CMO Cmo Group Plc

RNS Number:2585X
Comino Group PLC
16 January 2001



           COMINO GROUP LAUNCHES COMINO TECHFLOW LIMITED SUBSIDIARY

                    WITH APPOINTMENT OF MANAGING DIRECTOR


Comino Group plc (Comino), the provider of software solutions for the local
government, housing association and occupational pensions sectors, announces
it has established a new subsidiary, Comino Techflow Limited, to progress the
opportunity referred to in the interim statement dated 20 November 2000. It
has appointed Phillip Hunter as Managing Director of Comino Techflow to head
this new operation.  The new subsidiary will be based at Comino's head offices
in Buckinghamshire.

In the November statement, the company said:  "The group has identified
another product opportunity in a growth sector which is new to Comino but one
where its application expertise and existing product strategy can be applied.
A new subsidiary with a new Managing Director and staff will invest a limited
amount to develop the concept and produce exact specifications. Following a
formal review, more detail will be released to shareholders after establishing
some competitive advantage but prior to investing in the full development."

Comino Techflow has been established to take that work forward. Its newly
appointed Managing Director, Phillip Hunter, 45, is a Chartered Accountant and
a former Divisional Managing Director of a Misys plc subsidiary.

Commenting, Garth Selvey, Comino's Chief Executive, said: "We have known and
worked with Phillip Hunter for a number of years and are delighted that he is
joining us. He has the skills to help Comino grow this project into a
significant operation."

Comino Techflow is 80% owned by Comino Group. The remaining shares, reserved
for existing and future employees, are the subject of various put and call
options between Comino and the minority shareholders. The price to be paid by
Comino for the minority shareholding is based on a formula which makes
reference to a discount of 20% to the group's pe ratio at the time of exercise
applied to the post tax profits of Comino Techflow. The maximum consideration
for the minority shareholding, payable in shares or cash at Comino Group's
option, is #12 million.  According to the formula, this maximum payment would
equate to pre-tax profits of #3.57m in Comino Techflow using 30 as an
illustrative  price earnings ratio.


For further information please contact:
Garth Selvey, Chief Executive, Comino Group plc
Tel: 01628 525 433

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