XL TechGroup, Inc.

Result of Special Meeting of

RNS Number : 0006B
XL TechGroup, Inc.
08 August 2008

Press Release

August 2008

XL TechGroup, Inc.

('XL TechGroup' or 'the Company')

Result of Special Meeting of Stockholders - 8 August 2008

XL TechGroup (AIM: XLT) advises that all of the resolutions proposed at today's Special Meeting of Stockholders have been approved. As a result, the Restructuring Proposal detailed in the Company's circular dated 29 July 2008 will now proceed towards closing which is anticipated to happen on or about 22 August 2008. 

Following closing of the restructuring, it remains the intention of certain members of the senior management of XL TechGroup and other outside investors to provide the Company with funds totalling up to US$1 million in exchange for a secured note, the terms of which have still to be agreed. It also remains the intention of XL TechGroup to invite other Qualified Investor stockholders to contribute to this fund raising on the same terms. However, given that there can be no certainty that these funds will be raised and that XL TechGroup continues to have minimal cash resources, the Company's funding position remains inadequate.  Following discussions with AIM, trading in XL TechGroup's ordinary shares on AIM will therefore continue to be suspended.

Stockholders are reminded that the next Special Meeting of Stockholders will take place at 11.00am Florida time on 29 August 2008, at which time the following resolution will be proposed: 

If this resolution is approved, the proposed Cancellation will take effect at 7.00am UK time on 8 September 2008, and not at 8.00am UK time on 5 September 2008 as originally advised. 

The proxy in relation to the Special Meeting of Stockholders on 29 August 2008 (meeting B) should be completed, signed and sent to XL TechGroup's Company Secretary, to be received by no later than 11.00am Florida time on 29 August 2008.  This proxy and the circular have been mailed to stockholders but can also be downloaded from the Company's website under Shareholder Information in the Investor Relations section. The completed, signed proxy should be returned by mail to The Company Secretary, XL TechGroup, Inc., 1901 S. Harbor City Blvd., Suite 300MelbourneFlorida 32901USA or, to expedite matters, by fax for the attention of the XL TechGroup Company Secretary to +1 321 723 7047.

For further information:


XL TechGroup

Dr. John Scott / Harold Gubnitsky

Tel: +1 321 409 7403

[email protected]

Chris Munden, Director of Investor Relations

Tel: +44 (0) 20 7398 7720

[email protected]


Nomura Code Securities

Richard Potts, Corporate Finance

Tel: +44 (0) 20 7776 1200

Giles Balleny


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