Angel News - issue 35

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April 2007

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In this Edition

Issue No.35

	'Welcome' from the Editor
	How leisure got sexy ..
	Not so tricky – Open Source Software
	Partner, predator or prey promotion
	Well poor old Gordon Brown missed a big opportunity...
	Something to make you smile
	Lucifer’s lines
	Balanced portfolio investment - is it worth thinking...
	Events
	Legal story of the month
	The Headlines
	Profiles of AngelNews companies
	People moves
	Job ad of the month
	Our own and Preferred Partners’ news
	Networks’ and fund managers’ news
	Ad of the month

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For legal advice

'Welcome' from the Editor

Dear Reader

Well poor old Gordon Brown missed a big opportunity in the budget. He simply didn’t do much for entrepreneurs or investors. Is he listening to the right people?

There is a bit more about our thoughts on this in the AngelNewsletter. I hope that new readers as well as old will enjoy and then challenge what we write. You can always email modwenna@angelnews.co.uk with your thoughts and comments on what we are saying.

This month we have commissioned a special article considering what angels should think about when it comes to the leisure sector and we have a fascinating interview with Richard Kemp of Kemp Little – a truly entrepreneurial lawyer who has built his own tech law firm. Richard's interview can be read by clicking on this link [The April Interview]. We have also raised the issue of balanced portfolio theory – do angels get it right or are there lessons to be learned from the VCs?

As usual, there are several bits and pieces to make you smile. Take a peek at our new “That’s neat, that’s neat, that’s neat, that’s neat, I really love your…” section for a quick summary of what’s in the news stories etc.

Remember you are welcome to pick up the phone to the companies that have signed up this month or in the past. Every month we look for a great bunch to tell you about and they would love to hear from you.

For readers who want to meet up with us, see the Events section, particularly our Partner, Predator or Prey event on 9th May in London and, as I mentioned in the last AngelNewsletter Online, you must come along to our 26th June “For those who matter” evening seminar and celebration at BT Tower. We have worked out a very special and unique way of networking for the party afterwards by the way, but you will only find out what this is if you come along! There is more news on both events in the special promotions below.

Lastly NESTA published an article we wrote recently. You might be interested in it so here is the link: http://www.nesta.org.uk/informing/articles/vc_vs_angels.aspx.

Have a great Easter break!

Modwenna

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That’s neat, that’s neat, that’s neat, that’s neat, I really love your….
...with apologies to Mud

Technology...		H-10 with your sugar based proprietary skin applications for humans and animals

Deal...		NVM – MBO of Promanex

Float...		Braveheart Ventures lists on AIM

Partnership...		Dairy Farmers of Britain new milk partnership with Co-op

Announcement...		On-Relay named to the 2007 “Pulver 100”

Event...		Kemp Little – employment update seminar

Appointment...		MMIC Solutions – appointment of Paul Rice and John McNicol

Ad...		Artem Digital - Getting skeletons skateboarding for YOP

How leisure got sexy - and should angels consider investing? Juliana Gilling offers a market briefing

As investment bankers celebrated a seemingly endless stream of deals in 2006, the UK's leisure industry enjoyed a surge in activity and a number of notable deals, especially across the pubs, gaming and fitness sectors. So why are investors finding leisure sexy and should business angels take a fresh look at the market?

Leisure has two big advantages, according to David Pope, analyst at Brewin Dolphin Securities. "One is that leisure facilities tend to have an underlying asset to them, usually property. Secondly, once they're in a mature stage, they tend to generate free cash, which means you can borrow lots of money against them. In the current environment, leverage by private equity is very successful and leisure companies are well attuned to that. Also, leisure is a small ticket item in terms of consumer risk.

"As far as underlying trading goes, the leisure market is robust and in terms of corporate activity it's confident," says Pope. Companies are generally growing by acquisition rather than by increasing their own capacity.

Pub talk
Pope points to the standout deals in the pubs sector over the past 12 months, which have seen the larger players absorb smaller, family-owned pub companies. Greene King saw its £271m offer for brewer and pub operator Hardys and Hansons accepted, while 2007 started with a flourish for Marston's (formerly Wolverhampton & Dudley Breweries) when the company acquired the Eldridge Pope pub estate for £155.1m from Michael Cannon. Both of these companies are now regarded as potential acquisition targets because of their attractive property assets.

But these deals highlight sustainability issues in the sector: "There are possibly enough pubs in the UK, suggesting that it's better to buy pubs than to create new ones," says Pope. Concerns that the market is overheating surfaced again when Punch Taverns sold a package of 290 pubs to private equity firm GI Partners for a whopping £571m.

So are prices too high? "You have to look at who's buying and who's selling," says Pope. "If hoteliers - who know that hotel earnings are cyclical - are selling, then you have to question why you would buy a hotel off them. It's not that prices are too high. You have to question the motives of the buyers as opposed to the motives of the sellers. The sellers are selling because they think the asset is being overvalued."

Up in smoke?
One of the biggest uncertainties for the leisure sector in 2007 will be the effect of the smoking ban, says Brigid Simmonds, chief executive of Business In Sport and Leisure. Bingo, bowling and snooker operators are expected to lose out. Pub companies are more optimistic and see the smoking ban as a short-term issue. Mitchells & Butlers, one of the businesses to experience the smoking ban in Scotland, saw its cumulative like-for-like sales increase for the first 16 weeks (to 20 January 2007) of the current financial year. While drinks sales continued to decline, food sales were up.

Chairman, Roger Carr says the company is focusing on "developing the reputation of our pubs for serving good food at attractive prices to ensure we are well placed to attract new customers". Simmonds agrees there are opportunities for savvy operators to develop family-friendly, food-led venues and leisure activities.

Restaurants have proved to be fertile territory for dealmakers and it's a trend that looks set to continue. Cinven - which snapped up Gondola Holdings, owner of PizzaExpress, Zizzi and ASK - is tipped as a consolidating force in the market. Private equity firm Blackstone Group is also on the acquisitions trail. Having bought Tragus (owner of Café Rouge and Bella Italia), Blackstone saw the operator add Ma Potter's restaurant chain to its portfolio in February for £14.15m.

Buying and selling
2006 was a busy year in the fitness sector, with Next Generation and Esporta bought by property investors, London & Regional and Simon Halabi respectively. Commentators believe the market is starting to struggle and predict further consolidation and sales in 2007. Spas - especially day spas - are now the hot ticket. As Simmonds says: "The Professional Spa show at ExCeL in February had 40,000 people through the doors in three days." Pope shares her enthusiasm: "The spa area has been looked at by Whitbread and Champneys. It's worked in America and there's no reason why it shouldn't work here. I have huge confidence in the potential of that market."

Away from pubs, restaurants and fitness, speculation continues about a possible takeover of the Rank Group. Having completed the sale of its Hard Rock business to the Seminole Tribe of Florida this month for around £502m, the company is now solely focused on gaming through its Mecca Bingo and Grosvenor Casinos brands.

In the destination leisure sector, Blackstone-backed Merlin Entertainments Group, owner of the LEGOLAND and Sea Life attractions, has acquired The Tussauds Group from Dubai International Capital (DIC) for £1bn. The deal makes Dorset-based Merlin the second largest visitor attractions operator in the world after Disney (DIC retains a 20 per cent stake in the combined company). Yet despite the recent transaction activity, the destination leisure sector remains fragmented, with the majority of attractions still in private hands. Analysts expect to see a steady stream of single asset acquisitions rather than a flood in the months to come.

"There are possibly enough pubs in the UK, suggesting that it's better to buy pubs than to create new ones" says Pope

A heavenly investment?
Pope is bullish about the prospects for business angels looking at leisure. "Historically, there has been a lot of innovation in the area and it accounts for a large proportion of consumer spending, so there's always scope for growth and for new ideas to come through. It's an area where you can start relatively small and scale upwards quickly. Examples would be pub companies, health clubs and 5-a-side football companies. Goals Soccer Centres started in 2000 with five units. They now have 22 and they're opening five a year. They're very much a success story."

So is it the right time in the business cycle for angels to consider buying into leisure? "It depends on the type of asset you're investing in," he says. If you're investing in a specialist travel company, then yes it is because that's a growth area. If you're considering investing in an alternative pub company, perhaps you should wait until the valuations come down a bit because it's not a growth area. As with most sectors, check out the companies first. Even if the area a company is operating in is successful, it can still make mistakes."

Leisure is heavily influenced by changing fashions, but Simmonds believes angels should be encouraged by the enduring need for "people to spend leisure time outside the home". Quality is one of the areas to watch, she says. "Quality environments and offers will win over in the long term."

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Not so tricky – Open Source Software (“OSS”)

1. What is OSS?

OSS is a community type approach to writing software that has brought with it new types of software licensing. It helps businesses take out cost from the software development process – by licensing in free of charge ‘pre-baked’ software components, typically in more routine areas like operating systems (where Linux has a lot of traction), database systems like SQLite and other well known OSS products like Apache.

2. And it's free?

The Free Software Foundation says that, "free software is a matter of liberty, not price...you should think of 'free' as in 'free speech' not 'free beer'." Although you do not pay for OSS, you take it subject to the terms of a licence. There are a number of different licences associated with OSS which vary in terms of what they allow a licensee to do. The licensee will usually bear the risk of any errors in the code and will rarely be protected if such code infringes upon a third party's intellectual property rights.

3. Why do I need to bother about it?

Depending upon the terms of the OSS licence, you may find not only that you do not own any OSS code you have modified, but if you have combined it with your own proprietary software, there is a risk that you are obliged to share it with the community. This could have a major impact on the competitive position of your business and seriously and negatively impact on the value of your business when you fundraise or sell.

4. What do I do to protect my business?

Risk can be minimised by understanding what OSS products your business is using and the terms of the various licences. You should ensure that you conduct ongoing audits of OSS in conjunction with speaking to your lawyer. It is best to talk to a lawyer before you start developing (or doing any more development).

5. What else should I use my tech lawyer for?

Tech lawyers also have particular expertise in areas such as data protection. If you are working in Web 2.0 you should talk to them about high level licensing issues and liaise with your lawyer and your patent agent about IP protection.

You should be talking to lawyers generally about competition law and employment law.

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Partner, predator or prey

Hi, we have organised another seminar with you and your colleagues in mind.

Do you wonder what your relationship with today's technology giants should be? Do you see them as a partner, a predator or are you ambitious enough to believe they will be your prey? And how do you think they see you?

You probably already have a relationship with at least one of these giants, either as a customer or as a supplier, but how do they think of you?

We have brought together three people to speak to you about this crucial issue.

David Rajan, Oracle

David is the Director of Emerging Business at Oracle. He is ideally placed to tell you exactly how Oracle is approaching the SME market and what you should be doing to build your relationship with Oracle.

Find out just what he has to say.

Raimo Lenschow, Merrill Lynch

Raimo is the European Software/IT Services Analyst in the Technology Equity Research team at Merrill Lynch. He will be explaining just how the companies he follows are dealing with the issue of doing business with high growth SMEs like yours

Hear from someone who oversees today's giants and assesses their SME strategies

Andy Moseby, Kemp Little

Kemp Little is the UK's leading technology law firm. Andy acts for large acquisitive companies on their M&A strategy and SMEs executing their exit strategies. He will be identifying the main legal issues faced by his clients today.

Understand how to position yourself legally with the tech giants

“Partner, predator or prey” seminar on 9th May 2007, starting at 8.30am
Partner, predator or prey – Give us a couple of hours of your time and get the inside knowledge you need.
Time: Place: How to get there: Cost:	8.30am – 10.30am Kemp Little LLP, Cheapside House, 138 Cheapside. London, EC2V 6BJ MAP FREE
Agenda:
8.30: 9.00: 9.05: 9.25: 9.45: 10.00: 10.30:	Coffee and registration Introductions “Oracle, how we do it” – David Rajan, Oracle “The SME strategies of the tech giants ” – Raimo Lenschow, Merrill Lynch “Maximising the appeal of your business” – Andy Moseby, Kemp Little, followed by questions to the panel Networking with panel members and others Close
To reserve your place (numbers are limited): email: modwenna@angelnews.co.uk or telephone: +44 (0) 1275 333 443 Looking forward to seeing you there!

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Well poor old Gordon Brown missed a big opportunity in the budget

Although I don’t personally think that raising the smaller companies’ corporation tax rate will particularly damage enterprise, it hardly sends out a message that Mr Brown loves us all. More importantly, if he really wants to differentiate himself from the Tories on the economy, he really needs to start being more bold not less when it comes to government intervention.

Government needs to support enterprise – perhaps the debate should centre on the issue of how direct this support should be? Gordon has got the Enterprise Capital Funds initiative right. It follows, perfectly, the decades-long UK economic policy of government handing cash to investors who in turn share it out amongst the investees. (Which of the current ECFs has a chance of being the 3i of 2060, I wonder?). There is no doubt that Gordon is on safe territory there. But in this context his new VCT restrictions don’t make much sense. And he did not do much to support the private investor – although at least he has backed off from further damage to trusts and IHT.

But for every investor, multiply the number of investees by a factor of 5, 10 or 20 to calculate the entrepreneurial vote. Then increase that number by the number of employees in those firms. The number of votes starts looking quite juicy.

We need sight of both Tory and Labour policy on direct support for entrepreneurs and their companies. This is a good area to plant a flag and make sure that the election is fought on building on what is good now so that it is great for our children and grandchildren. The party that can offer the best deal to release the entrepreneur to create jobs and make money is the one that will attract these voters. We don’t want an election just fought on Iraq, education and the NHS, but properly on the future. Flat taxes, less taxes, % of GDP generated by the private sector vs the public sector – these are all economic issues which threaten to be blanked, but what happens in econonic policy will affect our ability to afford education, health and defence. And remember there are quite a few entrepreneurs who read the Sun – even if they don’t see themselves as an entrepreneur because they are too busy driving their cabs or running their own business. Ignore us all at your peril.

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Something to make you smile

If you think you are busy doithng the paperwork, take a look at what Companies House has to deal with.

Companies House - workload

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Lucifer
Lines:

Apparently Google is the new Microsoft, Microsoft is the new IBM and IBM is the new Google

But Lucifer says:

“Surely then, Beijing is the new London, London is the new New York and New York is the new Beijing.”

Balanced portfolio investment – is it worth thinking another way?

Over the last year or so AngelNews has been doing a lot of work analysing what deals angels do and it is fairly clear that many people take a fairly opportunistic approach to the investments they make. Many rely on selecting all or the best of the deals they are shown by intermediaries or at investment events. Understandable, but the more we think about this the more dangerous it seems to be. We are sure that you would be pretty unhappy if you thought your stockbroker was selecting your quoted portfolio on a “the best of what walks through the door” strategy.

Before we suggest another way of considering your investment strategy, we can champion one aspect of “what walks through the door”. If the deals you are seeing really are early enough and exciting enough “new tech” or “new way”, serendipity will play a part and you will find some good deals. Equally, if the opportunities you see are developed enough commercially, risk diminishes. However, the balance of probabilities is that if you don’t see enough dealflow you won’t be able to make these judgements. So it is worth considering pursuing a more active strategy by joining more networks or proactively looking for deals from all sorts of sources. And if you are going to be more proactive this opens more issues when it comes to balancing your portfolio.

Clean-Tech is a hot area at the moment, but did you know, in wind power alone, technological development is moving at the pace of chip development i.e. doubling all the time? So whilst the area may have great potential, angels need to go in with eyes wide open when they take a punt on a technology which might just be overthrown in 12 months. Richard Kemp has made the same point in this month’s The Interview – for some areas of IT and the internet the window may only be 3-6 months. That should be factored into any investment calculation in a rapidly developing sector.

Many investors are coping by moving into later stage apparently “safer” deals. There are good reasons for this. At the excellent London Edge – Life Sciences: IPO seminar on 29th March 2007 (www.londonstockexchange.com/londonedge) Gareth Powell, biotech fund manager of AXA Framlington Fund Managers, showed a slide on the probability of successful commercialisation of pharma and related technologies. For all drugs there is a 12% chance at Phase 1, growing to 17% at Phase 2, and 38% at Phase 3. In biologicals, the numbers are considerably better - 25%, 31% and 53% respectively - and in natural products they are 18%, 23% and 37% - slightly worse. So in this area it suggests that not only should you adopt a ‘the later the better’ approach, but remember that best sub-sector counts too.

The key is to talk to the experts – and take more than one point of view. Factor in the fact that probably the hotter the area, the more likely it is that there is another entrepreneur with a pretty identikit idea touting their opportunity at another investment event elsewhere in the UK, or Silicon Valley or Beijing or Bangalore. Management and ability to implement become much more important in this context. Bigger companies are becoming more entrepreneurial – this is becoming another threat to the solus entrepreneur. Just look at what Google is doing.

In the UK investments in seed and start-up deals by many VCs and angels have effectively collapsed. Government and private equity wants to push early stage risk onto the angels. Angels are voting with their feet and pushing the risk onto the entrepreneur.

That is right enough in one sense. However, it does not square with the investment strategies of the cleverest VCs, and it is from these players that perhaps angels can learn their most important lessons in the art of portfolio construction and risk-return. Top quartile VCs manage risk in three ways which we could all learn from. First they focus hard on sector (in its broadest sense) and, second, they invest at a range of stages in those sectors. Lastly they love volume. Take a look at Sequoia Capital www.sequoiacap.com in the US to see the point. Back here in the UK, 3i is not conceptually so very different – it still invests smaller amounts as well as larger amounts in the best deals it can find and such deals can be found early as well as later in the target’s development. What they avoid is investing the wrong sum of money at the wrong stage.

So when you next want to write a cheque consider this – would £100,000 be better spent on 5-10 companies in one sub-sector all at the same stage, or should it be invested in 1-2 start-ups, 1-2 seeds, 1-2 early stage deals, the odd development capital deal and one MBO? Better still is there a way you can get into 15 or 25 deals?

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Events

We know you all want to meet each other, get more out of us and our Preferred Partners and generally make AngelNews work for you. So we have decided to up the ante on the number of events we would like to invite you to. Here is a list of them. We do hope you will be able to make it to one soon.

Capital MS&L - Optimising value through communications
Date:	17th April 2007 8.15am to 10.00am
Place	Regus London City Point, 1 Ropemaker Street, London, EC2Y 9HT - nearest tube: Moorgate
About the event:	Many high-growth companies have some kind of equity event in mind, perhaps a trade sale of the business, or an IPO. Others may intend to continue growing and have no special exit route in mind but are interested in both organic growth and acquisition. Two key communications objectives are relevant for building the reputation of growth companies: 1. Awareness. Without awareness potential business partners, potential recruits, investors and other potential stakeholder categories will lack the chance to engage with a company 2) Understanding. Companies that are well understood reduce their cost of doing business and ultimately enjoy higher valuations Capital MS&L has helped many growth companies build their reputations through the development of an effective communications strategy. Whatever your precise longer-term objectives, such a strategy will enable your company to benefit from enhanced understanding and awareness so that any potential business development can be more easily achieved, with to maximum impact.
Cost:	FREE
Contact:	Halina Kukula on 0207 307 5340 or halina.kukula@capitalmsl.com
For:	Business people needing help financial PR

Vantis plc - networking a room – essential skills
Date:	17th April 2007 3:30pm - 7:00pm and 14th June 2007 3.30pm - 7.00pm
Place	66 Wigmore Street, London, W1U 2SB
About the event:	A practical course to provide you with the skills to build your confidence and enable you to network effectively. This course is packed with practical tips that will be invaluable for anyone who's role involves meeting other people. You will get lots of opportunity to practise the techniques during the afternoon.
Cost:	£60 + VAT a 25% discount is available for Vantis clients
Contact:	Geoff Wood - geoff.wood@vantisplc.com
For:	Business people needing help with networking skills

Kemp Little – Employment Law Update Seminar
Date:	18th April 2007 8.30am- 11.30am
Place	The Law Society Hall, 113 Chancery Lane, London WC2A 1PL
About the event:	The Kemp Little Employment team will update you on the key developments in 2006 and changes to employment law in 2007, including case studies on bonus claims, enhanced redundancy payments, bullying and stress and age discrimination. They will also cover “Fair dismissal?”, managing exits, compromise agreements and family friendly legislation. There will also be an employment law surgery towards the end of the seminar.
Cost:	FREE
Contact:	Helle Asquith - telephone 020 7710 1624 or email: helle.asquith@kemplittle.com
For:	Company directors and investors

Growth Strategies Conference 2007
Date:	25th April 2007 – all day
Place	Merrill Lynch Financial Centre, London
About the event:	About the event: This is the must-attend event for owner/directors looking to take their business to the next level. Whether it’s acquisitions, organic growth, flotation, or you simple want to weigh up the options available, the Growth Strategies Conference has the answers for you. This conference gives you the opportunity to interact and network with speakers and other company directors to gain personal insight into the strategies that could provide the catalyst for the next stage of your company’s growth.
Contact:	modwenna@angelnews.co.uk to obtain details of discounts on the ticket price for AngelNews readers and companies
For:	Directors of companies turning over in excess of £5m.

Partner, Predator or Prey – doing business with a global corporate
Date:	9th May 2007, 8.30am-10.30am (to include breakfast)
Place	Kemp Little LLP, Cheapside House, 138 Cheapside, London, EC2V 6BJ
About the event:	This focused session will include David Rajan, Director of Emerging Business at Oracle Corporation speaking on just how today’s global corporates are approaching high growth SMEs and why they have developed their strategies in this way. David’s talk will be complemented by a talk from Raimo Lenschow, Technology Analyst from Merrill Lynch who has been following the SME strategies of many other global corporates. This event will not only allow you to meet the man in Oracle who can help you do better business with them, but also other people who can make sure you get linked in with some of the largest tech companies in the world today.
Contact:	To reserve a place contact: Susan Marwood, AngelNews, susan@angelnews.co.uk or +44 (0) 1275 333 443
For:	Entrepreneurs and business managers wanting to do some or more business with tech global corporates.

Vantis plc - Charity Accounts for Non-Accountants
Date:	June 20th 2007 2pm-5.30pm
Place	66 Wigmore Street, London, W1U 2SB
About the event:	This practical training is designed to enable trustees with no accounting knowledge at all to be able to understand the essential details of a set of charity accounts and the main reporting requirements.
Cost:	£125 + VAT. A 25% discount is available for Vantis clients
Contact:	Gillian Crocombe - gillian.crocombe@vantisplc.com
For:	Charity trustees

The Corporate Finance Faculty Forum: IPOs and fundraising on AIM
Date:	Friday 22 June 2007- morning
Place	The Chartered Accountants Hall, London EC2P
About the event:	The Forum will put companies considering an AIM flotation as well as companies wishing to conduct a second round of funding on the market, in front of relevant advisors, including brokers, lawyers, accountants, valuation specialists, NomAds and market makers. The event will include an introduction from AIM, and focus around ‘surgeries’ and workshops where companies can consult advisors individually and Q&A sessions with a chance to hear the experience of a company that has recently been admitted to AIM. The event finishes with a networking lunch.
Contact:	Contact lorraine.sinclair@icaew.com or tel +44 (0) 207 920 8685 for more details
For:	Company directors, existing or potential investors in UK companies

For those who matter: Making IT & Communications work for you
Date:	26th June 2007, evening
Place	BT Tower, 60 Cleveland Street, London, W1
About the event:	This superb early evening seminar is brought to you by AngelNews and BT, in order to clearly explain how cost-effective IT & Communications can benefit your business. The seminar will include:- Getting best value from your telephone calls and systems How broadband can transform your communications Integrating mobile solutions for people on the move Making your IT & Communications safe, secure and easy to manage. Your network - fixed or wireless Convergence – bringing it all together PLUS – We will have a very special and unique networking session after the seminar in the glorious viewing platform at the top of the BT Tower. For more information see separate promotion later this month.
Cost:	FREE
Contact:	susan@angelnews.co.uk or telephone +44 (0) 1275 333 443
For:	All AngelNews readers. PLACES ARE LIMITED - BOOK EARLY

Health Investors Forum
Date:	12th September 2007, London. 9.00-5.00pm Conference, 5.00-6.00pm speed networking, 6.00-7.00pm cocktail party.
Place	New Connaught Rooms, London WC2
About the event:	AngelNews is joining forces with Healthcare Investor magazine to bring you a day of exciting seminars and the opportunity to see pitches by the leading high growth companies in the medical and healthcare markets today. For immediate enquiries about getting involved email: modwenna@angelnews.co.uk.
Contact:	modwenna@angelnews.co.uk +44 (0) 1275 333 443
For:	Company directors, existing or potential investors in companies

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Legal story of the month

Mobile pornographer beats off Disney - No happy ending for Disney lawyers
Iain Thomson, vnunet.com 06 Mar 2007

Lawyers at Disney are feeling grumpy after losing a copyright battle with a British producer of mobile phone pornography.
Michael Wightman, from Newcastle, trademarked 'A Place Where Dreams Come True' for his mobile porn company.

However, Disney uses the slogan to advertise its theme parks in Europe and the US. Preparations for a court case had been made, but Disney lawyers have now backed down.

"It's a David v Goliath victory," Wightman told The Metro.

Disney has now agreed to use 'The place where dreams come true' instead.

The legal team at Disney are renowned for being quick to litigate in copyright disputes. The firm helped sponsor the Sonny Bono Act, which extended copyright to 95 years from 75, spending $6.3m in campaign contributions during the year in which the Act was debated. Source: http://www.vnunet.com/vnunet/news/2184831/mobile-pornographer-beats

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The Headlines

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Business & Financial services
Broker Direct	Acquisition of HBA Provides Broker Direct with Access to Lloyd's
Broker Direct	Last Traded Price Alert
Chase Cooper	Millennium BCP goes global with aCCelerate, Chase Cooper's Risk Management Solution
Chronicle Solutions	netReplay named finalist for two Secure Computing Awards 2007
Chronicle Solutions	Chronicle Solutions wins Red Herring 100 Europe 2007 Award
Commerce Decisions	Commerce Decisions supports selection process for Criminal Justice Project as part of UK Government eSourcing initiative
KnowledgeView	Al Watan Newspaper - Qatar
LondonRebuilding Society	Training and Meeting Rooms for Hire
RouteTrader	RouteTrader Launch
Select Technology	Remote User Interface

Consumer
Genus	"Type-R" featured on Channel 5's "The Gadget Show"
Gettmapping plc	Last Traded Price Alert
OYBike Systems	ACT Commuter Initiative Awards 2007
Teamworks Karting	Almost as fast as our karts ... the F1 season is coming!
Vitalize Health Products Ltd	Pro-Ferm in New York

Environmental, engineering and industrial
Bac2	Breakthrough improvements in conductive polymer boost fuel cell performance and exceed US Department of Energy conductivity targets for automotive applications
Dairy Farmers of Britain	Dairy Farmers of Britain Announces New Milk Partnership with the Co-operative Retail Trading Group
Portcellio Ltd	Investment in New Machines
RF Engines Ltd	RF Engines growing from strength to strength
Voller Energy	Technical Update: Q1 2007 milestone achieved
Voller Energy	Voller Energy Announces Sea Trials of Green Generator On Beneteau 411
Voller Energy	Voller Energy commits to Marine Conservation

IT, media and telecoms
82ask.com	Multimap and 82ASK team up to send maps to your mobile
Airetrak Ltd	Airetrak complete funding round with mixture of Investment Trusts, private companies and private individuals
AppSwing	Data-Free Mobile Devices Overcome Security Threats
AppSwing	Plantech and Appswing Announce Mobile Partnership
Artem Digital	Getting Skeletons Skateboarding for YOP
Avanti Screenedia Ltd	Avanti Sells HYLAS Capacity
eXMet	See20/20 kicks off Optical Football Championship
Exterity	QVC opts for Exterity IPTV System
Exterity	Exterity Prepares to Broaden Global Reach
Fifty Lessons Ltd	Sun 3C Media Plc announces global mobile distribution agreement with Fifty Lessons,
Future Route	Future Route announces the Validis Introductory Program
Kodime	KODIME enables TNT Post to launch World Food Programme charity text
Kodime	SXSW Festival Maximise Mobile with STARtxt®
Leaf Systems Ltd	Leaf's significant achievements
MMIC Solutions	UK based MMIC Solutions builds management team to support expansion in anti-terrorism technology
Nalpeiron Ltd	Nalpeiron expands in Europe...by hiring top executives from Macrovision
OnRelay	OnRelay named to the 2007 "Pulver 100"
OnRelay	OnRelay and Westcon partner to deliver Fixed Mobile Integration to the enterprise
PIXELearning	PIXELearning's Latest News
Proflix	Proflix Opens Greece Office
RadioScape Ltd	RadioScape extends Software Defined Radio approach to Mobile TV using ADI's Blackfin Processor
RadioScape Ltd	RadioScape extends Software Defined Radio solutions to additional DSP platforms
RadioScape Ltd	RadioScape announces immediate plans to support
Skinkers	World's first live skiing desktop portal
Skinkers	Skinkers wins Media Momentum Judges Award 2007 for UK's fastest growing digital media companies
Solcara Ltd	Olswang signs Solcara for federated search solution
Solcara Ltd	Business Continuity at Taylor Wessing
Solcara Ltd	Solcara PressBureau: Driving productivity through your press office
Solcara Ltd	Solcara partners indexing technology leader ISYS Search Software
Speed Trap	SAS for Customer Experience Analytics redefines Web analysis Market
Speed-trap	speed-trap Limited technology selected to help build new generation internet platform for central Government
Speed-trap	Atos Origin first to offer clients new SAS for Customer Experience Analytic
Stream-On Net Ltd	Equality Commission NI website launched
Stream-On.Net Ltd	StreamOn in the news
Stream-On.net Ltd	New tourism website launched
Telcogames	Telcogames SiL Wins Most Innovative Mobile Game Award
Virtalis	Breakthrough Haptic Trainer for Vets
Virtalis	Virtalis MockUp Cluster System Debuts at Fraunhofer Institute

Pharma and biotech
APA Parafricta	Ann Hales appointed as UK Product Sales Manager
Capsant Neurotechnologies	Innovative ways of testing drugs on 3D stem cells backed by 1.6million pounds Government grant
Crescent Diagnostics	Crescent Diagnostics announces start of FRAN Clinical Study
NovaThera Ltd	'Cyberlung' - new biohybrid devices for treatments of damaged and distressed lungs
OxfordGenome Sciences	Oxford Genome Sciences Expands its Scientific Advisory Board
Sentinel Oncology Ltd	Sentinel set to progress novel anti-cancer technology with new investment
Synairgen plc	Notification of Results

Technology
Camfridge	Camfridge's magnetic cooling technology selected as the second out of ten most favorite Fantastic Fridges
Cardiak Ltd	Revolutionary AK Pulsor cardiac assist device to be showcased in US and Europe
Curidium	Curidium confirms in second brain study significantly different patient subgroups in Schizophrenia and bipolar disorder
Curidium	Curidium discovers significantly different patient subgroups in Schizophrenia and bipolar disorder
Curidium Ltd	Curidium discovers significant diagnostic gene expression profiles in blood of Schizophrenia and bipolar patients
Ilika Technologies Ltd	Novel Mass Spectrometry Technology Acquired by
Lontra	Carbon Trust Supports Lontra
Michelson Diagnostics Ltd	New Partnerships to Fight Cancer with OCT Imaging
Michelson Diagnostics Ltd	Business Briefing: Commercial Opportunities in OCT
O C Robotics	Snake-arm robot demonstrations at RoboBusiness and the Robots & Vision Show
Paraytec Ltd	Paraytec wins Pittcon 2007 International Editors' Choice Award against blue-chip competition
Paraytec Ltd	Yorkshire Forward press release: Export awards success for York company Paraytec
Prosonix	University of Bath and Prosonix Sign Agreement
Sphere Medical Ltd	Sphere short listed for 2006 East of England Business Awards
Starbridge Systems Ltd	STARBRIDGE SYSTEMS SEEKING LICENSEES FOR ITS LINEAR DISPLACEMENT TECHNOLOGY
Stratophase	Release of the new StratoLase range

Events
Additive Process Technologies Ltd	David Potter, Commercial Director, is speaking at the 'Printed Electronics Europe 2007' - Wednesday April 18th 2007
Ashe Morris Ltd	Ashe Morris to present at "Process Analytical Technology in Organic R&D" Conference, 27th - 28th November 2007
Ashe Morris Ltd	Ashe Morris to present at APACT 2007 Conference, 2nd - 4th May 2007
Ashe Morris Ltd	Ashe Morris to speak at "The Scale Up of Chemical Processes" Conference, 29th to 31st August 07
AutoAlert	Commercial Vehicle Show Debut for AutoAlert
Avtura Limited	Avtura Limited launch their Real-time Aircraft Turnaround Tool (RATT) at the Passenger Terminal Expo 2007 in Barcelona 27 ? 29 March.
Curidium	Curidium to present at Clinical Biomarker Summit
Curidium	Curidium to present at Clinical Biomarker Summit
Key Forensic Ltd	Key Forensic will be exhibiting at the ACPO APA 2007
Oxitec	Events: meet us at -
Proflix	Proflix Exhibits at PSI, Dusseldorf 2007
Proflix	Proflix Exhibits at Expo Reclam Madrid
Thebusinesphone Ltd	See us at

We have moved!
Sentinel Oncology Ltd	We have moved!
Trucorp Ltd	Trucorp relocates to new offices

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Profiles of AngelNews companies

Business services
Centurion Marketing Systems Ltd	Centurion Marketing Systems Ltd was founded in May 2000 to design and implement Market Research sampling system solutions. Since then we have implemented systems at a corporate level for companies like Barclays Bank and British Telecommunications plc, and at an agency level for companies like Research Now and MMI.	Dorking, Surrey +44 (0) 1306 621062
Enterprise Accelerator Limited	Enterprise Accelerator has a proven programme to accelerate early stage entrepreneurs. It consistently transforms entrepreneurs into skilled business operators on a fast-track to success. The EA Process efficiently prepares companies for growth and investment. It is measurably more effective than other business support programmes.	Cambridge +44 (0) 1223 535163
Computer Software
BAP Global Solutions Ltd	BAP is a provider of niche SOA software applications and consulting services that help to reduce the IT costs and complexity of corporations' IT infrastructure. BAP's SOA software and consulting services automate manual processes.	London +44 (0) 20 7712 1760
Internet Intelligence Limited	We are a leading Internet Development company specialising in E-Commerce, Information Architecture, online gaming and Bespoke Enterprise Grade Internet Solutions for the SME Market.	Sevenoaks, Kent +44 (0) 1732 746619
Kinomi Ltd	Kinomi Ltd is a London-based early-stage software product company backed by a highly experienced executive and development team. Established in January 2003, Kinomi is part of the next generation of e-mail enterprise systems, focussed on the high-value task of e-mail information management. It enables organisations to manage the information in their e-mail systems for compliance, discovery and collaboration.	London +44 (0) 20 7788 4388
Magpie	Magpie is an award winning software company. We have spent 7 years focusing on building a company around the excellence of our engineers. They are led by Dr Fabrice Retkowsky and are the lifeblood of the company. Formerly known as Runtime Collective, we have been building database-backed websites since 1999.	Brighton, Sussex +44 (0) 1273 234 290
Temporal S. Limited	Temporal S. is a digital identity (ID) software product company that delivers easy-to-use solutions that enable organisations to take full advantage of Public Key (PK) technology.	Egham, Surrey +44 (0)1784 497 380
Consumer - retail and restaurants
Country Food and Dining Company	Country Food and Dining Company is in the process of establishing a portfolio of out-of-town food-led destinations which offer farm-shop-style retail on the same site as a restaurant/pub. The company aims to achieve capital uplift and improved profitability from the sites it purchases through the addition of such 'farm shop' elements plus improvement of the existing dining trade.	London +44 (0) 7790 336 232
H-10	H-10 has developed a number of proprietary skin applications for humans and animals. The common ingredient is sucrose esters, a natural combination of sugar and vegetable oils that has a wide range of healing powers across a variety of skin conditions.	Epsom, Surrey +44 (0) 20 8394 2659
High Tech Health Ltd	High Tech Health Limited is based in the South East of England. It is committed to providing solutions for injury recovery, disease prevention, symptom treatment and health improvement. High Tech Health sources, distributes and even develops innovative health and medical products for retail markets.	Egham, Surrey +44 (0) 845 225 5610
Vitalize Health Products Ltd	Vitalize is a company specializing in the formulation, commercialization and distribution of health and beauty products, mainly based on a technologically modified class of Beta-Glucans. The Company has established several routes to market including Space.NK stores and is generating sales.	Surbiton, Surrey +44 (0) 8390 6812
Consumer - services
FOXY Lady Drivers Club	FOXY Lady Drivers Club is the UK's only ''everyday motoring'' membership organisation for women. We're family-run, fiercely independent and very foxy, meaning shrewd, astute and canny.	Steyning, West Sussex +44 (0) 870 225 5369
Streetcar	Streetcar was launched in April 2004 and has already attracted over 10,000 Members using 250 cars in 150 locations in 3 cities. Streetcar's mission is to provide a viable mass-market alternative to car ownership across Europe. Streetcar is one of the fastest-growing clubs of its kind in the world.	London +44 (0) 845 644 8475
Engineering
Abbi Laboratories	Abbi Laboratories (Abbi) is a speciality engineering company focussed on the research and development of medical devices. The company's key area of expertise is in intravenous (IV) infusion pumps, syringe pumps and related devices.	Cambridge +44 (0) 870 220 9366
Additive Process Technologies Ltd	Additive Process Technologies is a process development and contract engineering company delivering solutions for the flexible electronic circuit sector. Our key areas of focus in additive processes are centred on, Printing of conductive inks, Non Bath electroplating and Optical Alignment Systems. Our conceptual patents cover such areas as: Focused Field Deposition electroplating, Moving camera registration, and High speed chip placement	Market Harborough, Leicestershire +44 (0) 1858 469120
Meciria Ltd	Meciria is developing an integrated drilling tool, providing an efficient, cost-effective solution for the oil industry.	Bristol +44 (0) 117 987 6372
Manufacturing
Instock Hardware Ltd	Instock Hardware Ltd manufactures and distributes door furniture and architectural ironmongery. We supply door furniture, locks, door closures and racking to major builders merchant groups, architectural ironmongers, architects and contractors.	Aldridge, West Midlands +44 (0) 1922 740500
Media and communications
New You Media Ltd	A multi channel lifestyle brand covering health, beauty, diet and fitness across all emerging media platforms including VOD, IPTV, web and mobile with a large emphasis on video content and mobile applications	London +44 (0) 20 7612 0120
Medical: Instruments
Cellexus Biosystems plc	Cellexus Biosystems develops and sells novel disposable, single-use products that are supplied pre-sterilised and cell-based technologies for use in the research, development and production of biopharmaceuticals.	Cambourne, Cambridgeshire +44 (0) 1354 657 407
Intelligent Orthopaedics Ltd	The name Intelligent Orthopaedics has been chosen to demonstrate the company's committment to bringing the most up to date technology to orthopaedic trauma products. Our core philosophy is to bring together healthcare design, innovation & research in order to provide practitioners the next generation of medical devices.	Stoke on Trent +44 (0) 844 800 4405
Technology
Astron Clinica Limited	Astron Clinica, based in Cambridge UK, designs, develops, markets skin imaging products that incorporate its proprietary skin imaging technology SIAscopy. SIAscopy uniquely enables medical, pharmaceutical and cosmetics industry professionals to visualise up to 2mm beneath the surface of the skin using both a proprietary hand held scanner and an off-the-shelf digital camera.	Cambridge +44 (0) 1223 265 000
Ceravision Ltd	Ceravision is an independent hi-tech company based in the UK. Ceravision has developed breakthrough technology in lighting and displays that offer disruptive solutions to a variety of markets. Drawing on extensive in-house expertise in ceramics, Ceravision has pioneered a fundamentally new light source with compelling advantages.	Milton Keynes, Bedfordshire +44 (0) 1908 371 463
i2o Water Limited	i2o has developed innovative technology for reducing leakage in water distribution systems.	Southampton +44 (0) 2380 111420
Indepth Optics Ltd	In-depth Optics is a start-up company set to exploit Photonics technology enabling new and novel display systems	Reading, Berkshire +44 (0) 118 971 4975
Light Blue Optics Ltd	LBO has developed an innovative projection technology that uses laser light sources and holographic techniques to deliver real-time, full-colour, high-quality video images	Cambridge +44 (0) 1223 433350
Metal Nanopowders Ltd	Metal Nanopowders Ltd, a spin-off from the University of Birmingham, is dedicated to the production of metal powders at the sub-100nm scale. Our facilities allow us to produce nanopowders with exceptional purity & physical properties.	Birmingham +44 (0) 121 414 5167
QFT Ltd	QFT has its origins in the Amorphous Materials Group at Dundee University. The company spun out of the University in 2005. QFT has developed a new form of field emission backplane which gives highly uniform electron emission with low threshold voltage and no need for conditioning. The backplane is manufactured from amorphous silicon and its unique field emission characteristics are created by a simple proprietary engineering process which is free of any lithographic steps.	Dundee +44 (0)1382 306130
Venture Capital Fund
NVM Private Equity Limited	NVM Private Equity Limited is an independently-owned firm of venture capital managers with over 20 years experience of investing in UK businesses. We manage five investment funds, four of which are Venture Capital Trusts (VCTs). NVM is a generalist investor specialising in making equity investments in UK unquoted companies.	Reading, Surrey +44 (0) 118 951 7000
Seraphim Capital Fund	Seraphim Capital is a £30m venture capital Fund with a focus on UK centric companies looking for equity capital of between £0.75m and £2.0m. The Fund considers opportunities across all sectors and stages. The Fund?s unique strength is its network of private investors drawn from a consortium of Business Angel Networks in the UK & US.	London +44 (0) 20 7089 2318
Wireless telecoms
AliQuantum Gaming Ltd	AliQuantum Gaming Ltd are a software technology provider who enable operators to deliver a mobile casino service	Valletta, Malta +44 (0) 7747 032 815
Hypertag Ltd	A pioneer and leading provider of proximity services, Hypertag was founded in August 2001. Our services have enabled consumers around the world to download location relevant information and content direct to their mobile phone or PDA.	Cambridge +44 (0) 845 0557984

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People moves

APA Parafricta	Ann Hales appointed as UK Product Sales Manager
MMIC Solutions	UK based MMIC Solutions builds management team to support expansion in anti-terrorism technology
Nalpeiron Ltd	Nalpeiron expands in Europe...by hiring top executives from Macrovision
Oxford Genome Sciences	Oxford Genome Sciences Expands its Scientific Advisory Board

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Job ad of the month

Intramezzo is recognised for providing rapid access to some of the UK’s top Senior Executive Talent. These business leaders and domain specialists manage and contribute to “business critical projects”. AngelNews has negotiated a special deal with Intramezzo to provide a small number of searches for companies that are involved with AngelNews, at a significant discount to the normal fee charged by Intramezzo. If you need to find someone to supplement your senior management team, contact: modwenna@angelnews.co.uk or call +44 (0) 1275 333 443 to obtain further details.

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Our own and Preferred Partners’ news

BT	Women Take Advice On Things That Matter - Win over £4,000 of nutritional advice for you and your business
BT	Small businesses offered advice on reducing their carbon footprint
BT	BT Tradespace
Capital MS&L	Capital MS&L to open North of England office in Manchester
Charles Stanley Securities	Initial post-speech comments from the Charles Stanley team on the Chancellor?s economic projections, Capital Gains Tax (CGT) and Individual Savings Accounts (ISAs)
ShareMark	Family Businesses - Securing the Value
ShareMark	Creating the Ownership Tree
ShareMark	Hazlewoods LLP Business Advisers & Chartered Accountants Join the ShareMark Advisers' Network

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Networks' and fund managers' news

For the full stories please click on the story and login at www.angelnews.co.uk

Braveheart Investment Group plc	PROPOSED ADMISSION TO TRADING ON AIM
Creative Capital Fund	CCF appoints new Investment Manager
EEDA	Darling announces £1.5 million to help drive Cambridge ?innovation powerhouse?
IQ Capital	IQ CAPITAL MAKES FIRST INVESTMENT IN SHORT FUZE
Midven Limited	Midven Limited's Investment in Cytox Limited
NVM Private Equity Ltd	NVM Generates power for Promanex MBO
OxfordCapital Partners	Oxford Capital Partners appoints Richard Hepper
OxfordInvestment Opportunity Network	Oxford Innovation?s 100th Employee will boost Innovation Services in East of England
South East Growth Fund	Kent Food Manufacturer Attracts Equity Investment
The Capital Fund	Dynamic communications agency C Squared secures The Capital Fund?s 50th Investment
The Summit Group	CoStar Group Strengthens UK Operations by Acquiring Propex
Xenos	Investor Buys Galss Company
Xenos	New Regional Manager at Xenos
Xenos	Business Angel Peter adds sparkle to Solar Business
Xenos	XENOS FILTERS FUELACTIVE? DEAL
Xenos	Funding will 'Trace' the way abead for Opto-electronics Firm

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Ad of the month

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At a location near you, you can get a condensed, business focussed briefing on the issues and technologies that are important to companies like yours. BT's networking and IT solutions are designed to help your business perform better.

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There is also the opportunity to meet and ask questions of the technology experts in a hands-on demonstration area. We know that you need to get back to running your business. That's why we've condensed as much information and practical advice as we can into a single morning - so you can get the best return on the time you invest. For more information, please go to www.bttalkinglocalbusiness.co.uk

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Modwenna Rees-Mogg
Editor - angelnews
Email: modwenna@angelnews.co.uk

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