PHRM.L Regulatory News (PHRM)

4 May 2007 07:00

Phorm Inc 04 May 2007 7am 4 May 2007 Phorm, Inc. ('Phorm' or the 'Company') Reorganisation Phorm, Inc. (AIM: PHRM (previously OTO) and PHRX (previously OTOM)) announced today that its corporate reorganisation (disclosed 2 April 2007)to a holding company structure was completed after the close of trading on May 3, 2007. As a result of this reorganisation, 121Media, Inc. (now known as Phorm UK, Inc.) became a wholly-owned subsidiary of the Company. In the reorganisation, each outstanding share of capital stock of 121Media Inc. (now known as Phorm UK, Inc.) was automatically converted into a share of Phorm and the common stock of Phorm will be admitted to trading on the AIM market of the London Stock Exchange plc ('AIM') at the commencement of trading today (4 May 2007). Simultaneous with the admission of the Company's shares to trading on AIM, the admission to AIM of the shares of 121Media Inc. (now known as Phorm UK, Inc.) will be cancelled. The shares of Phorm will continue to be represented by the same stock certificates that represented shares of 121Media, Inc. (now known as Phorm UK, Inc.) prior to the reorganisation and no stockholders, including holders through CREST, need take any action. From commencement of trading today (4 May 2007), the shares will trade under the symbols PHRM (previously OTO) and PHRX (previously OTOM), and have been assigned new CUSIP and ISIN numbers, which are set forth below: PHRM (previously OTO) CUSIP: U7171X 102 ISIN: USU7171X1029 PHRX (previously OTOM) CUSIP: 71922A 103 ISIN: US71922A1034 The reorganisation was accomplished by a merger of a wholly-owned acquisition vehicle with and into 121 Media, Inc. (now known as Phorm UK, Inc.) pursuant to Section 251(g) of the Delaware General Corporation Law. The Company's shareholders are not required to take any action in connection with this reorganisation and have automatically become shareholders of Phorm, Inc. in exactly the same proportions as their former 121Media, Inc. holdings. For Enquiries Phorm, Inc. +44 870 405 7722 Kent Ertugrul (Chief Executive) Edelman Financial PR +44 20 7344 1325 Paul Lockstone +44 7876 685200 Canaccord Adams Limited +44 20 7050 6500 Nominated Adviser +44 20 7050 6758 Mark Williams +44 20 7050 2744 Andrew Chubb