Global: Agreement with subsidiary of Logicom for sale of IT business.
09/03/2005
Further to our announcement dated 02/02/2005, we wish to announce that Global Consolidator Ltd and its subsidiaries Global IT (Cyprus) Ltd, Global Consolidator (Consultancy Services) Ltd and GlobalSoft Ltd signed an agreement with Netvision Ltd, subsidiary of Logicom Public Ltd for the sale of a business which is actively involved in the planning, development and support of software programs and the training and provision of consultant services in the IT sector.

The agreement provides for the transfer of all the rights of the software programs, the tangible and intangible assets and the goodwill to Netvision Ltd against the sum of £2,200,000.

The agreement is subject to the positive legal and accounting audit, which will be completed on 31/03/2005, with the option to extend this deadline by mutual consent.

Further details will be announced following the completion of the audit.