EKY Ekay

    RNS Number : 6802G
  Ekay plc
  24 October 2008
   
    Ekay plc

    ("Ekay" or "the Company")

    Wallace Barnaby & Associates Limited placed into Liquidation

    Ekay plc (AIM: EKY, "Company" or "Group"), a leading regional advertising and marketing agency, announces that Wallace Barnaby &
Associates Limited ("Wallace Barnaby"), a wholly owned subsidiary, has today been placed into members voluntary liquidation, as defined by
the Companies (Guernsey) 2008 Law, by reason of its insolvency and inability to met its debts as they fall due. Wallace Barnaby was an
advertising and marketing agency with offices in Guernsey and Jersey.

    The Preliminary Announcement of Annual Results for the year ended 30 June 2008, dated 30 September 2008, noted that it had been
necessary to fully impair the investment in Wallace Barnaby. Accordingly the administration process is expected to have a positive impact on
the Group's balance sheet as the negative net assets will no longer form part of the consolidated financial balance sheet.

    Wallace Barnaby was not expected to reach profitability in the forthcoming financial year and so the process of liquidation is expected
to have a positive impact on the profitability and cashflow of the Group in the forthcoming financial year.

    Creditors queries with regards to the insolvency should be directed to Adrian Rabet at Begbies Traynor (+44 (0) 7917 690758) but in all
other cases please contact:

    Ekay plc
    Stephen Latter, Financial Director            Tel: 01892 511 085

    Daniel Stewart & Company plc
    Simon Leathers/Tessa Smith                Tel: 020 7776 6550


This information is provided by RNS
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