Tower Gate Capital

First Day of Trading

                                    TOWER GATE CAPITAL LIMITED

                                       FIRST DAY OF TRADING

The  Directors of Tower Gate Capital Limited ("TGC" or "the Company") are pleased to announce that
the  Company's entire ordinary share capital of 22,417,033 ordinary shares of 20 pence  each  have
today been admitted for trading on Plus Markets.


Admission Price of Ordinary Shares:                 20 pence
Ordinary Shares in issue:                           22,417,033
Warrants in issue:                                  1,783,937
Sector Classification:                              Investment and Advisory Services
Principal Activities:                               Holding Company
Corporate Adviser:                                  Fisher Corporate Plc


Tower  Gate Capital is the holding company of the companies detailed below (together "the  Group")
that provides advisory and investment services to institutions, corporates and entrepreneurs.  The
Directors have decided to seek a PLUS Market trading facility for this company.


The  Group  was created in 2000 to be a venture capitalist and intellectual property  exploitation
group.  With the downturn in those markets at the start of this century, the Directors decided  to
widen its scope to other products and services.

The  Directors  believe  that  their first-hand experience of growing  and  running  companies  in
challenging  sectors  has  allowed  the  Group to build long-term  relationships  and  sustainable
business models.

The  Group is based in the City of London and operates within investment services, investing  both
its own capital, investing third party capital and advising institutions and entrepreneurs.


The Company has the following four wholly owned subsidiaries:

    *        TGC Ventures Limited, incorporated on 11 February 2000. TGCV provides management  and
             investment services and is FSA regulated. Some of the activities within the Group require FSA
             authorisation, and this company will continue to provide these services;

    *        TGC Investments Limited, incorporated on 5 July 2000. TGCIL is principally engaged in
             investment in technology and media companies and holds the majority of the Group's investments;

    *        TGC Corporate Services Limited, incorporated on 11 February 2000. TGC Corporate Services
             provides management and consultancy advisory services, within fields not requiring FSA approval;

    *        TGC SGP Limited, incorporated in Scotland on 15 February 2008. TGC SGP Limited provides
             general partner services to the Group.

The Group also has control of the following entities:

    *       TG Far Blue II LP, a limited partnership, registered on 29 September 2004. The entity's
            general partner is TGC Corporate Services Limited and its limited partner is TGC Investments
            Limited. TG Far Blue II LP holds a number of the Group's investments;

    *       far  blue LLP, a newly incorporated limited liability partnership. FB was set  up  to
            continue to pursue the Group's activities within the very early stage TMT and IP area, and the
            Group's "far blue" brand and associated assets within this area have recently been assigned to the

    *       TGC (DA) LP, a limited partnership registered on 19 February 2008. The entity's general
            partner is currently TGC Corporate Services Limited and its limited partner is currently TGC
            Investments Limited. TGC (DA) LP holds part of the Group's investment in Data Art; and

    *       TGC (DA CAPITAL) SLP, a limited partnership registered in Scotland on 19 February 2008.
            The entity's general partner is TGC SGP Limited and its limited partner is TGC Investments
            Limited.  TGC (DA CAPITAL) SLP holds part of the Group's investment in Data Art.


The  Group's  strategy is to continue building its business of providing investment  and  advisory

The Group's activities fall into two areas:

    *       Investment - where the Group invests to produce investment returns. The Group currently
            owns 14 investments, of which three are Listed, and eleven are Unlisted. A number of the Group's
            previous investments have already been realised; and
    *       Advisory - where the Group provides advice and services for fees.

The  Group  has  historically  focussed on telecoms, media and  technology,  as  well  as  company
creations, secondaries, private investment in public equity's and other creative products.

The  Directors  believe  that the Group's niche lies in executing cutting edge  opportunities  and
structures.  It operates within the broad venture and growth capital market.

The  Group intends to continue to grow from an existing strength within emerging technologies,  as
well as further develop its activities within emerging markets. In addition, the Group intends  to
expand its activities (and consider new operating locations) after Admission.

In  the  past,  shareholders in the Company have also been offered the opportunity to  participate
directly  through  a  co-investment  scheme  operated  by  the  Group  in  numerous  transactions.
Shareholders therefore have had the opportunity to benefit by helping promote the company in which
they  are  a  shareholder, as well as participate directly in deals.  It is intended  to  continue
offering  Shareholders  co-investment opportunities from  time  to  time,  subject  to  legal  and
regulatory requirements.

TGC  is  a platform for European (with some US) activity.  Certain parts of the Group's activities
are regulated and TGCV is authorised by the FSA to conduct certain regulated activities.

The Group's current investment strategy is to:

    *       invest from its balance sheet further sums within its current Group portfolio;

    *       seek to raise funds outside the Group structure that the Company can manage as a venture

    *       offer shareholders and others, investment deals for which the Company will take a fee and
            carried interest;

    *       seek secondary opportunities (as the Company did when it purchased its stake in CRIL, the
            Cambridge University spin-out fund) in a distressed VC market place;

    *       seek  turn-around opportunities where the Company can earn fees and take equity.   An
            example of this was the Company's mandate with Telemetrix Inc. the NASDAQ listed company, 
            where the Company executed a PIPE;

    *       create new companies; and

    *       seek opportunistic transactions.

The  Directors believe that there are great opportunities within the broad venture capital area  -
both  within  private  and  public companies. It is likely that the Group's  principal  investment
activity will be within Europe, although it will continue to look at opportunities within  the  US
and increasingly exploit opportunities within emerging markets.

The Group's current advisory strategy is to:

    *       generate  advisory and management fees (including carried interest)  from  investment activity;

    *       generate fees from the creation of products; and

    *       seek pure advisory mandates.

The Group's mandates are broad, geographically diverse (although the Group bridges well from North
America to Europe), and require a certain amount of business and markets knowledge.


The Directors believe that the benefits of the Admission include:

    *       raising the Company's profile;

    *       providing opportunities for raising equity finance; and

    *       giving the Company greater ability to take advantage of acquisition opportunities.


                                                                  Audited             Audited
                                                           6 Months Ended                Year
                                                             30 September               Ended
                                                                     2007            31 March
                                                                        £                   £

Turnover                                                          105,500             621,839

Net profit/(loss) arising from fixed asset investments            218,546            (137,746)                 

GROSS PROFIT                                                      324,046             484,093

Administrative expenses                                          (273,829)           (425,059)

PROFIT FROM OPERATIONS                                             50,217              59,034
Interest receivable and similar income                                212               2,328
Interest payable and similar charges                              (32,271)             (6,719)

PROFIT BEFORE TAX                                                  18,158              54,643

Taxation                                                              -                   -

PROFIT FOR THE PERIOD                                              18,158              54,643

Past performance is no guide to future performance.

AS AT 31 MARCH 2007

                                                                     Audited          Audited
                                                                       as at            as at
                                                                30 September         31 March
                                                                        2007             2007
                                                                           £                £

Fixed assets                                                                             
Tangible                                                               -                5,846
Investments                                                        2,296,824        2,131,168
                                                                   2,296,824        2,137,014

Current assets                                                                   
Debtors                                                              259,406          206,851
Cash and cash equivalents                                             12,993            9,217
                                                                     272,399          216,068

Creditors - amounts falling due within one year                     (417,882)      (1,669,908)

Net current liabilities                                             (145,483)      (1,453,840)

Total assets less current liabilities                              2,151,341          683,174

Creditors - amounts falling due after more than one year          (1,345,962)            -               

Net Assets                                                           805,379          683,174

Capital and reserves                                                             
Called up share capital                                            1,481,062        1,470,062
Share premium account                                              5,068,720        5,068,720
Revaluation reserve                                                  455,374          388,189
Profit and loss account                                           (6,199,777)      (6,243,797)

SHAREHOLDERS' FUNDS                                                  805,379          683,174

Past performance is no guide to future performance.


Brief biographies of the Directors are as follows:

Matthew Hudson - Aged 46 - Non-Executive Chairman

Matthew  is  currently head of London at Proskauer Rose LLP, one of the World's larger law  firms.
Previously he worked at O'Melveny & Myers LLP (where he was head of European Transactions), Coller
Capital  (reported  to  be  the largest dedicated private equity and venture  capital  secondaries
firm),  CSFB (within a private equity division), and SJ Berwin (the European law firm),  where  he
helped found the now leading private equity and venture capital team.

Patrick Kealy - Aged 64 - Director

Patrick  lives  in  New York, is a director of the Company and consults part time  to  the  Group.
Patrick  has  35  years  of  experience in international securities, including  senior  management
positions  at  Morgan Stanley, Credit Lyonnais and Wood Mackenzie. He has organised numerous  buy-
outs during his career and been involved with over 100 IPO's and privatisations. Patrick's current
appointments  include  president,  CEO and director of Star Energy  Corporation  and  director  of
Telemetrix Inc.

Piers Linney - Aged 36 - Director

Piers is a director of the Company and consults part time to the Group. He spends most of his time
outside  the Group as a principal of a PIPE fund. Piers is a qualified lawyer who trained  at  the
leading  venture  capital  firm SJ Berwin, where he gained private equity  and  corporate  finance
experience. Piers left law to become an investment banker and specialised in cross border  mergers
&  acquisitions and leveraged buy outs at Barclays de Zoete and Credit Suisse. Piers has also been
involved  in  a  number  of venture capital backed start up ventures in  the  research  and  media

Michael Wright - Aged 36 - CEO & CFO

Michael is a director of the Company and consults part time to the Group. He was voted one of  the
top  100  Rising Stars in the capital markets under 40 years old by Financial News, Dow  Jones  in
November  2006  and November 2007.  He splits his time between the Group, his own  private  equity
real  estate  business, Arch Atlantic, and Formosa Films. Michael is a qualified  lawyer  and  has
worked with Matthew at O'Melveny & Myers, as well as at Clifford Chance, DLA and McDermott, Will &
Emery.  Michael has also worked within the hotel industry at Rezidor where he was responsible  for
EMEA business development and M&A.



In the last five years, the directors have held the following directorships and partnerships:

Matthew Hudson

Present                                                  Previous
Arch Atlantic LLP                                        Far Blue GP Limited
Nyssen Limited                                           Far Blue Imaging Limited
Proskauer Rose LLP                                       Far Blue Nominees Limited
TGC Corporate Services Limited                           Far Blue Scotland Limited
TGC (DA) LP                                              FBNT Limited
TGC Investments Limited                                  M J Hudson & Co Limited
TGC SGP Limited                                          O'Melveny & Myers LLP
TGC Ventures Limited                                     TGC Corporate Services Limited
                                                         TGC Investments Limited
                                                         Tower Gate FB Limited

Michael Wright

Present                                                  Previous
Arch Atlantic Capital Limited                            None
Arch Atlantic LLP
Formosa Films Clubbed plc
Formosa Films Twenty8k plc
Global F.E. Limited
TGC Corporate Services Limited
TGC Investments Limited
TGC SGP Limited
TGC Ventures Limited

Piers Linney

Present                                                  Previous
Genesis Communications Limited                           Aspartus plc
Genesis Communications Group Limited                     Doctorsworld plc
Interactive Media Developments Limited          Limited
Itchy Media Ltd                                          Far Blue GP Limited
Key Real Estate Limited                                  Far Blue Imaging Limited
Servelogic plc                                           Far Blue Nominees Limited
TGC Ventures Limited                                     FBNT Limited
TGC Securities Limited                                   IMD Radio Ltd
Tower Gate Limited                                       KRE Newco Limited
Trafalgar Capital Advisory Partners LLP                  Lalazar Limited
                                                         Plowman Limited
                                                         TGC Corporate Services Limited
                                                         Tower Gate FB Limited
                                                         Voxgate Limited

Patrick Kealy

Present                                                  Previous
Star Energy Corporation                                  None
Telemetrix Inc.



Name                               Number of Ordinary Shares       % of the Enlarged Ordinary
                                         on Admission                    Share Capital
                                                                      following Admission

Matthew Hudson                            18,698,134*                        83.41
Katherine Hudson                           1,500,000                          6.69
Michael Wright                                55,000                          0.25
Piers Linney                                 171,272                          0.76
Patrick Kealy and Inna                       206,742                          0.92

*  Prior  to  Admission  Matthew  Hudson beneficially acquired 300,000  'E'  Ordinary  Shares  and
5,050,000  'F'  Ordinary  Shares  from Brett Smithard.  This  acquisition  will  legally  complete
following Admission. Matthew's shareholding on Admission includes these shares.


Name                               Number of Ordinary Shares        % of the Enlarged Ordinary
                                          on Admission                    Share Capital
                                                                       following Admission

Matthew Hudson                            18,698,134*                         83.41
Katherine Hudson                           1,500,000                           6.69

*  Prior  to  Admission  Matthew  Hudson beneficially acquired 300,000  'E'  Ordinary  Shares  and
5,050,000  'F'  Ordinary  Shares  from Brett Smithard.  This  acquisition  will  legally  complete
following Admission. Matthew's shareholding on Admission includes these shares.


The  Ordinary Shares should be regarded as a speculative investment and an investment in  Ordinary
Shares should only be made by those with the necessary expertise to fully evaluate the investment.
An  investment  in the Ordinary Shares involves a high degree of risk. In addition  to  the  usual
risks  associated with an investment in a business at an early stage of development, the Directors
believe  that  the specific risks referred to below as well as other information in this  Document
should  be  considered  carefully  by  investors before  acquiring  Ordinary  Shares.  Prospective
investors  are advised to consult an independent adviser authorised under FSMA who specialises  in
advising on investments of this kind before making any investment decision.

If  any  of  the risks described in this Document actually occur, the Company may not be  able  to
conduct its business as currently planned and its financial condition, operating results and  cash
flows  could be seriously harmed. In that case, the market price of Ordinary Shares could  decline
and  all or part of an investment in the Ordinary Shares could be lost. No inference ought  to  be
drawn  as  to  the  order in which the following risk factors are presented as to  their  relative
importance or potential effect.

Additional  risks and uncertainties may also have an adverse effect on the Company's business  and
the  information set out below does not purport to be an exhaustive summary of the risks affecting
the Company. There may be additional risks of which the Directors are not aware.

Information, opinions and quotations in the Document are as at the date of writing and may  change
without notice.  The Directors are under no obligation to ensure that such updates are brought  to
the attention of any recipient of this material.

1.      Suitability

A  prospective investor should consider carefully whether an investment in the Company is suitable
in  the  light of his, her or its personal circumstances and the financial resources available  to
him, her or it.
Investors are therefore strongly recommended to consult an investment advisor authorised under the
FSMA who specialises in advising on investments of this nature before making their decision.

2.      Market Factors

Substantial future sales of Ordinary Shares could impact on their market price. There has been  no
prior public market in the Ordinary Shares before and an active trading market may not develop  or
be sustained in the future.

Marketability of shares

Investment in shares traded on PLUS carries a higher degree of risk than an investment  in  shares
quoted on the Official List. The share prices of public companies, particularly those operating in
high  growth  sectors,  are  often subject to significant fluctuations. Following  Admission,  the
market  price  of the Ordinary Shares may be volatile and an investor may receive  less  than  the
amount  originally  invested  on a sale of his Ordinary Shares in the  market.  The  sale  of  the
Company's shares may be illiquid and it may be difficult for investors to ascertain a market value
and / or to sell their Ordinary Shares.

The  Company's Ordinary Shares are primarily intended for capital growth and therefore may not  be
suitable  as a short-term investment. Consequently, the Company's Ordinary Shares may be difficult
to  buy  and sell and may be subject to greater fluctuations. Investors may therefore not  realise
their original investment at all, or within the timeframe they had originally anticipated.
Furthermore, the market price of the Ordinary Shares may not reflect the underlying value  of  the
Company's assets.

PLUS trading facility

The  Ordinary  Shares are not included in the official UK list and not admitted to  trading  on  a
"recognised stock exchange" (which does not include the PLUS-quoted market).

Notwithstanding the fact that an application will be made for the Ordinary Shares to  be  admitted
to  the  PLUS-quoted market, there is no assurance that an active trading market for the  Ordinary
Shares  will  develop or, if developed, be sustained following their admission to the  PLUS-quoted
market.  If  an  active trading market is not developed or maintained, the liquidity  and  trading
price of the Ordinary Shares could be adversely affected. In addition, there is no guarantee  that
the  Company's  application  to PLUS Markets plc for its Ordinary Shares  to  be  traded  will  be
successful. Acceptance of the Company's application to, and continued admission to trading on  the
PLUS-quoted market are entirely at the discretion of PLUS Markets plc.

Any changes to the regulatory environment, in particular the PLUS Rules, could for example, affect
its  ability to maintain a trading facility on PLUS.  There is no guarantee that the market  price
of  an Ordinary Share will accurately reflect the underlying value of the Company's net assets  or

3.      Company Factors

Risks relating to investments by the Group

Many of the Group's current investments are in early stage companies.  This might also be true  of
any  future  investments made by the Company.  The value of these investments may  fall  if  these
companies  do  not meet expectations through not achieving business plans.  The  value  of  listed
investments  may  also  fall irrespective of the underlying value of the  assets  of  the  company
concerned.  This might have a material impact of the financial position of the Group.
The  Group  will  be  dependent upon the ability of the Directors to identify suitable  investment
opportunities and implement the Group's strategy. If they fail to do so investors are unlikely  to
realise any investment gains or make any profits.
The  incurrence  of  unforeseen costs may also impact the implementation of the Group's  continued
investment strategy.

The Group may be unable to effect an investment in an identified opportunity, as a consequence  of
which resources might have been expended fruitlessly on investigative work and due diligence.

The  Group  may have minority interests in the companies, partnerships and ventures  in  which  it
invests and may be unable to exercise control over the operations of such companies.

The  management  of targeted companies may not always welcome pro-active involvement  and  may  be
resistant to change.

The  Group may invest in jurisdictions where there may be a number of associated risks over  which
it will have no, or limited, control.  These may include economic, social or political instability
or change, hyperinflation, currency non-convertibility and changes of law.

Future operating losses and negative cash flows

The  Company was incorporated on 11 February 2000 and has had profitable and unprofitable periods.
The Company may incur operating losses and experience negative cash flow in the future.  There can
be  no  assurance  that the Company will achieve the levels of revenues required  to  sustain  its
operations, or achieve future profitability or positive cash flows.  The Company's ability  to  do
so  may  be affected by various factors, including general economic conditions, specific  economic
conditions  within  its  target markets, a change in the substance or  enforcement  of  compliance
regulations and the introduction of new financial products or services by the Company  and/or  its

Past performance

The past performance of the Company is not a guide to future performance and no representation  is
made or warranty given regarding future performance. The past performance of the Company will  not
necessarily be repeated.

Proceeds of the private fundraising

The  proceeds of the private fundraising have been designated for certain uses over  a  period  of
approximately  12  months.  However, the proceeds may be put to other uses  should  the  Directors
consider  this to be appropriate or necessary.  The proceeds may not be sufficient  for  the  full
development of the business objectives of the Company.

Future fundraising

It  is  likely that the Company will need to raise further funds in the future, either to complete
potential  acquisitions or to raise further working or development capital for such  acquisitions.
There is no guarantee that the then prevailing market conditions will allow for such a fundraising
or  that new investors will be prepared to subscribe for Ordinary Shares at the same price as  the
Admission  Price,  or higher. Any further issue of Ordinary Shares by the Company  may  materially
dilute Shareholders.


The  Company has a wide range of competitors, which have established presences, financial products
and  services  in  the  markets  in which the Company operates.  Many  have  financial  and  other
resources  that  are  substantially  greater than those of  the  Company.   Such  competitors  may
introduce  competing  products or services and the ability of the Company to  compete  effectively
will  depend  upon its ability to win new business and develop new products and services.   It  is
also  possible that significant new competitors to the Company may emerge if the economic  climate

Changes to regulations in the UK and elsewhere

The  Company's  profitability  may  be affected by additions, or  changes,  to  the  substance  or
enforcement  of regulations, rules, laws or other measures governing the development or  provision
of  financial  services. Changes may occur to rules or regulations of which  the  Company  has  no
knowledge.  Any failure or inability to comply with these rules or regulations could result in the
relevant  Group  company being unable to conduct its business and could have  a  material  adverse
effect  on  the financial condition and results of the Company.  In particular, TCGV  is  entirely
dependent  on  its  authorisation by the Financial Services Authority  to  conduct  its  business.
Whilst  the  Directors  intend  to  manage the business  of  the  Group  in  compliance  with  the
requirements of the FSA, any withdrawal of authorisation would have a material adverse  effect  on
its  businesses.  Further the regulatory regime applicable to companies within the Group is  under
regular review and future changes made by a regulatory body could impose a greater burden upon the
Group  and  the industry in terms of additional compliance costs.  Any such changes  may  have  an
adverse impact on the ability of the Company to generate sufficient revenues to cover its costs.

Dependence on skilled personnel and resources

The  Company  is  dependent  upon  the  Directors for its success.  The  Company  has  letters  of
engagement,  conditional upon Admission, with each of the Directors but  the  retention  of  their
services  cannot  be  guaranteed.   The loss of one or more  of  the  Directors  could  result  in
disruption  to  the Company's activities and is likely to have a material adverse  effect  on  the

Investors should note that none of the Directors is in any way (other than by their normal  duties
as  company directors), by reason of their involvement with the Company, precluded from acting  in
the  management or conduct of the affairs of any other company.  Should any conflicts of  interest
be identified, they will be declared and dealt with appropriately.


The Company will need to recruit additional staff in order to develop its business.  There can  be
no  assurance  that the Company will be able to anticipate accurately, or recruit, the  number  of
skilled  personnel that it may require to procure sales revenue.  There can be no  guarantee  that
such individuals will be recruited by the Company within its preferred timetable or at cost levels
anticipated  by  the Company.  Failure to recruit and retain a sufficient number  of  sufficiently
qualified  and  experienced  personnel may have a significant  adverse  impact  on  the  Company's

Secured loan facility

The  Company has a secured loan facility from Nyssen.  It should be noted that such loan  facility
has repayment and accelerated repayment terms.
Nyssen  is  a  family vehicle and therefore depends upon the health and wealth of its members,  in
particular Matthew Hudson and Katherine Hudson.
There  is no certainty that the Company will generate sufficient profits after tax to be  able  to
pay a dividend.

4.      Other Factors

Legislation and tax

This  Document has been prepared on the basis of current legislation, rules and practice  and  the
advisers' interpretation thereof. Such interpretation may not be correct and it is always possible
that  legislation, rules and practice may change. Any changes in taxation legislation  and  rules,
and  in  particular any changes to bases of taxation, tax relief and rates of tax, may affect  the
availability of reliefs. Changes in legislation affecting the Company's business may be introduced
at any time and may impact on the business operations and financial condition of the Company.

Lock-in and orderly market arrangements

The  market  price  of Ordinary Shares could decline significantly as a result  of  any  sales  of
Ordinary Shares by certain Shareholders following expiry of the lock-in period (or otherwise).

Forward-looking statements

Forward-looking  statements  in  this Document are no guarantee of  future  performance  and  only
reflect  the  views  and  assumptions as of the date of this Document and are  subject  to  risks,
uncertainties,  market conditions and other factors, some of which are beyond the control  of  the
Company and difficult to predict.

Investors  should  consider carefully whether investment in the Company is suitable  for  them  in
light of the risk factors outlined above, their personal circumstances and the financial resources
available to them.

Currency risk

The  Company may transact in currencies other than pounds Sterling. The Company's performance  may
therefore be subject to exchange rate fluctuations with respect to currencies employed.

Possible adverse economic conditions

The  financial operation of the Company may be adversely affected by general economic  conditions.
The  returns  that  are  likely to be achieved may be materially affected  by  the  political  and
economic climate in those particular countries.

The directors of Tower Gate Capital Limited accept responsibility for this announcement.

                                             - ends -


Tower Gate Capital Limited:      Michael Wright    Tel: 020 7643 2775

Fisher Corporate Plc:            Carolyn Hazard    Tel: 0207 388 7000

Copies  of  the  Admission Document will be available free of charge to the public  during  normal
business  hours  on any weekday (Saturdays and public holidays excepted) until the date  following
one month after the date of Admission at the registered office of the Company at Devonshire House,
1  Devonshire  Street, London W1W 5DR and at the offices of Fisher Corporate at Acre House,  11-15
William Road, London, NW1 3ER.

Tower Gate Capital Limited