ITR Red-M IPO

Interregnum PLC
03 June 2005


3 June 2005

                                INTERREGNUM PLC

           Portfolio Company Announces Postponement of AIM Flotation

Interregnum plc ('Interregnum'), the technology merchant bank, announces today
that following a significant deterioration in the market conditions for new
issues on the Alternative Investment Market (AIM) during recent weeks, its
portfolio company Red-M Group ('Red-M') has been advised to postpone its planned
admission to AIM by Bridgewell, Red-M's financial adviser. The admission had
been planned to take place during the first half of 2005.

Interregnum believes that Red-M remains very well placed to succeed in the
growing market for wireless security and management products and services. The
Red-M business proposition has been positively received by prospective investors
and the company had raised £1.6m of new debt and equity funding as part of the
preparation for its IPO. Red-M therefore intends now to seek a private equity
round of funding as the best way of addressing this market opportunity.

Interregnum owns approximately 45% of the issued share capital of Red-M prior to
further fund raising, with the other principal shareholders being funds managed
by Apax Partners, Amadeus Capital Partners and Red-M's management.

                                    - Ends -

Further enquiries:

Interregnum                                                 020 7494 3080
Roger Jeynes                                                07971 545417

Merlin (PR advisers to Interregnum)                         020 7653 6620
Vanessa Maydon                                              07802 961 902
Rebecca Penney                                              07795 108178

Red-M
Karl Feilder, CEO                                           07770 301 490
Shirley Fairall                                             07979 954 807

Corfin Communications (PR Advisers to Red-M)                020 7929 8989
Harry Chathli                                               07843 660 220
Neil Thapar                                                 07876 455 323

Notes to Editor

   • Interregnum plc (www.interregnum.com) is a technology merchant bank
     listed on London's Alternative Investment Market (symbol: ITR). Established
     in 1992, Interregnum buys, sells, advises, invests in and operates
     technology companies. Its advisory services include corporate finance, IP
     exploitation and commercial due diligence. The company's clients are
     principally corporates, government, technology entrepreneurs, advisors and
     investors.


   • Red-M Group Limited was formed by the merger of Interregnum Wireless
     Holdings Limited, Cellular Design Services Limited and Red-M Communications
     Limited. Red-M develops a suite of hardware and software security products
     which continuously monitor and pro-actively protect networks against rogue
     wireless activity in their airspace. Red-M also provides wireless
     consultancy, design and implementation services which enable organizations
     to achieve greater productivity and create business value. Red-M was
     appointed a technology pioneer by the World Economic Forum for the third
     consecutive year in 2004.




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