Brainspark PLC
20 May 2002
For Immediate Release
20th May, 2002
BRAINSPARK PLC ('Brainspark')
Acquisition of Infusion SpA ('Infusion')
THE BOARDS OF INFUSION AND BRAINSPARK HAVE APPROVED PROPOSALS TO ASSESS THE
POTENTIAL ACQUISITION OF CERTAIN ASSETS AND LIABILITIES OF INFUSION SPA BY
BRAINSPARK PLC.
APPOINTED A LEADING INTERNATIONAL ACCOUNTANCY PRACTICE TO PROVIDE AN INDEPENDENT
VALUATION OF THE ASSETS OF BOTH COMPANIES.
Milan, 20 May 2002 - The Board of Infusion and Brainspark announce that they
have entered into discussions with a view to assessing the potential acquisition
by Brainspark of certain of the assets and liabilities of Infusion for a
consideration to be satisfied by an issue of Brainspark Ordinary Shares.
It is intended that the transaction, which will be treated as a related party
transaction under the AIM Rules, will be structured so that it is not a reverse
takeover under those Rules.
The Board of Infusion and Brainspark have appointed Ernst &Young to conduct an
independent valuation of both companies.
Brainspark Ordinary Shares are traded on the Alternative Investment Market of
the London Stock Exchange plc. Infusion is a wholly owned subsidiary of
AISoftw@re SpA ('AISoftw@re'). AISoftw@re is listed on Nasdaq Europe (AISW) and
the Italian Nuovo Mercato (AISW) and owns approximately 65.5 per cent. of the
issued share capital of Brainspark.
Brainspark
Brainspark (www.brainspark.com) is an incubator business which has focused its
investments on companies operating in the area of online professional services.
Based in London and listed on AIM (BSP), Brainspark currently holds a portfolio
of eight investments.
AISoftw@re
AISoftw@re (www.ais.it) was founded in 1983 and with consolidated group sales in
2001 of over 26.7 million Euro and specialises in the development of
technologically advanced knowledge processing and decision support data-mining
Internet and Intranet solutions. The technical expertise acquired and the large
portfolio of proprietary products enable AISoftw@re to be positioned as the
leading company in software solutions for financial markets, medical imaging and
broadband Internet.
AISoftw@re is pursuing a programme of growth both through acquisitions and
equity investments in companies in tune with the parent company's business
model, as well as through a policy of international expansion. A program
rationalising the structure of AISoftw@re into three business areas has recently
been undertaken, resulting in the setting up of three subsidiary companies:
AISoftw@re Medical Solutions & Program Spa, AISoftw@re Technologies & Solutions
Spa and AISoftw@re Professional Services Spa. By the end of 2002, the present
banking & insurance business area of AISoftw@re, which specialises in software
solutions for the banking and financial community, will form the fourth
industrial subsidiary company of the AISoftw@re Group under the name AISoftw@re
Financial Solutions Spa.
The AISoftw@re Group includes and has over 460 employees and collaborators. Its
headquarters are in Milan and it also has offices in Rome, Florence, Trento,
Vicenza and Bologna.
Infusion
Infusion (www.infusion.it) has been established to acquire and manage the
investments of the AISoftw@re Group. AISoftw@re Group's strategy is that
Infusion invests in advanced technology companies, focused on creating and
delivering content and services via Internet.
The Company is incorporated in Milan (Italy), with a 8.5 million Euros share
capital and is 99.99 per cent. owned by AISoftw@re Its current investment
portfolio includes: ACS (23 per cent.), Geosim System Ltd (29.67 per cent.),
Impression (20 per cent.), Kstones (73.05 per cent.), Ludonet (35 per cent.) and
Mindmotion (31.93 per cent.).
For further information:
Marco Mancini Tel: +39-02-28014
Fax: +39-02-2610853
E-mail: mmancini@ais.it
This information is provided by RNS
The company news service from the London Stock Exchange
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