Result of EGM

Peerless Technology Group PLC
22 December 2003

For immediate release

22 December 2003

       Peerless Technology Group plc (to be re-named Alliance Pharma PLC)
                         ('Peerless' or the 'Company')

                                 Result of EGM


The Board of Peerless is pleased to announce that at the extraordinary general
meeting held earlier today, all of the resolutions proposed in the Notice of
EGM, details of which were set out in the circular to Peerless shareholders
dated 28 November 2003 (the 'Circular'), were duly passed. The resolutions were
in relation to, inter alia, the Acquisition of the whole of the issue share
capital of Alliance Pharmaceuticals Ltd ('Alliance'), the Placings (excluding
the Vendor Placing) and Open Offer of 22,914,736 New Ordinary Shares and £7.5m
8% Convertible Loan Stock in the capital of the Company and the change of the
Company's name to Alliance Pharma PLC.

Application has been made to the London Stock Exchange for the Enlarged Share
Capital of 110,793,903 Ordinary Shares and for the £7.5 million, 8 per cent.
Convertible Loan Stock to be admitted to trading on AIM. It is expected that
Admission will become effective and that dealings in the Ordinary Shares and the
convertible Loan Stock will commence on 23 December 2003.

The acquisition of Alliance has been completed subject only to such Admission
taking place. With effect from Admission, Mr Ajaz Ahmed, Mr Jeremy Fenn and Mr
Richard James have resigned as Directors of the company and the following have
been appointed as Directors of the Company:

     John Dawson (Chief Executive)
     Anthony Richard Booley (Sales and Marketing Director)
     Stella Anne Dawson (aka Sam Madden) (Technical and Regulatory Director)
     Madelein Elizabeth Scott (Finance Director and Company Secretary)
     Paul Ranson (Non-Executive Director)

Mr Steve Harris, who is already a Director of the Company, remains a
non-executive director.

Unless the context otherwise requires, capitalised terms used in this
announcement shall have the meanings given to them in the Circular.


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