ARTA.L Regulatory News (ARTA)

16 Mar 2006 08:16

Future Internet Technologies PLC16 March 2006 For Immediate Release 16 March 2006 Future Internet Technologies Plc ("FIT") Exercise of Options re Acquisitions and Suspension The Board of Future Internet Technology plc ("the Company") announced on 7 March2006 that it was undertaking a placing of new Ordinary Shares to raiseapproximately £50 million and to make a conditional investment in Advance GlobalCommunications, Inc. ("AGC"). As part of this transaction the Company wasgranted an option to acquire the balance of the issued share capital of AGC. The Board, having consulted with major shareholders and placees, has decided toeffect both stages of the transaction, the investment and the acquisition of thebalance of the issued shares, at the same time. The Company will therefore beacquiring, subject inter alia to shareholder approval, all the issued sharecapital of AGC. The Company has also decided to exercise its options to acquire the balance ofthe issued share capital of Artillium Communications NV and Aquanta Networks NV. These acquisitions constitute a reverse takeover pursuant to the AIM Rules andthe Company has therefore been suspended at the Company's request pendingposting of the circular to shareholders, which will constitute an admissiondocument for AIM. The circular to shareholders is expected to be posted within the next 90 daysand a further announcement will be made at that time. For further information please contact: Robert J.H. Bonnier / Richard ArmstrongFuture Internet Technologies Tel: 020 7321 3827 Richard Oldworth / Suzanne BrocksBuchanan Communications Tel: 020 7466 5000 Stephen GoschalkInsinger de Beaufort Tel: 020 7190 7000 This information is provided by RNS The company news service from the London Stock Exchange