Issue of Equity

PipeHawk PLC
09 January 2003

Immediate Release

PipeHawk plc ('PipeHawk')

The Directors of PipeHawk have negotiated the cancellation of capital and
accrued interest in respect of £160,216 of loan stock in consideration of the
issue of 1,104,939 new ordinary shares of 1p each, fully paid at 14.5p per new
ordinary share.  The new ordinary shares have been issued to Mr J Moulton who
holds as a result 6.15 per cent of the enlarged issued share capital of
PipeHawk.

Application has been made to the Alternative Investment Market ('AIM') for the
new ordinary shares to be admitted to trading and dealings are expected to
commence on Wednesday 15 January 2003.



9 January 2003


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