ARTA.L Regulatory News (ARTA)

13 Oct 2006 16:23

Future Internet Technologies PLC13 October 2006 13 October 2006 Future Internet Technologies plc The Board of Future Internet Technologies plc ("FIT" or the "Company") announcedon 11 September 2006 that it was in discussions with the shareholders ofAdvanced Global Communications, Inc. ("AGC") in relation to FIT acquiring 100%of the issued share capital of AGC. FIT announces that, after extensive discussions with the shareholders of AGC, ithas been agreed between the parties that the Company will not proceed to acquireany of the share capital of AGC. The parties have, however, agreed to explorepossible future business opportunities between the two companies. FIT is proceeding with the completion of the exercise of its option to acquirethe remaining issued share capital in Artilium NV ('Artilium') and itsassociated company, Aquanta Communications NV, as confirmed in the announcementof 11 September 2006. This may involve the Company taking legal action toenforce the terms of the option agreement. As previously announced, FIT is required to publish a circular to shareholdersin relation to the transaction to acquire the remaining issued share capital inArtilium which it is envisaged will be published on or around 15 December 2006. It has been agreed with AIM that the Company's shares will remain suspendedpending the publication of such a circular. Enquiries: Future Internet Technologies via Financial DynamicsPaul Gratton, Executive Chairman and acting Chief ExecutiveTony Lynch, Finance Director Financial Dynamics Tel: 020 7831 3113Harriet Keen/Geoffrey Pelham-Lane This information is provided by RNS The company news service from the London Stock Exchange