eXpansys Plc
30 April 2008
DISPOSAL OF PORTIX
eXpansys plc (the 'Company' or the 'Group'), the leading online retailer of
wireless technology, announces that it has today completed the sale of the trade
and certain assets of the Portix trading division ('Portix') of eXpansys UK
Limited, a wholly owned subsidiary of the Company, to Micro Peripherals Limited,
a wholly owned subsidiary of DCC plc, for a cash consideration of up to
£1,160,000 of which £760,000 is payable on completion.
The disposal of Portix, which is a 'trade only' international distributor of
mobile and wireless products, follows the Board's strategic decision to focus
fully on the Group's core 'e-tail' operations which operate under the eXpansys
brand-name.
The profit contributed by Portix to the Company in the year ended 30 April 2007
was £379,000 with total net assets relating to the business, at 30 April 2007,
of £75,000. The cash generated from the sale of Portix will provide additional
working capital for the Group's core businesses.
For further information, please contact:
eXpansys plc Tel: +44 (0)161 232 3410
Roger Butterworth, CEO roger@expansys.com
Investor relations website www.expansys.com/investor.aspx
Cenkos Securities plc Tel: +44 (0)20 7397 8926
Stephen Keys skeys@cenkos.com
Rawlings Financial PR Limited Tel: +44 (0)1756 770 376
Catriona Valentine catriona@rawlingsfinancial.co.uk
About eXpansys
The Group specialises in the sale of handheld electronic devices with wireless
connectivity and boasts a wide offering ranging from smartphones and ultra
mobile personal computers, to cameras and GPS equipment. eXpansys operates some
50 websites in 12 different languages that cater to the major economies of the
world and serve both retail customers and blue-chip corporate accounts.
Based in Manchester, eXpansys has grown both organically and through acquisition
and has a global infrastructure that allows it to service its international
customer base through a network of warehouses in the UK, France, USA, Hong Kong
and Australia.
This information is provided by RNS
The company news service from the London Stock Exchange
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