Blue Star Regulatory News (BLU)

12 Aug 2009 07:00



Blue Star Capital plc

(the "Company")

Completion of Asset Acquisition

The board of the Company is pleased to announce that, further to the passing of the resolutions by shareholders on 30 June 2009, it has completed the acquisition of the assets of The PegasusBridge Defence & Security Fund Limited. 

The consideration for the acquisition was £1,487,111 which was to be satisfied by the issue of 44,760,935 new ordinary shares of 0.1 pence, at a price of 3.3 pence per share and the payment of £10,000 of the Sellers professional fees. 

Application has been made to the London Stock Exchange for admission of the 44,760,935 new ordinary shares which is expected to take place on or around 12 August 2009. 

The board of the Company considers that the Acquisition provides a clear opportunity to strengthen the Company's portfolio in line with its strategic focus on the HSI sector whilst conserving the Company's cash reserves for further investments in this sector.

For further information:

Further information on the investee companies is set out below:

Zimiti Limited (www.zimiti.com) develops portable and robust wireless access control solutions for monitoring and control of security systems including electronic locks based upon its patented wireless technology platform. The company is making strong advances in both its product development and sales to customers in access control and electronic locks. 

OmniPerception Limited (www.OmniPerception.com) which has successfully commercialised world leading research from the University of Surrey's Centre for Vision, Speech and Signal Processing led by Professor Josef Kittler. It has developed unique face biometrics technology for computer vision including applications such as secure access, machine-readable travel documents, identification and personalisation. This software is unique in that it can be deployed not just in security applications including the police services but also in civilian areas including social networking and broadcast, as well as variants which allow automatic logo brand recognition and quantification in video imagery for high value advertising tracking. In January 2009, OmniPerception confirmed a non-dilutionary development funding of £1.5 million including contribution in kind by BAE Systems.

Pedagog Limited (www.pedagog.com) develops cost effective SIM-enabled camera technology using mobile phone networks to create real-time video interaction via a middleware platform with simple setup. It offers both security solutions for commercial and private users at all levels including videoconference as well as the opportunity to establish a social network platform with live video.