PRESS RELEASE

[ CURRENT FLIGHT STATUS ]

INTERIM RESULTS FOR THE SIX MONTHS ENDED
30 APRIL 2004

Chairman's Statement

Results

I am pleased to report the results for six months ended 30 April 2004. It has been an active period for your Company where we have focused our energies on utilising our property expertise to lay the foundation from which to build a successful property consultancy and development company. In line with our forecasts, we made an operating loss before exceptional items of £353,610 (2003: £103,860), on a turnover of £1,267 (2003: £2,656). As at 30 April 2004, the Group had net assets of £11,134,059 and cash of £475,782.

The Directors do not propose the payment of a dividend (2003: £Nil).

Strategy

The Directors of AWG fulfilled their previously stated strategy, having identified a suitable reverse takeover acquisition, which was approved by shareholders at an Extraordinary General Meeting, held on 1 December 2003. The strategic focus since then has been to create a revenue generating property consultancy business in tandem with developing mixed-use leisure based schemes.

Current Trading

The Group's new property consultancy business using the Board's extensive property and financial experience has received considerable interest from both international companies and private investors. We are marketing the service to targeted individuals and organisations that require discreet professional advice on optimising their property assets. The services it offers include project consultancy and development appraisal, design, risk analysis, advice on valuation procurement, financial engineering and insurance. We have already secured our first major client and are currently in negotiations with a number of others.

On the development side, progress at the 327 acre YES leisure and entertainment project in South Yorkshire has been steady. Interest from potential anchor tenants for the theatre and four-star spa hotel with conference facilities has been strong and as a result, we hope to be able to announce some positive news on this in the near future. Encouragingly, local support remains committed which should bode well when the planning application is submitted.

In addition, we continue to look at other opportunities in the leisure property market to widen our spread of activities and produce alternate revenue streams. We are concentrating on securing projects which we feel can generate the right returns for our shareholders. These are not confined to the UK but are all focused on the leisure sector where we feel we can really add value.

We continue to make significant progress and look forward to fully maximising the Oak Holdings potential. I would like to thank the Board for their hard work and commitment and for creating a solid foundation from which we can build.

Malcolm Savage

28 July 2004

The full Interim Results Report is available as a dowloadable .pdf document here

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