MBW Mobilewave

TIDMMBW

RNS Number : 2107B

Mobilewave Group PLC

28 March 2013

28 March 2013

MobileWave Group PLC

("MobileWave" or the "Company")

Update on funding

The Board of MobileWave wishes to further update shareholders as to the position regarding the receipt of additional funding.

As previously announced, the Company continues to work closely with an Asian based investor to provide new investment into the Company. The proposed investment is directly linked to the successful conclusion of a separate transaction involving the aforementioned investor. As previously reported, the Company's Chairman, Rory Stear, has been actively involved in assisting this investor bring this transaction to a successful conclusion, with a view to expediting the investment into MobileWave.

The Board was confident that the investment would be made in this quarter and is encouraged by the significant progress that has been made to date in concluding this matter successfully but for technical reasons, the Board now expects the investment completing in the weeks ahead. The Board will continue to keep shareholders informed of any progress and in the interim the Company's shares will remain suspended from trading pending confirmation of funding.

The Company also confirms that the pending bankruptcy petition against Devin Narang is scheduled to be heard on the 8 and 9 May 2013 in the High Court of London. The Board will continue to seek a resolution in the interim.

For further information, please contact:

MobileWave Group plc

Rory Stear, Chairman (rstear@mobilewave.com)

Charles Stanley Securities, nominated adviser and broker:

Dugald J Carlean / Carl Holmes 020 7149 6000

This information is provided by RNS

The company news service from the London Stock Exchange

END

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