subsidiary company

Interregnum PLC
23 June 2004

23 June 2004

                                INTERREGNUM PLC

         Subsidiary Company Announces Acquisition and New Contract Win

Interregnum plc ('Interregnum'), the technology merchant bank, announces today
that its subsidiary company, Cellular Design Services ('CDS'), which provides
wireless network solutions for complex, high-usage environments, has reached
agreement to acquire Applied Intelligent Buildings Limited ('AIB') for an
undisclosed consideration.

AIB was founded by Malcolm McGougan, former Commercial Director of Redstone plc
and co-founder of Fastnet Systems, to provide infrastructure services to the
property and retail sectors. As part of this acquisition, Malcolm McGougan, aged
46, is appointed Sales and Marketing Director of CDS, reporting to Dr John
Forrest, CBE, Executive Chairman of CDS.

Interregnum also announces today that CDS has been appointed by BAA to design,
build and support shared wireless systems at all seven of BAA's UK airports. The
agreement covers wireless infrastructure that can be shared by service providers
and communications systems, and supports a range of wireless technologies. It is
for an initial term of five years and follows on from the appointment of CDS by
BAA in 2003 to develop strategies for wireless communications at its airports.
The contract is expected to enhance CDS's earnings during the financial year
2004-5.

Ken Olisa, Chairman and CEO of Interregnum, said:

'When Interregnum acquired CDS in February 2004, our aim was to build a
substantial player which could profit from the technological changes shaping the
development of wireless infrastructure. The acquisition of AIB is a significant
step forward, and we expect to make additional acquisitions which will
accelerate our progress.

'This acquisition and the contract with BAA underline the progress in
Interregnum's portfolio, and follow on from the recent news that Metapraxis,
another Interregnum portfolio company, has completed a licensing agreement with
PwC in the UK and USA.'

                               - Ends -


Interregnum                                  020 7494 3080
Roger Jeynes, COO

Merlin PR                                    020 7653 6620
Paul Downes
Rebecca Penney                               07795 108178



Notes to Editor

•   Interregnum plc (www.interregnum.com), the AIM-listed technology merchant
    bank (symbol: ITR), invests and takes principal finance positions in
    technology companies and advises corporates, government, technology
    entrepreneurs, advisors and investors on issues such as corporate finance,
    IP exploitation and commercial due diligence. Interregnum acquired CDS on 3
    February 2004 for a total consideration of £1.5 million. For the 12 months
    to 30 June 2003, CDS generated revenues of £4.9 million and a loss after tax
    of £272,000. Management accounts for the six months ended 31 December 2003
    indicate that CDS has traded profitably during this period.

•   Cellular Design Services (www.cdseurope.com) provides wireless network
    solutions for complex high-usage environments, with particular capabilities
    in shared infrastructure. Founded in 1995, CDS has enabled the design,
    deployment and successful management of several hundred 2G, 3G, PMR, WLAN
    and broadcast systems.

•   BAA is the world's leading airport company. It owns and operates seven
    British airports handling around two thirds of the UK's air passenger
    traffic.






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