Intelliplus - a new games company

RNS Number:3087P
Intelliplus Group PLC
31 December 2001


INTELLIPLUS GROUP PLC

INTERIM RESULTS

For the six months ended 30th September 2001

Chairman's Statement

This is my first Chairman's Statement since my appointment on 30 November 2001
and I am pleased to present the results for the six months ended 30 September
2001. These show a Group loss before tax of #920,000, which includes
amortisation of goodwill of #390,000. This equates to a loss from trading of
#530,000.

This loss arose during a period when intensive market competition drove down
turnover and margins, while infrastructure costs remained fixed.

In the Notice of Extraordinary General Meeting to Shareholders dated 30 November
2001, I set out the details of the proposed acquisition of Medius Networks
Limited. I am pleased to announce that the resolutions were passed at the EGM
and I expect shortly to be in a position to announce the completion of the
transaction. This is an important strategic acquisition and the synergy will
enable the Group to save costs and will provide the necessary infrastructure to
take the business forward.

The acquisition is conditional on raising further working capital for the
enlarged group by way of a placing of new Ordinary Shares. I am pleased to
announce that we have received conditional commitments for over #1.5 million,
compared to the minimum required of #1 million. This will stabilise the Group's
financial position and facilitate growth within the enlarged group including
Medius Networks Ltd.

Whilst the results are disappointing, I believe that the Medius acquisition,
together with the exciting new opportunities highlighted by Nigel Tatlock in the
2001 Annual report and Accounts will lead to a positive future for the Group.

Michael Neville
Chairman

28th December 2001