Final Results

In-Solve Plc ("In-Solve" or the "Company") FINAL RESULTS FOR THE YEAR ENDED 30 NOVEMBER 2010 CHAIRMAN'S STATEMENT I am pleased to present my review of the Company for the year ending 30 November 2010. As reported in last year's financial statements the Directors carried out a review of the Company's activities during the second half of 2009 and they subsequently decided to change the Company's investment strategy to one that is a generalist one with no specific sector, national or regional focus. In tandem with this change in strategy the Company resolved to change its name to In-Solve Plc. It is now the Board's intention that the Company be either an active investor and acquire control of a single company or it may be a passive investor and acquire non-controlling shareholdings or other assets or businesses where it is deemed to be in the best interest of the company. The Company currently has investments in two businesses. Wilton Petroleum Limited The investment in Wilton, which represents 6.55% of Wilton's equity, was acquired in 2008 and was substantially provided for in the Company's annual accounts for that year. Wilton is an unquoted hydrocarbon exploration company, whose main asset is an interest in an exploration block in the north-west part of mainland Madagascar, designated as the Maravoay Block 2102. In July 2010 Ophir Energy Plc entered into an agreement with Wilton to acquire an 80% interest in Block 2102 and Operatorship of a Production Sharing Contract. The Directors consider this agreement to be a positive move for Wilton and one which will increase the value of the Company's interest in Wilton. We await news from Ophir on whether it plans to drill this block with extreme interest. Metroelectric plc In the final quarter of 2009 the Company was involved in the financing of the acquisition of the Powabyke business, a well established supplier of electric powered bicycles to the UK market, by Powabyke Acquisition Limited, which was subsequently acquired by Metroelectric, a PLUS quoted company, Following the acquisition the Company was issued with 12,500,000 shares in Metroelectric, representing 3.38% of its equity and in addition the Company invested £70,000 in a new 12% Convertible Loan Note issued by Metroelectric in March 2010. In August 2010, the Company was notified that Worship Street Investments Ltd ("WSI"), the PLUS quoted Investment Company, exercised 800,000 warrants at 1.672p per warrant injecting £13,376 into the Company. WSI now holds 18.92% share capital of the Company. The Directors feel WSI's further investment in the Company is a reflection of the growing confidence in the Company and its revised strategy. Whilst the company steps up its efforts to implement its new business model, it has continued to keep its costs to a minimum and all its overheads including directors fees have been kept as low as possible. This tight control of costs has resulted in lower administrative costs and contributed to the profit of £ 45,979, compared to a loss of £69,698 in 2009. As at 30 November 2010, the cash balance of the Company was £336 (£109,410 as at 30 November 2009). Subsequent to this date, the Company has continued to receive income principally from the interest payable via the 12% Metroelectric Convertible Loan Note. R Darvill Chairman PROFIT AND LOSS FOR PERIOD ENDED 30 NOVEMBER 2010 2009 2010 £ £ Turnover 100,000 - Administrative expenses -58,716 -71,934 ─────── ─────── Operating profit/(loss) 41,284 -71,934 Investment income 7,100 - Other interest receivable 437 2,236 and similar income Interest payable and -2,842 - similar charges ─────── ─────── Profit/(loss) on ordinary 45,979 -69,698 activities before taxation Tax on ordinary activities - - ─────── ─────── Profit/(loss) for the year 45,979 -69,698 ═══════ ═══════ Earnings per share expressed in pence per share: Basic and fully diluted 0.55 -0.94 profit/(loss) per share ═══════ ═══════ BALANCE SHEET AS AT 30 NOVEMBER 2010 2010 2009 £ £ £ £ Fixed assets Investments 210,589 34,028 Current assets Debtors 1,287 1,090 Cash at bank and in 336 109,410 hand ─────── ─────── 1,623 110,500 Creditors: amounts -13,585 -7,095 falling due within one year ─────── ─────── Net current -11,962 103,405 (liabilities)/ assets ─────── ─────── Total assets less 198,627 137,433 current liabilities ═══════ ═══════ Capital and reserves Called up share 89,259 80,159 capital Share premium 1,030,553 1,024,438 account Profit and loss -921,185 -967,164 account ─────── ─────── Shareholders' funds 198,627 137,433 ═══════ ═══════ NOTES 1 Turnover Turnover relates to other revenue received as a result of a cancellation fee from an investment. EXTRACT FROM INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF IN-SOLVE PLC Emphasis of matter - going concern In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made in note 1 to the financial statements concerning the company's ability to continue as a going concern. The ability of the company to continue to trade is dependent on the company being able to raise sufficient funds. Based upon the current economic climate there exists a material uncertainty which may cast significant doubt as to whether the company will be able to generate sufficient funds and therefore the company's ability to continue as a going concern. The financial statements do not include the adjustments that would be necessary if the company was unable to continue as a going concern. The Directors do not proposed to pay a dividend for the period. The financial information contained in this announcement has been extracted from the Company's audited accounts. The directors of the issuer accept responsibility of this announcement. --ENDS-- Enquiries: IN-SOLVE PLC Jonathan Bradley-Hoare Tel: +44 20 7467 1700 RIVINGTON STREET CORPORATE FINANCE Eran Zucker Tel: +44 20 7562 3373 Eran@rs-cf.com

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