Eckoh Technologies PLC
01 August 2005
For Immediate Release 1 August 2005
Eckoh Technologies PLC
Disposal of internet services business Freecom
Eckoh Technologies plc ('Eckoh'), one of Europe's leading speech application
service providers, today announces the disposal of Freecom.net Limited
('Freecom'), its internet services company, to eDirectory.co.uk plc. The initial
consideration of £1.6m is satisfied by the issue of 4,155,844 eDirectory
ordinary shares with up to an additional £1.6m of deferred consideration.
eDirectory shares are currently traded on Ofex.
eDirectory.co.uk plc, is an independent aggregator and distributor of online
shopping content, and supplier of e-commerce services to UK retailers.
Freecom was a subsidiary business of the Intelliplus Group acquired by Eckoh in
September 2003. Freecom generated revenues of £3.2 million, and profit before
taxation of £0.04 million in the year ended 31 March 2005.
Commenting on the sale, Martin Turner, Chief Executive Officer of Eckoh said
"The sale of Freecom to e-Directory represents the first step in our strategic
plan to simplify the Eckoh's structure, dispose of non-core assets and unlock
value for our shareholders. The Board has been considering a number of options
for Freecom for some time, and we believe this transaction to be in the best
interests of the Freecom business, its management team and Eckoh shareholders."
For further enquiries, please contact:
Eckoh Technologies plc
Martin Turner, Chief Executive Officer Tel: 08701 100 700
Nik Philpot, Chief Operating Officer
Buchanan Communications Tel: 020 7466 5000
Jeremy Garcia/Mark Edwards
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.