Statement re Cryptosoft

10 December 2015

Tern Plc

(AIM: TERN)

Update on Cryptosoft Limited

Tern Plc ("Tern" or "the Company"), the AIM quoted investment company specialising in the cloud and mobile sector of the IT market, is pleased to provide an update on its investee company, Cryptosoft Limited ("Cryptosoft"). 

Cryptosoft is performing to plan.  A small sales opportunity, value £26,000, was created recently and closed within the month; however, larger contracts with multinationals take time to convert.  Cryptosoft's collaboration with Device Authority and Thingworx has created two new products, which are generating new business opportunities.  The new management team is focused on closing significant sales opportunities whilst building and expanding the pipeline in both the UK and North America. 

Tern is providing a further secured loan facility of £500,000 to Cryptosoft to finance the company whilst cash flow grows.  Interest is payable at 5% on amounts drawn down under the facility.  The loan is repayable at 31 December 2016; or can be converted into new ordinary shares of Cryptosoft at the par value of 0.33 pence at any time at the sole option of Tern. 

Enquiries

Tern plc                                                                                  Tel: [phone]
Al Sisto

WH Ireland                                                                            Tel: [phone]
John Wakefield

Peterhouse Corporate Finance (Joint broker)                  Tel. [phone]

Lucy Williams / Duncan Vasey

Tern Plc acquires and invests in privately owned companies with self-owned IP, established products and customer bases. Its investment strategy is focused on taking an active role in its investee companies in order to improve the business model, accelerate growth, expand the business globally, and identify exit opportunities.

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Tern Plc via Globenewswire

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