Major Contract Win With Bristol Airport
10/7/2007
The Board of Directors of Eruma are delighted to announce the acquisition of Illuminex and the associated intellectual property rights in respect of the emergency and security lighting systems developed by the company. Illuminex has fully developed products using Light Emitting Diodes (LEDs) to provide emergency lighting systems for public sector and commercial buildings which have a much reduced power consumption compared to existing products. The state of the art technology can be managed remotely allowing lowcost maintenance in such environments and currently, the Directors believe, has no known competition offering anything like the Illuminex systems. Health and Safety legislation in the UK dictates that it is a requirement for such premises to have backup lighting in the event of a power cut or lighting failure. Illuminex is a new company into which the business assets and the intellectual property of the Illuminex business have been transferred prior to the purchase by Eruma. Accordingly there are no financial figures available. However £180,000 has been invested to bring the fully developed product to market. Eruma has agreed to issue 5,000,000 shares on completion to acquire 100% of the share capital of Illuminex from its existing shareholders, valuing the consideration at £350,000 at the placing price of 7p as described below. In addition, Eruma has placed 10,800,000 shares at 7p to raise £756,000. This will be used to build the sales and marketing for Illuminex and to provide Working capital to create volume stocks of the new product. Application will be made for the new ordinary shares of 1p each, which will rank, pari passu, with all existing ordinary shares to be admitted to trading on AIM. Wayne Money, Chief Executive of Eruma, said; "this is a perfect addition to our portfolio selling to the same customers in our existing security market and Illuminex products will complement Eruma's current offerings. The Directors are confident that this will enable Eruma to reach profitable status more quickly". Contact: Wayne Money, Eruma plc on 020 7566 2610 Roland Cornish, Beaumont Cornish Limited on 020 7628 3396 John Millers, SP Angel on 020 7422 4300
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