Investment into Yospace

Interregnum PLC 23 December 2002 23 December 2002 PRESS RELEASE INTERREGNUM PLC Investment into Yospace Technologies Limited. Interregnum plc ('Interregnum'), the information technology investment and advisory firm, announces that in October it led the formation of Yospace Technologies Limited ('Yospace'), leading provider of infrastructure and applications software to the wireless industry. Interregnum, alongside other parties, has invested in Yospace to acquire the business and assets of Yospace Holdings Limited as well as the acquisition of the share capital of Yospace Ltd and Yospace LLC. As part of the transaction, £530,000 of Interregnum's historic secured debt position in Yospace Holdings Limited has been leveraged in exchange for a secured debt position and equity in Yospace. Interregnum has also made an additional cash investment representing 50% of the new money invested in this round. Management and employees have secured a significant equity stake. With strong market acceptance of the Yospace product set by wireless carriers and content providers and despite the costs associated with the transaction, the Yospace management team have reported a significant profit in the first month of trading. Ken Olisa, Chairman & CEO of Interregnum, commented: 'We believe Yospace is one of the most exciting wireless software businesses world-wide. The company is well positioned for future growth, has significant blue-chip customers and prospects, and has a solid deal pipeline.' Tim Sewell, Chief Executive Officer of Yospace, added: 'The Yospace team has built a solid reputation for delivering high quality, innovative solutions to the wireless industry specialising in Multi-media Messaging Services (MMS) and J2ME technology and product suites. The success of data services for the wireless industry relies on the proliferation of compelling applications that consumers and enterprise users will use widely. Yospace, through its technology and strategic partnerships, is a key enabler for the success of this next generation of intelligent usable mobile applications for consumers and enterprises alike.' Commenting on the new company Graham Ransom, Chairman of Yospace, said: 'Yospace is ideally placed to add considerable value for wireless participants. In particular, we possess both the products and the expertise to drive MMS customer acquisition, usage and revenues. I am pleased that this transaction has resulted in a company that is structured to address this major opportunity and I am delighted that management and staff have a considerable stake in the company's future.' Yospace is currently headquartered in West London, and employs 25 staff. Yospace Technologies Limited is headed by a new management team comprising Graham Ransom as Executive Chairman, Tim Sewell as Chief Executive Officer, Dave Springall as Chief Technology Officer and Dr Mike Fletcher as Chief Operating Officer. -Ends- For further information on this transaction please contact: Ken Olisa Interregnum plc Tel: 020 7494 3080 Graham Ransom Yospace Technologies Limited Tel: 01784 466388 Paul Downes/Vanessa Maydon Merlin Financial Tel: 020 7606 1244 For further background information: www.yospace.com www.interregnum.com This information is provided by RNS The company news service from the London Stock Exchange