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AquaSource (AAGP)

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Monday 28 January, 2008


Issue of Equity

AquaSource Algae Group

                           AquaSource Algae Group Plc


Chairman Retires, New Chairman Appointed

Shares Issued to Directors in lieu of Remuneration

Having been Chairman of AquaSource for 5 years, and guided it safely through the
recent difficulties in Northern Europe, David Gaiman decided to retire as
Chairman of the Board, although he will continue to act as a non-executive
Director of the Company. At a Board meeting held on 25th January 2008 the Board
reluctantly accepted David's resignation as Chairman, and unanimously agreed to
appoint Ratan Daryani as Chairman with immediate effect.

Ratan, who was appointed a Non- Executive director of the Company in July 2006,
is Managing Director of Flint Edge Ltd. Before his appointment to our Board,
Ratan was Executive Vice Chairman of Generations of Health AB a Swedish based
Pan-European Direct Sales Company and prior to being CEO of Reflexion Cosmetics
plc he was a main board member of Victory Corporation plc the AIM quoted holding
company of Virgin Cosmetics, and before that a senior executive at The Body Shop
International plc.

Upon his appointment, Ratan thanked David for his dedication and wise
stewardship and said 'We would all like to thank David for his guidance and
commitment over what has sometimes been a difficult period for the Company and
we all look forward to benefiting from his considerable experience as he
continues as a Non-Executive Director. I am looking forward to being Chairman,
building on the legacy left by David and to working with the Executive team to
deliver the current growth strategy'

Also at that Board meeting, and in part settlement of agreed remuneration
packages, the Board of AquaSource granted certain non-executive Directors of the
Company, new ordinary shares of EUR 0.0025 each in the Company as detailed
below. At the current market price of 1.25p the new shares, which rank pari
passu in all respects with existing ordinary shares, amounted to a total of
£6,457.50 in value.

Director           Number of Shares     Revised Holding     Revised %age
David Gaiman       344,400              1,734,633                           2.94%
Eamon Delahunt     86,100               438,276                             0.74%
Ratan Daryani      86,100               124,666                             0.21%
                   516,600              2,297,575

Following the issue of the above shares the enlarged issued share capital of the
Company is 58,970,591 ordinary shares of EUR 0.0025 each.

The Directors of AquaSource accept responsibility for this announcement.


Sian Lewis          AquaSource                    ++385-911-324270
Oliver Spurling     AquaSource                    07769 647617
Stephen Foale       Fletcher Foale                07769 937708

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