Time Finance Regulatory News (TIME)

11 Oct 2005 06:00

11 October 2005 Timestrip plc(`Timestrip' or the `Company') Placing to raise ‚£2.4 million The Board of Timestrip plc is pleased to announce today that it hassuccessfully completed a Placing of 40 million Ordinary shares of 0.02p pershare at 6p per share to raise ‚£2.4 million. The Placing was with 5institutional and professional investors, including HealthCor Management, a USbased investment management company, focused principally on global healthcareand life sciences. The placing price of 6p represents a 22.5% discount to the closing price of7.75p on Friday 7th October and compares to an average closing price of 6.23pover the last 21 trading days to that same date. These new funds complete the Company's funding requirements outlined at thetime of its introduction to AIM via a reverse take over and will underpin theCompany's R&D and development work for the foreseeable future as it makes rapidprogress in commercialising its patented smart label technology. Paul Freedman, Timestrip's joint CEO commented: "I am delighted with the progress we have made to date in our key internationalmarkets as well as the continued from support new and established investors. Wenow look forward to driving forward our commercialisation strategy."The new Ordinary shares will, when issued, rank pari passu with the existingOrdinary shares in issue and application will be made for these shares to beadmitted to trading on AIM. For further information: Paul Freedman, Joint CEO, Timestrip plc 01462 440 700Roland Cornish, Beaumont Cornish Limited 0207 628 3396 Shane Dolan, Biddicks 0207 448 1000 ENDTIMESTRIP PLC