BSP:Brainspark - Technology start-up incubator

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RNS Number:1470W Brainspark PLC 23 December 2005


FOR IMMEDIATE RELEASE 23 DECEMBER 2005




BRAINSPARK PLC

("Brainspark" or the "Company")
#850,000 Loan Stock fully subscribed
Option over Infusion 2002 shares effective


The Company is delighted to announce that further to the announcement on 2 December 2005, ("#850,000 Loan Stock"), all subscription monies were received by the 10 December 2005 deadline, and all funds have been transferred into the Company.

Mr Francesco Gardin, Chairman, has subsequently transferred Loan Stock to the value of #50,000 to Mr Dennis Bailey, proposed director. The Company intends to announce the appointment of Mr Bailey in the near future.

In addition, and further to the announcement on 8 August 2005, the Company announces that it has agreed pursuant to the agreement signed ("the Call Option Agreement") to grant a call option (the "Option") to AISoftware SpA ("AISoftware") over the entire issued share capital of its wholly owned subsidiary, Infusion 2002 Limited ("Infusion"). The condition that, by the 31 October 2005 Infusion 2002 will have no assets or liabilities other than the investment in ACS, has been satisfied and formally accepted by AISoftware on 14 December 2005.


ENDS