re-listing on AIM

Billam PLC
25 May 2000



                                  Billam plc

On  June 1 2000, Billam plc will apply for its shares to be re-listed  on  the
London  Stock  Exchange's  Alternative  Investment  Market  (AIM)  subject  to
creditors approving a Company Voluntary Arrangement and shareholders approving
all the resolutions to proposed at an EGM to be held on 30 May 2000.

Billam  has  conditionally raised approximately £1.4 million and the  proposed
Directors  intend to turn Billam into a pan-European venture  capital  company
specialising  in  technology companies. The proposed  Directors  believe  that
providers  and operators of innovative Internet technologies offer  investment
opportunities in companies that may become significant global businesses  over
the next 5 -10 years.  In the light of the recent performance of many emergent
'dot  com' companies, the proposed Directors believe that there is a need  for
an  investment  company that understands new technologies and their  immediate
and potential applications.

The  key  criteria that the proposed Directors of Billam will  seek  from  any
investee company will include:

     -    A management team that can demonstrate success in a related market
     -    A competitive advantage in a large and accessible target market
     -    An innovative product or service that offers significant benefits to
          the customer

Investors  in Billam will have the opportunity to share in the gains available
from  investing in both unquoted and quoted technology businesses. Billam will
invest  relatively  small  sums  in  these businesses,  because  the  proposed
directors believe that targeted investment in tranches appropriate to the size
of  the  business will offer the best overall returns for investors.  However,
the  proposed  Directors  intend to invest in several  rounds  of  funding  to
maximise returns.

Billam  will be based in the offices of a venture capital manager  whose  fund
has been investing smaller sums to finance start-up and early stage businesses
in  IT  and other technology areas.  The proposed Directors believe that  this
will  not  only offer access to deal flow, but also present opportunities  for
syndication as well as expertise in the areas of due diligence and management.