Acquisition - Replacement

PipeHawk PLC 9 July 2002 The Company announces that the following amendment has been made to the 'Acquisition' announcement released on Monday 8 July at 10:15am under RNS number 2971Y. The details of the shares to be issued as part of the initial consideration payable by PipeHawk should have read 'the issue of 597,015 new ordinary shares of 1p at 33.5p per ordinary share' rather than 'the issue of 588,235 new ordinary shares of 1p at 34p per ordinary share'. All other details remain unchanged. The full corrected version is shown below. PRESS RELEASE PipeHawk buys leading underground radar survey company 8 July 2002: PipeHawk, the international leader in the manufacture and development of ground penetrating radar equipment, today announced the purchase of Adien Ltd, a private company specialising in the provision of subsurface radar surveying systems. The initial consideration payable by PipeHawk is £250,000, satisfied by £50,000 in cash and the issue of 597,015 new ordinary shares of 1p at 33.5p per ordinary share. Further consideration of a maximum of £300,000 is payable if the audited pre-tax profits of Adien Ltd exceed £750,000 for the twelve months ending 30 June 2004. Application will be made for the initial consideration shares to be admitted to trading on AIM. Admission is expected on 15th July 2002 As at 30 August 2001, the date of its last statutory accounts, the net assets of Adien Limited were £27,200 and the profits before tax were £12,448. By using PipeHawk's radar system as the core technology, and additionally incorporating satellite positioning and mobile telephony, Adien has developed a unique method of mapping underground pipes and cables and locating underground obstructions. Adien has over 100 customers including leading utilities and construction companies. The requirement among these companies for accurate information underground is continuing to rise dramatically. Tony Norton, the managing director of Adien, has agreed to join the PipeHawk board. He said: 'We look forward to working with PipeHawk to expand this service in the UK. We welcome the prospect of developing service stations across Europe and further afield to bring this service to a wider international market.' Tony Norton has entered into a service contract with PipeHawk plc under which he will receive a salary of £45,000 a year. The service contract is terminable on twelve months notice given by either party. PipeHawk's managing director Mike Bushell said today: 'Adien has taken three years to get its business model into the right position for rapid growth. We see this acquisition as the first stage in our plan to develop a network of leading edge technology service companies.' For further information contact: Mike Bushell, Managing Director, PipeHawk plc: 01420 590990 Tim Blackstone, Blackstone Business Communications: 020 7251 2544 John Finn or Sam Smith, J M Finn & Co: 020 7860 6352 Issued by Blackstone Business Communications This information is provided by RNS The company news service from the London Stock Exchange