MBW Mobilewave

TIDMMBW

RNS Number : 9846Y

Mobilewave Group PLC

08 March 2012

MobileWave Group plc

("MobileWave" or the "Company")

Update on GBP2 Million Convertible Preference Share Issue

As per the RNS announcement of 24 January 2012, the board reconfirms that the GBP2M Convertible Preference Share issue has been fully subscribed. The final funding, being $2M from an Asian based investor, was expected in late February and by mutual agreement between the parties, is now expected within a month.

The Company continues to aggressively pursue its claim against Devin Narang and court dates in both India and the United Kingdom are scheduled for March.

For further information, please contact:

   MobileWave Group plc                                                    rstear@mobilewave.com 

Rory Stear, Chairman

   Charles Stanley Securities                                              020 7149 6000 

Nominated Adviser & Broker

Dugald J.Carlean / Carl Holmes

This information is provided by RNS

The company news service from the London Stock Exchange

END

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