MBW Mobilewave

TIDMMBW

RNS Number : 6425D

Mobilewave Group PLC

30 April 2013

30 April 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 announced on 28 March 2013, the Company has continued to work with the Asian based investor surrounding an investment in the Company. The Board has now been informed that the terms of the separate transaction which is aligned to this investment have now been agreed and the investment will be made in due course. Until the investment has been received, which the board believes will be in late May 2013, the directors believe it is prudent that trading in the Company's shares remain suspended.

The High Court of London court dates for the bankruptcy action against Devin Narang are, as previously advised, on 8th and 9th May in London. The Company have prepared all necessary court papers which have been filed with the court and the relevant witnesses, including the Chairman Rory Stear, are available to appear at these hearings. The Board continues 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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