BUSY 2005 FOR MRI MOORES ROWLAND LLP CORPORATE FINANCE

BUSY 2005 FOR MRI MOORES ROWLAND LLP CORPORATE FINANCE: "�The volume of AIM admissions and acquisitions has been maintained in 2005 despite relatively less institutional appetite for new issues since the spring. The early summer slow down might be described as the �indigestion� caused by the very buoyant first quarter IPO market which saw 130 companies joining AIM.

�Recent activity has been underpinned by newly formed �2005� shell companies seeking readmission to AIM after undertaking their first investments in, or reverse takeovers of, target businesses.

�The boards of many aspiring public companies would rather suffer an element of additional dilution on a reverse takeover than be exposed to the �market� risk of not being able to raise funds on direct admission. This form of transaction should increase over the next nine months as both new and more �dusty� shells seek to find suitable reverse takeover targets to maintain their present AIM quoted status.�"