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19 Sep 2008 09:24
19 September 2008 Amteus plc ("Amteus" or the "Company") Trading update
Further to the announcement of 21 August 2008, Amteus is pleased to announce that its reseller partner has made considerable progress with its schools project in conjunction with a Government Sponsored Schools Trust (the "Trust"). The beta website is now ready and demonstrations may be arranged by emailing CEO@amteus.com. The rollout to the schools is due to start in October 2008, following a series of planned conferences. The Company is in discussions with a number of potential corporate sponsors, who have expressed strong interest in this initiative.
The Company is also in discussions with a number of potential investors, certain of which are current shareholders, including the executive Deputy Chairman to fund the business going forward.
In the meantime, in accordance with the lower staffing levels required for the reseller business model for the schools, the Company has taken significant steps to reduce its monthly overheads by approximately 65 per cent., including the closure of its research and development facility and the reduction of staff both on the sales force and in other areas.
Michael Abrahams, Chairman of Amteus, said: "We believe that the relationship with the Trust, through our reseller partner, provides an exciting opportunity to enhance shareholder value. The technology we have developed for the schools also has similar applications for businesses. We hope that we will be able to raise sufficient funding in the current difficult market conditions to fulfil the potential of our developments."
As stated in the announcement of 21 August 2008, should Amteus be unsuccessful in raising the necessary finance then, notwithstanding the overhead reductions set out above, there will be a further material adverse effect on the Company's financial position and operations.
Enquiries:
Amteus plc 01653 618016 Michael Abrahams (Chairman) 020 7628 2200 John East & Partners Limited 01653 618016 John East/Simon Clements Rawlings Financial PR Limited Catriona Valentine
John East & Partners Limited, which is authorised and regulated by the Financial Services Authority, is acting exclusively for the Company and no one else in connection with the matters set out herein and will not be responsible to anyone other than the Company for providing the protections afforded to customers of John East & Partners Limited or for providing advice in relation to the matters set out herein or any transaction.
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