Accentia Technologies - Updates

Accentia Technologies Ltd has informed that the Company has received the approval of Foreign Investment Promotion Board (FIPB) for issuance of shares under SWAP to be issued to the US acquisitions target shareholders.

Pursuant to the EGM held on March 23, 2007 and further ratified through the EGM's held on August 11, 2007 and August 20, 2007 and Board Meeting held on August 31, 2007, the Company has applied to Foreign Investment Promotion Board for its approval to issue of 9,16,667 number of equity shares of Rs 10/- each at a premium of Rs 170/- on preferential basis to the shareholders of foreign acquisition companies namely M/s. GSR PBS INC, USA and M/s. GSR Systems Inc, USA and M/s. Denmed Transcription Services Inc, USA.

As per the approval granted by FIPB, subject to stock exchange in-principle approval for allotment, the shareholders of M/s. Denmed Transcription Services Inc, USA are eligible for 333,333 number of shares and M/s. GSR PBS, INC USA for 416,667 number of shares and M/s. GSR Systems Inc, USA for 166,667 number of shares.