Acquisition

Canisp PLC
22 September 2004


FOR IMMEDIATE RELEASE
22 September 2004



                     Canisp plc ('Canisp' or 'the Company')
          Acquisition of additional fixed line business ('Acquisition')


Introduction

Canisp is pleased to announce today that its subsidiary, The Airtime Group
Limited ('TAG'), acquired the fixed line customer base and the non-geographic
number services of International Telecom Brokers Limited ('the ITB Business') 
('the Acquisition').


Background

Canisp joined AIM in October 2003 with the stated purpose of building a
telecommunications services business through exploitation of opportunities
arising from OFCOM initiatives.  TAG was acquired in December 2003.  Through
TAG's existing Annex II licence relationship, the Group was able to achieve
Service Provider status with BT Wholesale earlier this calendar year, and has
commenced the process of offering fixed line services to TAG's existing customer
base and developing a marketing strategy through certain of TAG's affinity
partnerships.

In Canisp's Report and Accounts issued in June, it was reported that the Company
was actively seeking acquisitions in business areas complementary to that of
TAG, and in particular that opportunities existed to purchase the fixed line
customer bases of other operators on an attractive multiple of monthly billings.
The Acquisition is consistent with this strategy.


Consideration

The consideration for the Acquisition, which is payable in cash, amounts to a
maximum of £2.52 million.  An initial payment of £1.296 million has been made
and the balance is payable as to £0.864 million in three months time and as to
£0.36 million on 31 January 2005.   In July 2004, the turnover of the ITB
Business was £382,000 and gross profit was £122,000.

The Acquisition agreement contains a mechanism for a reduction of the deferred
element of the consideration if there is any material diminution in the monthly
billings of the ITB Business in the coming months.


The ITB Business

The ITB Business was established in 1998.  Its fixed line customers are
principally in the SME sector.  Mark Shrosbree, the existing sales director of
the ITB Business, has entered into an employment agreement with TAG for an
initial term of one year, and will be responsible for its management and further
development.


Outlook

The Acquisition can be expected to make an immediate and significant
contribution within the context of TAG's objective of becoming cash positive
during this calendar year and achieving profitability.  The Company remains in
discussions with the vendors of a number of similar businesses with a view to
further expanding TAG's customer base, and remains alert to other acquisition
opportunities in the sector.



Enquiries:

John Maundrell, Canisp plc                      tel: [phone] (on 22.09.04)

John Bick, Holborn                              tel: [phone]


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