Investment Update

Tanfield Group plc

("Tanfield" or the "Company")

Investment Update

Tanfield announces that its investee company, Smith Electric Vehicles Corp. ("Smith") has filed a Form D Notice of Exempt Offering of Securities with the U.S. Securities and Exchange Commission ("SEC") in relation to the issue of $11.1m of Series E Preferred Stock. Copies of the filing may be seen at www.sec.gov

Smith, a company headquartered in Kansas City, Missouri, USA, manufactures and markets zero emission commercial electric vehicles.

The closing of the Series E Preferred Stock offering is part of the process of Smith intending to complete the merger with American Business Services Inc and become a publically traded company on the OTCBB market in the United States prior to its intention of a proposed flotation on a US National Exchange as previously announced..

Further information:

A registration statement relating to shares of Smith's common stock has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.