Adams Regulatory News (ADA)

2 Feb 2007 16:15

DawMed Systems PLC02 February 2007 For Immediate Release 2 February 2007 DAWMED SYSTEMS PLC (the "Company") UPDATE RE LEGAL PROCEEDINGS AND ACCOUNTS Dawmed Systems PLC's operating subsidiary company, Dawmed International Limited("Dawmed International"), announced on 15 December 2006 that it had issued legalproceedings against a trade debtor. Upon the advice of Counsel, DawmedInternational has decided to proceed directly to Trial as the most expeditiousroute to resolve the action against the trade debtor to recover the outstandingdebt and to achieve the specific performance of the debtor's obligations underthe contract. Since the AIM Rules require that the Annual Report and Accounts of the Companyshall be issued within six months of the Company's financial year end, theCompany will announce its Final Results for the year ended 30 September 2006 onor about 21 March 2007 and post the Accounts by 31 March 2007 as required. Dawmed International will make the appropriate provision for the amountsoutstanding and due under the contract from the trade debtor in the relevantyear in its Accounts for the year ended 30 September 2006. This will have theeffect of converting what would have been a Group pre-tax profit of circa.£136,000, representing an increase of circa. 400% on the previous year and inline with the Directors' expectations, to a pre-tax loss of circa. £71,000. The Directors remain confident of the Company's prospects of success in thelegal action and in its prospects for the current financial year. Enquiries: Kevin M Gilmore Tel: 01789 740010 Executive Chairman Mob: 07785 396666 Beaumont Cornish Limited Roland Cornish Tel: 020 7628 3396 Bishopsgate Communications Limited Maxine Barnes Dominic Barretto Tel: 020 7562 3350 For further information please visit Dawmed's web site at www.dawmed.com This information is provided by RNS The company news service from the London Stock Exchange