Parkmead Regulatory News (PMG)

27 Sep 2005 07:00

Interregnum PLC27 September 2005 27 September 2005 INTERREGNUM PLC Acquisition of The Video Meeting Company by Interregnum subsidiary Audio Visual Machines Interregnum plc ("Interregnum"), the technology merchant bank, announces theacquisition by its subsidiary Audio Visual Machines Ltd ("AVM") of The VideoMeeting Company Ltd ("VMC") from the Unique Group Ltd ("Unique"). VMC generated unaudited revenues of £3.5m in the financial year to 30 April2005. The acquisition is expected to be immediately earnings enhancing. The Unique Group has received 25% of the equity in AVM and £250,000 in cash inconsideration for 100% of the equity in VMC. Interregnum retains a majoritystake in the combined group. VMC, founded in 1998, is one of the UK's leading providers of videoconferencingsystems and supporting managed services. VMC has over 600 clients in 35countries including blue-chip companies and Local Authorities. It has 21employees and is headquartered in London. This transaction supports Interregnum and AVM's strategy of combining companiesto create a major player focused on the supply, programming, and servicing ofcomplex, IP-based, audio visual solutions to major corporations. AVM's clientsinclude BP, GSK, Lloyds Bank and Sainsbury's. The acquisition of VMC follows AVM's acquisition of certain assets of ITM GroupLtd, an audio visual systems integrator, in May 2005 and enhances the technicalcapabilities, management team and client base of AVM. Commenting, Ken Olisa, Chairman & CEO of Interregnum, said: "There is a step change happening in the AV technology market as wired analoggives way to wireless IP networks. We acquired AVM to take advantage of thischange and the addition of VMC is a critical step in our strategy to takeadvantage of audio visual's move into the digital age." Interregnum acquired 82.35% of the equity of AVM for a consideration of £500,000in January 2005. In the 15 months to 30 June 2005, AVM generated revenues of £4mand profit before tax of £77,141. - Ends - Contacts: Interregnum plc 020 7494 3080Sandy MacPherson, Managing Director Audio Visual Machines Ltd 020 7248 4770Edward Cook, Managing Director Merlin (PR advisers to Interregnum) 020 7653 6620Vanessa Maydon 07802 961 902Rebecca Penney 07795 108 178 Notes to Editor: Interregnum plc (www.interregnum.com) is a technology merchant bank listed onLondon's Alternative Investment Market (symbol: ITR). Established in 1992,Interregnum buys, sells, advises, invests in and operates technology companies.Its advisory services include corporate finance, IP exploitation and commercialdue diligence. The company's clients are principally corporates, government,technology entrepreneurs, advisors and investors. AVM (www.avmachines.com), established in 1990, is an audio visual solutionsprovider. The company designs, supplies, programs and supports complex audiovisual systems ranging from boardroom presentation solutions to IP-based videoconferencing networks. This information is provided by RNS The company news service from the London Stock Exchange