Adams Regulatory News (ADA)

26 Jul 2007 11:21

Adamind Ltd26 July 2007 26 July 2007 Adamind Ltd (Adamind or "the Company") Company Update The Board of Adamind today updates the market following its full year resultsannouncement on 14 April 2007. As of July 17th, the Company had $24.44m in cash plus $550,000 in escrow (fromthe Mobixell Networks (Israel) Ltd transaction). The Company began convertingits US cash balance to pounds sterling a few months ago. The total balance nowincludes: £9.446m and €484,000 and the rest in US dollars. Following the closing of the deal with Mobixell, the Company has taken specificmeasures to reduce its cash burn. The cost structure is currently comprised ofthe following: board members' payments, management payroll, the AIM and FSArelated expenses and a limited number of essential service providers. Adamind continues to co-operate with the FSA with a view to securing a timelyresolution of the investigation; and will provide a further update as and whenappropriate. The Company also announces that it has received a number of preliminaryapproaches from a number of entities & individuals who have expressed an initialinterest in acquiring the whole or part of the Company. The Company will keepthe market abreast of any development on this front in the future. Enquiries Corfin CommunicationsNeil Thapar, Harry Chathli +44 20 7929 8989 This information is provided by RNS The company news service from the London Stock Exchange