Re AIM Admission

Intermodal Resource Plc
31 August 2004



RNS Release

For immediate release

31 August 2004


                   Intermodal Resource Plc - Admission to AIM


Intermodal Resource Plc ('Intermodal' or, together with its subsidiaries, 'the
Group'), an operator of transport equipment rental businesses in the UK and
Europe, announces that its shares have today been admitted to trading on AIM
under the ticker symbol IMR.L.


Intermodal has raised £0.52 million (before expenses) through the placing of
5,200,000 New Ordinary Shares at 10 pence per share to institutions and other
investors.  Based on the placing price of 10 pence per share and the total
number of shares in issue of 40,755,096, Intermodal is capitalised at
approximately £4.1 million.  Strand Partners Limited is acting as the Group's
Nominated Adviser and WH Ireland as its Broker.


Robert Montague, Chief Executive of Intermodal, said:


'This is a very positive step for the Group.  Our experience in the transport
asset rental business shows us that there is an opportunity within the industry
cycle to grow substantially.  The rental market is currently expanding as
customers see the many advantages over outright purchase.  There is further room
for consolidation within our industry and the prospects for the Group are very
exciting.'


Enquiries, please contact:

Robert Montague                        Katharine Sharkey/Jenny Leahy
Intermodal Resource Plc                Gresham PR Ltd
01993 883 148                          020 7404 9000

Simon Raggett/James Harris
Strand Partners Limited
020 7409 3494


This announcement does not constitute, or form part of, any offer or invitation
to sell, allot or issue, or any solicitation of any offer to purchase or
subscribe for, any securities, nor shall it (or any part of it) or the fact of
its distribution form the basis of, or be relied upon in connection with, or act
as any inducement to enter into, any contract or commitment for securities,
which should only be made on the basis of information contained in the admission
document issued in connection with the Placing.



Notes to editors

KEY INFORMATION


Summary


•   The Group operates equipment rental businesses that service the transport
and logistics industries in Germany, the UK and other European countries.


•   Axis Intermodal Deutschland GmbH ('Axis') is the primary business of the
Group and comprises the rental of swapbodies, a type of steel freight container
('Swapbodies'), and marine container-carrying road chassis ('Chassis') to over
150 customers in Germany and other mainland European countries, including
Steinle, DHL, Gefco, and the German, French and Swiss postal services.


•   Swapbodies are standard steel freight containers on legs which enable them
to be picked up and dropped off by trucks without the need for cranes and are
inexpensive to maintain and refurbish. As such they represent a cost effective
alternative to road trailers with the flexibility of being able to be used on
road, rail or barge. A Chassis is a marine container-carrying road chassis
designed to enable articulated trucks to transport marine containers to and from
container terminals and ports. Axis's fleet comprises 2,259 Swapbodies and 136
Chassis.


•   The size of the European market for all Swapbodies is approximately 400,000
units and it is projected that the market will grow at a rate in excess of 7 per
cent. per annum until mid 2008.


•   In April 2004, the Group commenced the rental of truck road trailers in the
UK through Trailerent Limited ('Trailerent'). The Directors believe that recent
changes in the UK market, in particular rental customers in the UK increasingly
demanding new equipment for contracts on rental terms that match their logistics
contracts, provide a significant opportunity for the Group. Furthermore,
Trailerent significantly enhances the Group's ability to offer a pan-European
service enabling the Group's customers, many of whom have extensive operations
in both mainland Europe and the UK, to benefit from a comprehensive transport
and logistics equipment solution, including essential repair and maintenance
services.


•   The Group has established a commercial relationship with Schmitz, one of the
largest trailer manufacturers in Europe, whereby Schmitz offers Trailerent
competitive arrangements on pricing, financing of trailers, delivery,
maintenance and support, and joint sales and marketing. In addition, Schmitz has
agreed to provide residual value guarantees on trailers after five years,
thereby minimising Trailerent's residual value exposure.


•   The Directors believe that rental has a number of advantages over outright
purchase for transport and logistics companies. In particular:


-    there is no requirement for capital expenditure to fund the acquisition of
non-core

assets;

- they can rent equipment for periods matching their distribution contracts;

- they can have immediate access to equipment, avoiding purchasing lead times;
and

- they can outsource maintenance and insurance in addition to the use of the
asset.



Key Strengths


The Directors believe that the Group has the following key strengths:


•   a proven management team with, in aggregate, over 60 years' experience in
the transport equipment rental industry;


•   its fleet is substantially owned by Axis with a long remaining rentable
life;


•   it has been able to achieve high fleet utilisation through entering into
long-term contracts with its customers;


•   it has low fixed overheads and has outsourced flexible depot, storage and
maintenance arrangements; and


•   its existing infrastructure can accommodate a significant fleet expansion.








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