Acquisition

Interregnum PLC
03 February 2004


3rd February 2004

                                INTERREGNUM PLC

                Acquisition of Cellular Design Services Limited

Interregnum plc ('Interregnum' or 'the Company'), the technology investment and
advisory company, today announces the acquisition of Cellular Design Services
Limited ('CDS') for a total consideration of approximately £1.5 million in cash,
loan notes and shares. The consideration will comprise 5,142,857 new Ordinary
shares, cash of £650,000 to be funded from existing resources and £400,000 in
loan notes. The loan notes carry interest at 6% per annum and are redeemable one
year from the date of their issue.

This transaction underlines Interregnum's strategy of taking principal
investment positions in companies, as well as traditional venture capital
investments, as stated in its preliminary results.

Cellular Design Services (www.cdseurope.com), formed in 1995, provides
specialist radio frequency engineering services in wireless network design,
coverage planning, coverage testing, site implementation, network optimisation
and maintenance. Through close links with leading university researchers, CDS is
at the forefront of developments in new technologies such as UMTS, digital
broadcast and Wireless LAN. In addition to the optimisation and extension of
existing wireless networks, CDS specialises in providing integrated in-building
wireless solutions, using unique software for data collection and analysis, and
experienced design and radio technology teams.

CDS's client base encompasses the mobile network operators, equipment vendors,
site operators, and large corporate customers seeking solutions to their
in-building wireless needs. CDS employs 46 people.

For the 12 months to 30 June 2003, CDS generated revenues of £4.9m (un-audited)
and a loss after tax of £272,000 (un-audited). Management Accounts for the six
months ended 31 December 2003 indicate that CDS has traded profitably during
this period.

Dr John Forrest, CBE, and Chairman of the Advisory Board of Interregnum plc, is
appointed Executive Chairman of CDS. In 1990 John led the privatisation of the
Independent Broadcasting Authority's engineering operations and became the first
Chief Executive of the new company, NTL. He was instrumental in the growth of
NTL into a major UK telecommunications company and its sale to Cabletel
International Inc. in 1996. John is a Non-executive Director of 3i plc, a Fellow
of The Royal Academy of Engineering, and former Chairman of the Spectrum
Management Advisory Group of the Radio Communications Agency.

Roger Jeynes, Chief Operating Officer of Interregnum, becomes Interim Chief
Operating Officer of CDS with immediate effect. Roger has spent more than 20
years in senior technical, sales, marketing and general management roles for
technology companies such as IBM, EMC and Pyramid Technology. He remains a
Director of Interregnum plc, a Non-executive Director of a number of
Interregnum's investee companies and of the AIM Distribution Trust plc.

Application has today been made for 5,142,857 new Ordinary shares of Interregnum
to be admitted to trading on the AIM market of the London Stock Exchange.

The new Ordinary shares will rank pari passu with the existing Ordinary shares
of the Company and dealings are expected to commence on 6 February 2004.

Commenting on the acquisition of CDS, Ken Olisa, Chairman and Chief Executive of
Interregnum, said:

'The acquisition of CDS is a clear step forward in the execution of
Interregnum's strategy of taking principal finance positions in companies, as
well as traditional venture capital investments, as outlined at our preliminary
results in October 2003. This will enable us to work directly with management to
influence their strategy and operations, and follows on from our acquisition of
a majority stake in Yospace, a provider of multimedia messaging, personal
storage and handset simulation solutions to the major wireless networks.

'Interregnum has been attracted not only by CDS's offerings, people, and
existing market position, but also by the opportunity to take a direct hand in
building a much more substantial business which can fully exploit the latest
developments in wireless infrastructure and associated advanced applications.
The Board of Interregnum is honoured that John Forrest is joining CDS as
Chairman given his skills, experience and track record and we look forward to
working with him as we seek to maximise the value of the business for
shareholders. '

                                    - Ends -

For further information, please contact:

Interregnum                                        020 7494 3080
Ken Olisa, Chairman and Chief Executive

Cellular Design Services Ltd.                      01403 211 100
John Forrest, Chairman
Roger Jeynes, Chief Operating Officer

Merlin PR                                          020 7653 6620
Vanessa Maydon                                     07802 961 902 (mobile)
Charlie Jack






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