Final Results

Crimson Tide PLC 29 March 2007 FOR IMMEDIATE RELEASE 29 MARCH 2007 Crimson Tide Plc ('Crimson Tide' or 'the Company') (A leading service provider of mobile data solutions for business) Preliminary Announcement of Results to 31 December 2006 Highlights * Turnover increased 61% to £1.10m in the 14 months to 31st December 2006 (12 months to 31st October 2005: £0.69m) * Loss before interest, tax, depreciation and amortisation of £0.24m for the 14 months to 31 December, slightly better than expectations * Acquisition of Intelligent Data Limited, based in Ireland * Substantial growth in customer base and contracted revenues * Confident of growth prospects. Chairman's Statement The Directors are pleased to announce the preliminary results for Crimson Tide (AIM: TIDE) for the fourteen months ended 31 December 2006, a significant period in the Company's history. On 21 August 2006, A. Cohen & Co. Plc acquired the entire issued share capital of Crimson Tide Limited by way of a reverse takeover and raised £0.5 million, net of expenses. The Company is now well established as a supplier of mobile data and software solutions. Financial Performance The financial results cover the 14 month period to the 31 December 2006 and have been prepared under International Financial Reporting Standards (IFRS) following the Board's strategic decision in 2006 to voluntarily adopt IFRS. All companies admitted to trading on AIM will be required to report under IFRS for accounting periods commencing on or after 1 January 2007, hence the Company's early adoption ahead of this requirement. The Board believes this will facilitate consistent presentation of the results in the future. The financial information has been prepared under the reverse acquisition accounting provisions of IFRS3 as a continuation of the legal subsidiary, Crimson Tide mPro Limited (formerly Crimson Tide Limited). Performance since the reverse takeover has been ahead of expectations with turnover growing as a result of the Company's on-going investment in marketing and human resources, utilising the proceeds from the fundraising. As anticipated, the Company made an operating loss at the EBITDA level for the fourteen months to 31 December 2006 of £0.24m. The Board has been pleased with the progress achieved over the last year and believes that the Company is well positioned to continue with its expansion plans, both organically and by acquisition. Our mobile data services have continued to grow, with a wide range of customers in the private and public sectors, totalling over 1,000 users to date with over 70 customers. We aim to continue this growth with an exciting range of offerings and have recently expanded our sales and marketing team to exploit the market, which we believe continues to grow significantly. Acquisition On 7 December 2006 we acquired the entire share capital of Intelligent Data Limited ('IDL'), a company based in Dublin, Ireland for an initial consideration of £220,000 satisfied by cash of £120,000 and the balance satisfied by the issue of 4 million ordinary shares. This company has been renamed Crimson Tide (IE) Limited and we have integrated the team and products sold in Ireland into our enlarged group. This acquisition gives us an exciting opportunity to leverage our mobile data solutions into the Irish market as well as adding a number of new mobile data solutions to sell in the UK. In addition we have welcomed some skilled individuals to our team and are delighted that Laurence D'Arcy, the Managing Director of IDL has remained with the company. Barrie Whipp, Executive Chairman commented: 'I am absolutely delighted that Crimson Tide was admitted to trading on AIM in August 2006. These results are in line with our expectations and demonstrate the growth that we anticipated. We aim to further expand the business through a combination of organic growth and acquisition. Since our admission to AIM, we have continued to develop a wide customer base and our mobile data solutions are now being used by a diverse range of organisations. The Directors have confidence in the growth prospects for Crimson Tide and in our dedicated team's ability to manage this growth. We are looking forward to driving the business forward during what we believe will be another exciting year in a rapidly growing market.' The Company's AGM is to be held on 5 June 2007 at 11.00 am at IAF Securities Limited, 117 Jermyn Street, London SW1Y 6HH. Enquiries: Crimson Tide plc 01892 542444 Barrie Whipp, Executive Chairman W.H. Ireland Limited 0121 616 2101 Tim Cofman-Nicoresti Cubitt Consulting 0207 367 5100 Brian Coleman-Smith / Leanne Denman Crimson Tide Plc Unaudited consolidated income statement for the 14 months to 31 December 2006 Group 14 Months Year ended ended 31 December 31 October 2006 2005 £ £ Revenue 1,105,729 686,911 Cost of sales (524,341) (257,232) Gross profit 581,388 429,679 Total operating expenses (876,322) (585,247) Loss from operations (294,934) (155,568) Interest income 6,340 2,183 Interest payable and similar charges (8,269) (8,408) Loss before taxation (296,863) (161,793) Tax on loss on ordinary activities - - Loss for the year attributable to equity holders of the parent (296,863) (161,793) Loss per share Basic and diluted loss per ordinary share 0.13p 0.08p (pence) Unaudited balance sheet as at 31 December 2006 Group As at 31 December As at 2006 31 October 2005 £ £ Fixed Assets Intangible assets 731,900 296,025 Equipment, fixtures & fittings 24,455 24,143 Investments - - 756,355 320,168 Current Assets Inventories 28,303 11,400 Trade and other receivables 413,866 178,186 Cash and cash equivalents 394,087 86,276 836,256 275,862 Total assets 1,592,611 596,030 Equity and liabilities Equity attributable to equity holders of the parent Share capital 5,679,344 730,033 Capital redemption reserve 49,000 - Share premium 915,467 278,766 Other reserves 457,266 - Reverse acquisition reserve (5,244,181) - Retained earnings (1,162,844) (865,981) 694,052 142,818 Creditors Amounts falling due within one year 762,559 404,411 Creditors Amounts falling due after more than one 136,000 48,801 year Total liabilities 898,559 453,212 Total equity and liabilities 1,592,611 596,030 Unaudited statement of changes in equity for the 14 months ended 31 December 2006 Group Share Capital Share Other Reverse Retained Total capital redemption premium reserves acquisition earnings reserve reserve £ £ £ £ £ £ £ Balance as 730,033 - 278,766 - - (704,188) 304,611 at 1 November 2004 Loss for the - - - - - (161,793) (161,793) year Balance as 730,033 - 278,766 - - (865,981) 142,818 at 31 October 2005 Loss for the - - - - - (296,863) (296,863) period Proceeds 599,752 (62,932) 536,820 from new shares issued during the year Shares 40,000 43,870 83,870 issued on acquisition of IDL IFRS 3 4,309,559 49,000 655,763 457,266 (5,244,181) - 227,407 reverse acquisition conversion 5,679,344 49,000 915,467 457,266 (5,244,181) (1,162,844) 694,052 Unaudited consolidated cash flow statement for the year ended 31 December 2006 Group Group 14 Months Year ended ended 31 October 31 December 2005 2006 £ £ Cash flows from operating activities Loss from operations (294,934) (155,568) Depreciation of equipment, fixtures 23,135 6,388 and fittings Amortisation of Intangible Assets 47,152 37,329 Loss on sales of fixed assets - 294 Operating cash flows before movement (224,647) (111,557) in working capital Decrease / (Increase) in inventories 10,140 (5,895) Decrease / (Increase) in receivables 88,657 (107,487) Increase in payables 131,422 98,510 Cash generated from operations 5,572 (126,429) Income taxes paid - - Net cash (used in)/ from operating 5,572 (126,429) activities Cash flows from investing activities and servicing of finance Interest received 6,340 2,183 Interest paid (8,269) (5,692) Acquisition of subsidiaries (3,231,386) - Purchase of fixed assets - (11,376) Net cash used in investment (3,233,315) (14,885) activities Cash flows from financing activities Net (decrease)/increase in borrowings 144,953 (208) Proceeds on issues of shares 3,911,016 - Cost of share issue (520,415) - Net Cash (used in)/from financing 3,535,554 (208) activities Net (decrease)/increase in cash and 307,811 (141,522) cash equivalents Cash and cash equivalents at 1 86,276 227,798 November Cash and cash equivalents at 31 394,087 86,276 December Crimson Tide Plc Notes to the Consolidated Financial Statements for the 14 months ended 31 December 2006 A) Significant accounting policies a. Basis of preparation The preliminary results for the period to 31 December 2006 are unaudited. The consolidated financial statements of Crimson Tide plc will be prepared and approved by the Directors in accordance with applicable law and International Financial Reporting Standards, incorporating International Accounting Standards (IAS) and Interpretations (collectively IFRSs) as endorsed by the European Union. b. First time adoption of IFRS The Group has adopted IFRS for the first time for the current financial period, having previously prepared its financial statements in accordance with UK Generally Accepted Accounting Practice (UK GAAP). There have been no significant adjustments required as a result of the conversion. c. Basis of consolidation The Group financial statements consolidate the financial statements of the Company and all of its subsidiaries. On an acquisition, fair values are attributed to the Group's share of net assets. Where the cost of acquisition exceeds the values attributable to such net assets, the difference is treated as purchased goodwill, which is capitalised and subjected to annual impairment reviews. The results of acquired companies are brought in from the date of their acquisition. On 21 August 2006, A. Cohen & Co. Plc (now renamed Crimson Tide Plc) became the legal parent of Crimson Tide Limited (now renamed Crimson Tide mPro Limited) in a share-for-share exchange. In accordance with IFRS 3 'Business combinations', this transaction has been accounted for as a reverse acquisition, such that in substance, Crimson Tide Limited has acquired A. Cohen & Co. Plc. Accordingly, the comparative information for Crimson Tide Limited and its subsidiary companies has been presented for the year ended 31 October 2005 and these financial statements present a continuation of the business of Crimson Tide Limited as the legal subsidiary. B) Acquisitions Crimson Tide mPro Limited was acquired by Crimson Tide Plc on 21 August 2006 by way of a reverse takeover. The consideration included the issue of 200,759,180 ordinary shares to the vendors at a price of 1.5 pence per share, with a nominal value of 1 pence per share, the balance being attributed to the share premium account. On 7 December 2006 Crimson Tide Plc acquired the entire share capital of Intelligent Data Limited (now renamed as Crimson Tide (IE) Limited), a company based in Dublin, Ireland for an initial consideration of £220,000 satisfied by cash of £120,000 and the issue of 4 million ordinary shares at 2.5 pence per share. C) Taxation No tax charge has been incorporated into the consolidated accounts for the period ended 31 December 2006 due to the availability of tax losses. D) Loss per share Group 14 Months ended Year ended 31 December 2006 31 October 2005 Basic and Diluted Loss per share Reported loss (£) (296,863) (161,793) Reported loss per share (pence) 0.13p 0.08p 14 Months ended Year ended 31 December 2006 31 October No. 2005 No. Weighted average number of ordinary shares: Shares issued for Crimson Tide mPro 200,759,180 200,759,180 Ltd Effect of Crimson Tide Plc shares post reverse acquisition 23,105,112 - Effect of shares issued in acquisition of Crimson Tide (IE) Ltd 225,352 - Weighted average number of ordinary shares 224,089,644 200,759,180 The financial information set out above does not constitute the Company's statutory accounts for the periods ended 31 December 2006 or 31 October 2005. Statutory accounts for 2005, which were prepared under UK GAAP, have been delivered to the Registrar of Companies. The auditors have reported on the 2005 accounts; their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for 2006 which are prepared under accounting standards adopted by the EU will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's annual general meeting. This information is provided by RNS The company news service from the London Stock Exchange

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