N4 Pharma Plc Regulatory News (N4P)

Embargoed for release at 7am 21 March 2011

Ultima Networks plc

('Ultima' or the 'Company')

Trading update

Ultima, the IT and Green Technology company, is pleased to provide an update on trading in advance of the release of its results for the year ended 31 December 2010.

Ultima is please to announce that full year revenues and net profit have increased over the prior year. The Board expects to report turnover to be broadly in line with market expectations with net profit being materially ahead of market expectations.

Ultima's IT Services division, Cognito Software, has continued to grow through increased sales of its range of software products and services. Following the launch of "FiLos", Cognito's new legal software suite, Ultima has seen an increased level of interest in Cognito's product offering particularly from the larger legal practices. The sales, support and marketing budget for Cognito during 2011 has been increased with the view to accelerating the organic growth of the division primarily through increased penetration of FiLos in the legal services marketplace. The Board is also continuing to evaluate potential acquisitions which would assist the growth of the division. The IT Services division provides recurring revenue for Ultima and is benefiting from a strong management team.

The Company's Green technology products division experienced difficult market conditions in the first half of 2010, as announced by Ultima on 19 August 2010. The Board of Ultima is pleased to however report that the second half of the year has seen an improved trading performance and, as previously announced, Ultima has in the second half of the year received major new orders for its mainland European version of the Infineum electric bicycle. The level of these orders has exceeded management expectations. The Board remain confident that volumes for the 2011 calendar year will reach the division's targets of 2,500 units. The bicycle is being marketed by the division's Dutch distributor, EQ-Bikes.

Ultima's Green power division, which is focused on the development of clean power generation through solar power parks in Spain and Italy, continued to develop its solar energy credentials in 2010. In November 2010 Ultima successfully commissioned and connected the Company's 100KW solar park in Spain to the Spanish National Grid. This is expected to make a small contribution to Ultima's revenue in 2011. In Italy discussions are continuing with ENEL Spa to finalise details for the connection to the Italian high voltage grid however no connection date has yet been given by ENEL and Ultima are currently considering alternative options to generate value from their Italian solar power project. The Board remain in discussions with potential parties who are interested in providing debt funding to support the construction of the proposed three 1MW Solar Parks planned for Puglia. Delays in connection of the proposed 3 x 1 MW parks will lead to a reduction in the feed-in tariff however the Board expects this to be offset by reductions in the capital cost of the projects. The Green power division has also recently launched a Solar PV Initative Scheme for UK based Schools which is designed to provide solar installations to participating schools free of cost. The Green power division will receive the government backed feed-in tariff which is index linked and guaranteed to be paid for a period of 25 years.

Ultima anticipates releasing its results for the year ended 31 December 2010 on 23rd May 2011.