5th Jan 2007 10:56
Future Internet Technologies PLC05 January 2007 5 January 2007 Future Internet Technologies plc ("FIT" or "the Company") Statement in respect of the Annual General Meeting At the Annual General Meeting of the Company, held today, all resolutions wereduly passed. Completion of the acquisition of Artilium N.V. and the placing of 3,000,000 NewOrdinary Shares is expected to take place upon Re-Admission of the Company'sShares to trading on AIM at 8.00am on 8 January 2007. In addition, by consolidating each 20 shares of 1 pence each into one share of 5pence each, the ordinary shares now have a par value of 5 pence. Following theissue of the Placing Shares, the Consideration Shares and the ShareConsolidation, the number of ordinary shares in issue will be 52,449,800. Thenew ISIN number of the consolidated stock is GB00B1L7NQ30. Paul Gratton, Executive Chairman and acting CEO of FIT commented: "We are excited as we enter this new phase of growth for the business andcontinue to see encouraging performance from our core business at Artilium. Wehave seen the strong sales pipeline growth experienced in 2006 continue into thenew year and have enjoyed an excellent conversion rate from identifiedopportunities to signed orders. In addition to our strong traditional customerbase in the Benelux region, we now have customers in France, Germany, and theUK. We are also in talks that we are confident will provide an entry to theNorth American market during the first half of 2007. In addition we are planning to enter a new market during 2007 offering voicesolutions through "Hosting Companies" as the "Software as a Service" industrytrend continues to gather pace. We believe this has the potential to provide asignificant, additional revenue opportunity from the resale of voice minutes. Assuming the current trend continues, we anticipate that Artilium's revenue willgrow by over 50% and support the underlying growth in Artilium's profitabilityfor the year ending 30 June 2007. We expect that the Enlarged Group will incur a small overall loss for the year.This loss will be prior to circa £2 million of one-off costs incurred due todiscontinued businesses and professional fees relating to M&A activity and there-admission process. 2006 was a year of transition for your company and the Board is now confident inthe growth prospects for Artilium and the Enlarged Group." Terms used in this announcement shall have the same meaning as those used in theCompany's Admission Document dated 13 December 2006, a copy of which includes,inter alia, the full text of the resolutions, and is available for inspectionfor one month after the date of Re-Admission at Morrison & Foerster MNP,CityPoint, One Ropemaker Street, London EC2Y 9AW. Ends This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ARTA.L