Milestone Group PLC : MoU signed with new softw...

MILESTONE GROUP PLC

"Milestone" or the "Company"

MoU signed with new software partner

Milestone, the AIM quoted (AIM: MSG) provider of digital media and technology solutions, is pleased to announce that it has entered into a Memorandum of Understanding ("MoU") with Conveycentric Limited to develop a Mortgage Fraud Alert software product.

Conveycentric has launched risk management products, including LENDERmonitor and COMPLETIONmonitor and, with the Council of Mortgage Lenders and experts in the Professional Indemnity insurance market to provide software services to the legal industry. These solutions assist with compliance within the conveyancing process and provide law firms with an audit trail as a result of their use.  In addition leading insurance brokers promote these products as best practice risk management tools to lawyers.

Milestone has agreed to establish a Mortgage Fraud Alert System under which a number of its strategic partners and relationships with a proven track record in the security and risk, law enforcement, legal and financial services sector will be engaged to develop this product for the purposes of problem solving and crime prevention.

COMPLETIONmonitor stands alone as being an on-line risk management system that assists property lawyers to purposefully address the areas of greatest concern within the conveyancing process including failure to register title and non compliance with lender requirements. 

The increasing rise in mortgage fraud figures in recent years, along with guidance from the Financial Services Authority, has made it a priority for lenders to explore ways to manage their exposure wherever possible. In recognition of this Conveycentric have extended the intelligence of their technology solution to support the industry in combating mortgage fraud.

Deborah White, a director of Milestone, has a financial interest in this joint venture as a shareholder and as a result Deborah White is deemed to be a related party pursuant to AIM Rule 13.  

The directors of Milestone who do not have an interest in the transaction, having consulted the Company's Nominated Adviser, Cairn Financial Advisers LLP, believe that the terms of the transaction are fair and reasonable in so far as shareholders are concerned.

Simon Seaton, co-founder of Conveycentric, is to join the Milestone management team.

David Ryb, CEO of Conveycentric commented:

"We are delighted to partner with Milestone who have put together a team of experts in the field of security and who have a proven pedigree in building enabling technology making use of skill sets in evaluating data and integrating with the relevant intelligence or regulatory industry."

Deborah White, Milestone's CEO commented:

"We are looking forward to working with the team at Conveycentric and introducing them to our partners. The possibilities for this product, once linked with these partners, to assist with data sharing and crime prevention are extensive."    

For further information:

Milestone Group PLC Deborah White, Chief Executive	Tel: [phone]
Cairn Financial Advisers LLP, Nominated Adviser Liam Murray / Avi Robinson	Tel: [phone]
Hybridan LLP, Broker Claire Louise Noyce / Deepak Reddy	Tel: [phone]

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Source: Milestone Group PLC via Thomson Reuters ONE

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