Audio Network raises Venture Capital Finance

Audio Network Plc, the media music and sound specialist, today announced an investment by Leisure & Media VCT Plc to accelerate their worldwide growth.

Leisure & Media VCT invested £250,000 for a 7% equity stake in Audio Network.

Audio Network has a revolutionary model, supplying music for use in film, television and multi media production without the usual restrictions, cost and complications.

During the three years since its formation Audio Network has signed up over 100 composers and sound designers and has become established as a leading supplier of music to the United Kingdom production community.

The Audio Network music and sound library comprising over 50,000 sounds can be previewed on-line at www.audiolicense.net

Robert Hurst, Managing Director of Audio Network, said “We are delighted to welcome Leisure & Media VCT as shareholders in the company and welcome their participation over the coming years as we replicate the success that we have had in the UK television production sector into new markets”

Maarten Hemsley, representing NAV, Fund Manager of Leisure & Media VCT commented “We are very excited to be involved with such an innovative and exciting company with the foresight to anticipate the changes impacting the international media markets”

Notes for Editors:

Many of Audio Network’s composers also participate as shareholders in the company including well known personalities in the music world such as Evelyn Glennie, John Dankworth, Cleo Laine and Tim Renwick.

The company was founded by Robert Hurst & Andrew Sunnucks (the former CFO and Media Director, respectively, from the international music publishers Boosey & Hawkes) as a joint venture with Oscar winning Hollywood sound supervisors Soundstorm.

Audio Network is a unique concept which operates like a club for production professionals. For a small annual fee, members can use as much music as they want in productions, and all the music is automatically cleared for the world in perpetuity.

Audio Network is the first such company to market a high quality catalogue covering every genre of music which can be licensed direct to production companies under a simple subscription model, saving customers both time and money in the sourcing of quality content.

Photographs and further information:

Robert Hurst
Audio Network Plc

Tel : + 44 (0) 1787 477277
Fax : +44 (0) 1787 477609
Email : r.hurst@audiolicense.net
Web site : www.audiolicense.net

Maarten D. Hemsley
Fund Manager
North Atlantic Value LLP / Leisure & Media VCT Plc
Ryder Court, 14 Ryder Street,
London SW1Y 6QB

Tel: +44 (0) 20 7747-5604
Email: mhemsley@johcm.co.uk

North Atlantic Value LLP, regulated by the FSA, is a limited liability partnership incorporated in England and Wales with designated members J. O. Hambro Capital Management Limited and J. O. Hambro Capital Management Limited.

26 January 2005