland. The web site is at www.einstein.tv

On a global scale, discussions are underway for a roll out into North and South America, Asia Pacific, the Middle East and Africa. einstein.tv's corporate identity has won several design awards and the brand was chosen to represent the best of British design and innovation at the Great Expectations Exhibition in New York organised by The Design Council.

World Chess Championships: The next World Chess Championship will be held in 2003. The venue has yet to be confirmed. Eight of the world's best players have been invited to participate in the Candidates' Tournament in Dortmund (Germany), in July 2002. The winner of this tournament will be the Challenger in the World Chess Championship final in 2003, playing Vladimir Kramnik. Some $500,000 of sponsorship has already been secured for this event.

Man vs Machine Competition: For the first time since Garry Kasparov spectacularly lost to IBM's Deep Blue in 1997 the World Champion Vladimir Kramnik will play the world's best chess program Deep Fritz, for a $1m prize fund. The "Brains in Bahrain" tournament will take place in October 2002, in the Meridien Hotel, Bahrain, under the patronage of the Emir of Bahrain and Bahrain Government Youth and Sports Organisation.

For further Information please contact:

Einstein Group Press Office, Zena Howard: zena_howard@einstein.tv, Tel: 07989 441293/ 020 7074 3900

This information was released this afternoon to journalists at the Corus Tournament in Wijk aa Zee by Dortmund organiser Carsten Hänsel.


25/01/2002 17:25:36

RNS Number:5519Q Einstein Group PLC25 January 2002

Einstein Group PLC ("Einstein")

Following previous announcements concerning the acquisition of assets from BrainGames Network Ltd ("BGN"), Einstein today announces that it has entered into a conditional contract to acquire Intellectual Leisure Ltd ("IL"), a subsidiary company of BGN that holds certain assets.

The assets being purchased by Einstein include BGN's contracts with the Brain Games world chess champion, Vladimir Kramnik, a 10% shareholding in Brain Games Asia ("BGA") together with the right to receive a one-off $500,000 license fee and an annual $250,000 management payment from BGA. Vladimir Kramnik will be participating in a Man v Machine Tournament later this year in Bahrain which has attracted funding and sponsorship of $2m and the next Brain Games world championship is expected to take place in early 2003.

The consideration for the purchase of the shares in IL is the issue and allotment to BGN of an initial 5,964,285 Einstein shares (equivalent to £164,000 at 2.75 pence per share), together with unsecured interest free convertible loanstock of Einstein with a nominal value of £1,060,000, convertible at 3.5p pershare into a further 30,285,715 Einstein shares. IL owes BGN the sum of £800,000, and it is intended that £350,000 of this debt will be satisfied by the placing of a further 10,000,000 Einstein at 3.5p per share. The balance of this debt will be satisfied within six months of completion either in cash or, at Einstein's election, by the issue of further Einstein shares at 3p per share.

Intellectual Leisure has recently been established and therefore has net assets of £2.20 million of the consideration shares will be retained by Einstein at completion to be paid on receipt by Einstein of Mr Kramnik's novated 5 year contract.

Einstein provides a television platform for World Championship chess matches, thus generating a substantial potential increase for sponsorship funding and the ability to attract subscribers to TV and internet chess tournaments. IL provides Einstein with Intellectual Property in sports rights, future profits, high profile content and "intellectual" gaming content that can exploit spread betting and other gambling activities in a multi media environment.

This information is provided by RNS.

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