One Wicket Down for the IPL

On the face of market slowdown and huge loses, Live Current Media, the
Canadian website provider for the Indian Premier League (iplt20) has announced
to divest all of the companys cricket operations. This includes the website and
the rights granted under the contract with the IPL.

In the form 10-K files to the US Securities and Exchange Commission, the
company mentioned that it may not be able to do payments required under the MoU
with the BCCI or the IPL.

LCM posted a consolidated net loss of $10,006,456 and realized a negative
cash flow from operating activities of $4,854,260 for the year ended December
31, 2008. The company gave a clear indication that the present situation coupled
with the expansion plans into new geographies in connection to cricket business
will create additional risks which could harm the operating results and further
deepen the financial concern.

The payments owed to the BCCI were renegotiated, although a formal amendment
to the MOU has not been signed.

On April 17, 2008, the Company signed an MoU with each of the Board of
Control for Cricket in India (BCCI) and the DLF Indian Premier League (IPL) for
$50 million. The MOUs granted LCM the exclusive right to provide the official
websites for the BCCI and the IPL (the Cricket Websites) for around 10 years.

As consideration for the rights conveyed, it had agreed to pay a minimum
annual fee to the BCCI of the greater of 50 per cent of all revenues generated
from the websites or an average payment of $3 million per year and a minimum
annual fee to the IPL of the greater of 50 per cent of all revenues generated
from the website or an average payment of $2 million per year. In addition to
the annual fee, LCM had agreed to pay a total of 5 per cent of the revenues
generated by the websites to both parties.

Akansha Prasad

maildqindia@cybermedia.co.in