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The Boards Of Infusion And Brainspark have
approved proposals to assess the potential acquisition of
certain assets and liabilities of Infusion Spa by Brainspark Plc
Appointed a leading international accountancy practice to
provide an independent valuation of the assets of both
companies.
Milan, 20 May 2002
The Board of Infusion SpA ("Infusion") and Brainspark
plc ("Brainspark") announce that they have entered
into discussions with a view to assessing the potential
acquisition by Brainspark of certain of the assets and
liabilities of Infusion for a consideration to be satisfied by
an issue of Brainspark Ordinary Shares.
It is intended that the transaction, which will be treated as a
related party transaction under the AIM Rules, will be
structured so that it is not a reverse takeover under those
Rules.
The Board of Infusion and Brainspark have appointed Ernst
&Young to conduct an independent valuation of both
companies.
Brainspark Ordinary Shares are traded on the Alternative
Investment Market of the London Stock Exchange plc. Infusion is
a wholly owned subsidiary of AISoftw@re SpA
("AISoftw@re"). AISoftw@re is listed on Nasdaq Europe
(AISW) and the Italian Nuovo Mercato (AISW) and owns
approximately 65.5 per cent. of the issued share capital of
Brainspark.
AISoftw@re
AISoftw@re was founded in 1983 and with consolidated group sales
in 2001 of over 26.7 million Euro and specialises in the
development of technologically advanced knowledge processing and
decision support data-mining Internet and Intranet solutions.
The technical expertise acquired and the large portfolio of
proprietary products enable AISoftw@re to be positioned as the
leading company in software solutions for financial markets,
medical imaging and broadband Internet.
AISoftw@re is pursuing a programme of growth both through
acquisitions and equity investments in companies in tune with
the parent company’s business model, as well as through a
policy of international expansion. A program rationalising the
structure of AISoftw@re into three business areas has recently
been undertaken, resulting in the setting up of three subsidiary
companies: AISoftw@re Medical Solutions & Program Spa,
AISoftw@re Technologies & Solutions Spa and AISoftw@re
Professional Services Spa. By the end of 2002, the present
banking & insurance business area of AISoftw@re, which
specialises in software solutions for the banking and financial
community, will form the fourth industrial subsidiary company of
the AISoftw@re Group under the name AISoftw@re Financial
Solutions Spa.
The AISoftw@re Group includes and has over 460 employees and
collaborators. Its headquarters are in Milan and it also has
offices in Rome, Florence, Trento, Vicenza and Bologna.
Infusion
Infusion has been established to acquire and manage the
investments of the AISoftw@re Group. AISoftw@re Group's strategy
is that Infusion invests in advanced technology companies,
focused on creating and delivering content and services via
Internet.
The Company is incorporated in Milan (Italy), with a 8.5 million
Euros share capital and is 99,99% owned by AISoftw@re Its
current investment portfolio includes: ACS (16,21%), Geosim
System Ltd (29,67%), Impression (20%), Kstones (73,05%), Ludonet
(35%) and Mindmotion (31,93%).
Brainspark
Brainspark is an incubator business which has focused its
investments on companies operating in the area of online
professional services. Based in London and listed on AIM (BSP),
Brainspark currently holds a portfolio of eight investments.
For further information:
Dott. Marco Mancini
Phone +39 02 28014.1
Fax +39 02 2610853
E-Mail: mmancini@ais.it |
