11 October 2005

  

Timestrip plc

(`Timestrip' or the `Company')

 

Placing to raise �2.4 million

 

The Board of Timestrip plc is pleased to announce today that it has
successfully completed a Placing of 40 million Ordinary shares of 0.02p per
share at 6p per share to raise �2.4 million.  The Placing was with 5
institutional and professional investors, including HealthCor Management, a US
based investment management company, focused principally on global healthcare
and life sciences.

 

The placing price of 6p represents a 22.5% discount to the closing price of
7.75p on Friday 7th October and compares to an average closing price of 6.23p
over the last 21 trading days to that same date. 

 

These new funds complete the Company's funding requirements outlined at the
time of its introduction to AIM via a reverse take over and will underpin the
Company's R&D and development work for the foreseeable future as it makes rapid
progress in commercialising its patented smart label technology.

 

Paul Freedman, Timestrip's joint CEO commented:

 

"I am delighted with the progress we have made to date in our key international
markets as well as the continued from support new and established investors. We
now look forward to driving forward our commercialisation strategy."

The new Ordinary shares will, when issued, rank pari passu with the existing
Ordinary shares in issue and application will be made for these shares to be
admitted to trading on AIM. 

 

For further information:

 

Paul Freedman, Joint CEO, Timestrip plc                         01462 440 700

Roland Cornish, Beaumont Cornish Limited 0207 628 3396

 

Shane Dolan, Biddicks                                                      
0207 448 1000  

 

 

 

 



END
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