9 Sep 2010 07:00
09 September 2010
Brainspark plc
("Brainspark" or the "Company")
Holdings in Vyke Communications plc
The Board of Brainspark (AIM: BSP), the fast growing international investment company, is today providing an update on its investment in Vyke Communications plc ("Vyke").
On 14 May 2010 the Company announced that it had acquired an 11.56% stake in the issued share capital of Vyke as part of a Placing announced by Vyke on 22nd April 2010.
On 08 September 2010 Brainspark received a further 2,139,286 shares in Vyke at 3.5p per share in lieu of £74,875.00 of fees due to Brainspark from Allenby Capital Limited in relation to the Company's original investment in Vyke.
At the date of this announcement Brainspark owns 23,522,145 shares in Vyke, equivalent to a 12.71% interest in Vyke.
For the twelve months to 31 December 2009 Vyke generated revenues of £11.17 million, with a loss before tax of £5.82 million. Net assets of Vyke as at 31 December 2009 were £13.08 million.
For further information contact:
| Brainspark plc | +39 335 296 573 |
| Francesco Gardin, Chairman |
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| Allenby Capital Limited | +44(0) 20 3328 5656 |
| Nick Athanas/James Reeve |
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| Leander PR | +44(0) 7795 168 157 |
| Christian Taylor-Wilkinson |
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About Brainspark Plc.
Brainspark plc (AIM: BSP) is an AIM listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the interactive media, leisure, entertainment and financial services sectors mainly in Italy but also other European countries. Its core investment is B'Parks & Leisure, the owner of a site in northern Italy with plans for the development of a large theme park. The company may be either a passive or active investor and Brainspark's investment rationale ranges from acquiring minority positions with strategic influence through to larger controlling positions.
About Vyke Communications Plc.
Vyke is an AIM quoted, leading mobile Voice over Internet Protocol ("VoIP") provider and is headquartered in the UK with subsidiaries and offices in Norway, USA, Iceland and Malaysia. The strategic goal of Vyke is to combine its expertise in VoIP-based communication systems, mobile data service creation/handset technology and wholesale carrier network management to provide a converged communication solution. Vyke's current set of mobile-oriented products offers up to a 98% discount compared to current typical mobile operator pricing structures.