AGM and MetPack Investment

31 Jul 2006 17:00

Brainspark PLC31 July 2006 FOR IMMEDIATE RELEASE 31 July 2006 BRAINSPARK PLC ("Brainspark" or the "Company") Results of Annual General Meeting and MetaPack Investment At the Brainspark AGM held on 31 July 2006, all the resolutions were passed toinclude the re-election of Mr. Alfredo Villa, Mr. Dennis Bailey, Prof. FrancescoGardin and Mr. Don Caldwell as directors. Mr. Francesco Gardin, Chairman, reported that the Company during the first sixmonths of 2006 has actively pursued a number of strategic projects, includingthe development of a new venture in China. Six Memorandum of Understanding havebeen signed with some of the largest Chinese Science Parks and further meetingswith the Managing Directors of additional Science Parks took place last week inChina with Brainspark Chairman and Mr. Burman, our Director based in Beijing. The Directors continue to seek ways of utilising the capital and trading lossesof earlier years. Brainspark is also in close contact with the representative of the Geosim USinvestors to explore mutual opportunities as Geosim shareholders. The successful closing of the Kerb sale of Brainspark equity position for£205,000 is increasing Brainspark confidence to be able to extract value fromexisting portfolio companies. After completion of the lease contract at the end of March 2006 the company istargeting a monthly cost of below £15,000 per month. In addition, on 31 July 2006 Brainspark has taken part in the £250,000 new roundof financing in Metapack Ltd, the leading UK provider of delivery software formulti- Channel home delivery. Investors in this round include existing investors andmanagement, Cross Atlantic Capital Partners and Brainspark. Brainspark hasinvested £30,000 in this round by converting existing debt into equity andsubsequently will hold 10.72% of the company. MetaPack already provides software solutions to leading retailers such as JohnLewis, B&Q, Boots, Dixons, PCWorld and Comet and will continue to benefit frominternet driven growth in home delivery. In addition, MetaPack sees significantgrowth potential in providing "software as a service" using an ASP architecture.This will allow MetaPack to target the thousands of medium size companies inretail and non-retail who currently use proprietary carrier management systems.The new investment will support ASP development and marketing. Further information: Francesco Gardin 0039 335 296573Roland Cornish 020 7628 3396 This information is provided by RNS The company news service from the London Stock Exchange