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Monday 14 May, 2001

Technology&Internet

Purchase of Second Property

Technology & Internet Prop Serv PLC
14 May 2001

For Immediate Release: 14th May, 2001


   TECHNOLOGY AND INTERNET PROPERTY SERVICES PLC ('TIPS' or 'the Company')


TIPS ACQUIRES SECOND PROPERTY



The Board of TIPS today announces the exchange of contracts on its second
property since admission to the Alternative Investment Market  ('AIM') on 7th
November 2000.



TIPS has agreed to acquire the freehold of The Bridge, 5-8 Great Sutton Street
and 12-16 Clerkenwell Road ('The Bridge') for a consideration of £4,368,000 of
which £550,000 ('the Deferred Consideration') is to be settled by the issue of
£550,000 of Convertible Unsecured Loan Stock 2006 ('CULS') and the balance
will be paid in cash.  Completion of the acquisition is conditional, inter
alia, upon the finalisation of the current development of the commercial part
of the Property. The Deferred Consideration will be paid on completion of the
residential development work currently being undertaken at the Bridge.



The Bridge is situated in Clerkenwell, London EC1 and is easily accessible by
public transport.   The building fronts both Clerkenwell Road and Great Sutton
Street and is linked via an element of new build at first and second floors to
provide a prominent self-contained unit.  The property comprises 30,800 sq.ft.
on seven floors, the top three floors are being converted to residential use
and have been let on a long term lease to Savills Trust Fund.  The remaining
floors, which comprise of 15,400 sq. ft., are currently being redeveloped for
commercial use and it is intended that completion will take place following
the completion of the redevelopment, which is expected to be in September
2001.



This acquisition is in furtherance of the Company's strategy as set out in its
prospectus dated 25th October 2000.



A summary of the terms of the CULS are set out below:



-       The CULS are redeemable, at the option of the Company, on 30 days'
notice.  The final redemption date is the later of five years after the issue
date and 90 days after the publication of the annual report and accounts of
the Company in respect of the year ended 31st March, 2006;



-       The CULS carry interest of five per cent. per annum payable quarterly
in arrears;



-       The CULS are non-transferable;



-       The CULS may be converted into Ordinary Shares of the Company during
the 60 day period following the publication of the annual report and accounts
of the Company in respect of the years ended 31st March, 2001 to 2006
inclusive. Additionally in respect of the year ended 31st March 2001 the CULS
may also be converted during the 30 day period following the issue of the CULS
provided that such period of 30 days is prior to the publication of the annual
report and accounts of the Company in respect of the year ended 31st March
2002.



-       The conversion price in each of these conversion periods will equate
to a 10 per cent. discount to the net asset value per Ordinary Share as
extracted from the most recently published report and accounts of the Company
subject to a maximum conversion price of 5.5p per share in the conversion
period following the publication of the report and accounts in respect of the
year ended 31st March, 2001.



The vendors of the property have undertaken not to dispose of any Ordinary
Shares arising from the conversion of the CULS for a period of 12 months
following such conversion and for a period of 12 months thereafter without the
prior written consent of John East & Partners Limited and Insinger Townsley,
such consent not to be unreasonably withheld or delayed.


For further details please contact: -


Harvey Soning, Executive Director                 Tel:  020 7224 4436
TIPS                                              Mob:07836 741555

Adam Reynolds/Takki Sulaiman                      Tel:  020 7735 9415
Hansard Communications                            Mob:07778 419218