Disposal of Portix

30 Apr 2008 17:58

eXpansys Plc30 April 2008 DISPOSAL OF PORTIX eXpansys plc (the "Company" or the "Group"), the leading online retailer ofwireless technology, announces that it has today completed the sale of the tradeand certain assets of the Portix trading division ("Portix") of eXpansys UKLimited, a wholly owned subsidiary of the Company, to Micro Peripherals Limited,a wholly owned subsidiary of DCC plc, for a cash consideration of up to£1,160,000 of which £760,000 is payable on completion. The disposal of Portix, which is a "trade only" international distributor of mobile and wireless products, follows the Board's strategic decision to focus fully on the Group's core "e-tail" operations which operate under the eXpansys brand-name. The profit contributed by Portix to the Company in the year ended 30 April 2007 was £379,000 with total net assets relating to the business, at 30 April 2007, of £75,000. The cash generated from the sale of Portix will provide additional working capital for the Group's core businesses. For further information, please contact: eXpansys plc Tel: +44 (0)161 232 3410Roger Butterworth, CEO roger@expansys.com Investor relations website www.expansys.com/investor.aspx Cenkos Securities plc Tel: +44 (0)20 7397 8926Stephen Keys skeys@cenkos.com Rawlings Financial PR Limited Tel: +44 (0)1756 770 376Catriona Valentine catriona@rawlingsfinancial.co.uk About eXpansys The Group specialises in the sale of handheld electronic devices with wirelessconnectivity and boasts a wide offering ranging from smartphones and ultramobile personal computers, to cameras and GPS equipment. eXpansys operates some50 websites in 12 different languages that cater to the major economies of theworld and serve both retail customers and blue-chip corporate accounts. Based in Manchester, eXpansys has grown both organically and through acquisitionand has a global infrastructure that allows it to service its internationalcustomer base through a network of warehouses in the UK, France, USA, Hong Kongand Australia. This information is provided by RNS The company news service from the London Stock Exchange