Adams Regulatory News (ADA)

12 Feb 2007 09:30

Adamind Ltd12 February 2007 Adamind Limited (Adamind or the "Company") Company Update The Company has been informed by the Financial Services Authority ("FSA") of theappointment of investigators on its behalf under the provisions of section 168(3) of the Financial Services and Markets Act 2000 as a result of sections 168(2)(a) and (d) of that Act. The Company understands that the FSA is investigating circumstances, statementsand/or behaviour occurring prior to the Company making an adverse tradingstatement on 22 June 2006. The Company intends to co-operate fully with the FSAand its investigators. The Company intends to keep the market informed asappropriate. The Company was in the final stages of negotiation with a strategic buyer,Mobixell Networks Inc ("Mobixell"), and was in the process of seekingcommitments from certain of its larger shareholders to accept an offer for thewhole of its share capital. As a direct consequence of Adamind being made awareof the existence of the FSA's investigation on 8 February 2007, Mobixellinformed the Company that it would not pursue the purchase of the whole of theCompany's share capital. Adamind and Mobixell continue to discuss other alternatives. The parties havetoday announced a strategic alliance, under which they will share technologies,and integrate their product portfolios, and remain hopeful that a successfuloutcome can be achieved. Enquiries Corfin CommunicationsHarry Chathli 020 7929 8989 This information is provided by RNS The company news service from the London Stock Exchange