RNS Number:4865K
Longbridge International PLC
29 April 2003

For immediate release



29 April 2003


                  Longbridge International Plc ("the Company")

        Longbridge International Announces Substantial Funding Agreement

Longbridge International is pleased to announce that it has reached agreement
with Cornell Capital, an equity investor who will provide funding of up to #2
million.


This funding is via an Equity Line of Credit Agreement through Cornell Capital
Partners Offshore LP ("Cornell") (an exempted limited partnership registered in
the Cayman Islands).


The Cornell group has a rapidly growing reputation in the United States
financial markets for structuring equity participation agreements and it has to
date made available in excess of $265 million in this manner to publicly quoted
corporations. This is the 3rd deal involving its offshore fund with a
London-traded corporation.


The background and details of the new funding arrangement are: -


The Equity Line of Credit Agreement will enable Longbridge to draw down cash, as
it requires in consideration for the issue of new ordinary shares, subject to
appropriate shareholder authority being given from time to time.


Longbridge is able to control the amount and timing of the cash inflow that it
requires. It has no obligation to use the facility.


The salient features of the transaction between Longbridge and Cornell are the
following:


 1. The maximum aggregate amount of the equity placement is #2m and Longbridge is
    entitled to draw down the equity credit line in tranches at its option, but
    unless otherwise agreed, not more frequently than every nine trading days.


 2. Longbridge will use the funds for its general corporate purposes and it can
    use mechanisms within the deal structure for acquisition and development.




 3. Cornell will subscribe for new ordinary shares (at a discount of five
    percent) based on the lowest closing bid price prevailing in the five days
    following Longbridge's notice to Cornell for Cornell to subscribe for new
    ordinary shares of Longbridge. Cornell has unfettered right to trade in the
    shares.


 4. The facility is for 24 months subject any market restrictions.


 5. There is a fee of seven percent of the amount of the subscription on each
    subscription.


 6. There is no commitment fee on the facility and Longbridge is free to use it
    at its discretion. Longbridge will pay Cornell an Implementation Fee of
    #75,000 (which can be satisfied in two tranches in ordinary shares) for the
    credit line.


 7. There are no warrants or any other instruments attached to the issue of the
    shares arising from each put by Longbridge.


 8. Cornell may not refuse a notice by Longbridge to subscribe for new ordinary
    shares or reduce the amount requested by Longbridge provided that each time
    notice is given the pre-conditions have been met, which includes a
    requirement that warranties given by the company have not been materially
    breached.


 9. There are no restrictions placed on Longbridge's access to other funding
    during the term of the agreement. Cornell has the right to be given a
    reasonable opportunity to participate in future fund raisings, subject to
    appropriate shareholder authority.


In accordance with the Equity Line of Credit Agreement, as referred to in 7
above, 148,148 new ordinary shares of 2p each have been issued to Cornell to
satisfy the first tranche of the Implementation Fee. This is equivalent to 27p
per share based on the closing bid price as published by London Stock Exchange
for the Company's ordinary shares as at 25 April 2003.


Frank Varela, Chief Executive of Longbridge International said, "The funding is
very flexible and provides Longbridge with an opportunity to repair the balance
sheet completing the restructuring which started last year. The company will be
very well placed to take advantage of any market upturn if and when it happens".




Enquiries:

Matthew Longbottom

Lehmann Communications 020 7266 3020


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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