Pre close Update

Nutrinnovator Holdings PLC
22 September 2004


For Immediate Release                                          22 September 2004


                          Nutrinnovator Holdings plc
                       ('Nutrinnovator' or 'the Company')

                               Pre-close update


Nutrinnovator, which develops and markets food and drink products of superior
nutritional quality, whilst retaining high quality taste, palatability and
consumer appeal, today reports on trading for the six months ending 30 September
2004, prior to entering its close period.

Nutrinnovator expects to deliver first year losses and cash flows in line with
the Group's expectations for the financial year ending March 2005. This is
despite sales revenues being substantially below expectations, primarily due to
delays in Altu food bar support activity caused by an extended IPO process, and
slower than expected building of distribution.

Management has addressed these delays in sales by appointing the UK's largest
sales agent, Food Brokers Limited, as selling agent for an initial period of
three years, commencing 1st October 2004. This significantly increases sales
resource for the Altu brand. Major retailers continue to express interest in the
brand, with Boots agreeing to list Altu nationally from October 2004. Recent
research shows continued high consumer liking for the food bar, and this is
further underpinned by strong support for the brand from key retail customers.

Altu Black, the premium lower sugar cola developed by Nutrinnovator, has been
launched in London during September, with a full national launch planned for
Spring 2005.

The Company has made substantial progress with the implementation of its
strategy, and is today pleased to make the following announcements:

Nutrinnovator has agreed a joint venture with Provexis Limited, to develop a new
heart-healthy drink. The venture will be 45% owned by Nutrinnovator, and product
development will be funded from the Company's existing cash resources. The drink
will be the first of its kind - a juice drink containing a patented natural
fruit extract which has been proven in human trials to 'thin' the blood and
benefit the circulation. Provexis collaborated with the Rowett Institute (a
leading human nutrition research centre) over a four year period to develop and
clinically test a patented ingredient called CardioFlow(R). CardioFlow(R) works
by reducing the 'stickiness' of blood platelets which prevents them from
self-aggregating and potentially initiating a fatal internal blood clot called a
thrombus. The natural fruit-derived extract is proven to provide real health
benefits without affecting the taste, and without the side-effects typically
associated with aspirin. The joint venture partners believe that the product
will exploit an untapped market opportunity. Nutrinnovator will contribute its
proven rapid innovation skills to develop a commercial product ready for UK
launch in May 2005, and the joint venture plans to expand distribution into the
USA and Japan thereafter.

Nutrinnovator believes that the development of intellectual property in the
functional food sector has the potential to create significant shareholder
value, and is actively seeking further opportunities. Three food-based
mechanisms for delivering prescription and non-prescription medicines are under
development by the Company, and filing of patents in this area is expected in
the coming weeks. In addition, the Company is in discussion with leading human
nutrition research institutes in the UK and New Zealand, to assess the potential
for both acquiring existing intellectual property, and developing new functional
food claims.



Managing Director Stephen Moon commented:

'We have put in place a substantial selling infrastructure to extend the
distribution of the Altu food bar. In addition, we are pleased to have brought
Altu Black to market on time, and both consumer research and early retail
response is positive. We are now beginning to implement our broader strategy to
develop novel wellbeing products, and we believe that the joint venture with
Provexis Limited is a significant development. In addition, we believe that
opportunities to develop and acquire further intellectual property will emerge
in coming months. Overall Nutrinnovator is well positioned to take advantage of
the growth in the Wellbeing market and the management remains positive about the
outlook for the business.'



For more information, please contact:

Nutrinnovator Holdings plc                                    020 8392 6634
Stephen Moon, Managing Director
Doug Gardner, Financial Director                              020 8392 6637
                                                              07932758482 (M)
Oriel Securities Limited                                      020 7710 7600
Andrew Edwards

Buchanan Communications                                       020 7466 5000
Tim Thompson / Tom Carroll




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