The Company is pleased to announce the completion of a placing of 2,156,863 ordinary shares at a price of 25.5p raising £550,000 before expenses, and the simultaneous conversion of debts amounting to £14,500 into 56,863 ordinary shares also at a price of 25.5p. Application has been made for the total number of 2,213,726 ordinary shares to be traded on AIM and admission is expected on 17 February 2004.