Re Contract & Silver Shield

Ninth Floor (The) PLC 30 April 2001 NINTH FLOOR GETS £1.5 MILLION MORE FROM SILVER SHIELD SALE And new contracts at Farsight Surveillance Ninth Floor plc has received the balance of £1.5 million owed on the £7.5 million sale of Silver Shield Screens to Kwik-Fit in January 2000. In addition Ninth Floor's security monitoring subsidiary, Farsight Surveillance, has won contracts to monitor 100 new CCTV locations. The dispute with Kwik-Fit arose out of the valuation of Silver Shield's net assets at the time of the sale. The report from independent accountants Grant Thornton shows that Kwik-Fit were due a repayment out of escrow of approximately £450,000, with £1,550,000 being due to Ninth Floor plus accrued interest. In the accounts for the year ended 31 May 2000 Ninth Floor recorded a profit of £2.6 million on this sale after taking a provision of £500,000 to cover this dispute. Farsight Surveillance has acquired for nil consideration the remote video monitoring division of Absolute Surveillance Security, Manchester. This will bring 100 new connections into Farsights' new 10,000 square feet purpose built video monitoring centre in Peterborough, bringing the total number of connections to 250. Farsight's revolutionary E-surveillance software allied to professional quality Internet protocol addressable camera technology offers the prospect of CCTV monitoring at substantially reduced cost. This will greatly increase the marketplace for remote monitoring. Farsight is the first company in the world which has produced a workable solution to the issue of providing professional quality remote CCTV monitoring over the Internet. * * E N D S ** Issued on behalf of Ninth Floor plc, Winchester House, 259-269 Old Marylebone Road, London NW1 5RA by Fleet Financial Communications Ltd, 6 Middle Street, London EC1A 7PH. Press Enquiries: Neil McClure Ninth Floor Tel: 020 7643 5300 James Bendall Fleet Financial Tel: 020 7601 1066.