FMJ Formjet (See LSE:TQC)

    RNS Number : 8446B
  Formjet PLC
  22 August 2008
   


    FORMJET PLC (the "Company" or "Formjet")
    Update

    Further to the announcement 30 July 2008 the board announces that following the completion of due diligence on the intended acquisition
target the Company has decided not to exercise the option to acquire the target company.

    The Company recently raised �900,000 by placing 120,000,000 new ordinary shares in the Company at a price of 0.75 pence per share to
provide funding for the potential acquisition target.  The Company is currently reviewing a number of other acquisition targets and a
further announcement will be made in due course.
    ---END---
    ENQUIRIES

    
 Formjet plcLyndon Chapman, Executive ChairmanTony Lee,     Tel: 01293 848 860
 Chief Executive 
 Nominated Adviser to Formjet plcDowgate Capital Advisers   Tel: 020 7492 4777
 Limited  
 Liam Murray 
 Joint Brokers to Formjet plcOld Park LaneCapitalMichael    Tel: 020 7493 8188
 Parnes 
 Joint Brokers to Formjet plcDowgate Capital Stockbrokers   Tel: 01293 517 744
 LimitedNeil Badger 
 Financial PRBishopsgate Communications LimitedMaxine       Tel: 0207 562 3350
 Barnes / Nick Romewww.bishopsgatecommunications.com


    Notes to Editors:

    Formjet plc

    Formjet plc is a UK-based company with a highly distinctive business model. It acquires territorial rights to 'alternative' software
products, and markets, sells, distributes and supports these products in place of the vendor in worldwide markets. The strategy has at its
heart the proposition that the Company can acquire product lines in territories of at least one country without the expense of either
product development or the creation of IPR. The Formjet Group currently has three focussed strategies: 


    Alternative Products 
    * Panda Software (UK) distributes Panda Software antivirus and security products in the UK. With its high margins and recurring annual
renewal revenues, Panda is a major contributor to the Group's sales and profitability.  
    *     Ability Software International distributes a powerful suite of office products which form an integral part of the white label
opportunities that Formjet is creating. Ability Software International has also developed the ASI Business Software range. This comprises
eight titles, which include fully comprehensive office and graphics suites, internet security, a business plan development application,
small business accounting, appointment book management and staff records management software.
    *     EdAlive edutainment software will open up a new and growing market for Formjet and will cover a range of subjects including maths,
word skills and spelling

    Alternative Routes to Market
    *     Formjet Innovations is the specialist distribution arm of the Formjet Group focusing on its alternative product range and
associated alternative routes to market. The focus here is on creating "white label" software, targeting retail and brand leaders.

    * Research & Expansion - the focus here is on targeting new product ranges and potential acquisitions as Formjet builds on recent
business wins with Tesco, Dell, Woolworths and Jungle247. With the ongoing opportunities of launching new alternative products, and the need
to expand/refresh the current products, research and expansion will play an important role in developing the business.  

    * Education and System Builders - With the launch of the new ASI Ability office products providing fully featured, compatible and cost
effective functionality, Formjet intends to aggressively target both the educational and system builder markets, which in both sectors
maximising value for spend is of paramount importance. 



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