Trading Update
19 Septembre 2008 - 10:25AM
UK Regulatory
19 September 2008
Amteus plc
("Amteus" or the "Company")
Trading update
Further to the announcement of 21 August 2008, Amteus is pleased to announce
that its reseller partner has made considerable progress with its schools
project in conjunction with a Government Sponsored Schools Trust (the "Trust").
The beta website is now ready and demonstrations may be arranged by emailing
CEO@amteus.com. The rollout to the schools is due to start in October 2008,
following a series of planned conferences. The Company is in discussions with a
number of potential corporate sponsors, who have expressed strong interest in
this initiative.
The Company is also in discussions with a number of potential investors,
certain of which are current shareholders, including the executive Deputy
Chairman to fund the business going forward.
In the meantime, in accordance with the lower staffing levels required for the
reseller business model for the schools, the Company has taken significant
steps to reduce its monthly overheads by approximately 65 per cent., including
the closure of its research and development facility and the reduction of staff
both on the sales force and in other areas.
Michael Abrahams, Chairman of Amteus, said: "We believe that the relationship
with the Trust, through our reseller partner, provides an exciting opportunity
to enhance shareholder value. The technology we have developed for the schools
also has similar applications for businesses. We hope that we will be able to
raise sufficient funding in the current difficult market conditions to fulfil
the potential of our developments."
As stated in the announcement of 21 August 2008, should Amteus be unsuccessful
in raising the necessary finance then, notwithstanding the overhead reductions
set out above, there will be a further material adverse effect on the Company's
financial position and operations.
Enquiries:
Amteus plc 01653 618016
Michael Abrahams (Chairman) 020 7628 2200
John East & Partners Limited 01653 618016
John East/Simon Clements
Rawlings Financial PR Limited
Catriona Valentine
John East & Partners Limited, which is authorised and regulated by the
Financial Services Authority, is acting exclusively for the Company and no one
else in connection with the matters set out herein and will not be responsible
to anyone other than the Company for providing the protections afforded to
customers of John East & Partners Limited or for providing advice in relation
to the matters set out herein or any transaction.
END
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