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Ultima Networks PLC (UTN)

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Monday 28 February, 2005

Ultima Networks PLC

Acquisition

Ultima Networks PLC
28 February 2005



28 February 2005


                               ULTIMA NETWORKS PLC

                      Acquisition of Telecoms Subsidiary


Ultima Networks plc announces it has bought out the minority interest in its
Telecoms start-up subsidiary company C2 Communications Limited (C2) by
purchasing all of the issued ordinary share capital held by minority
shareholders. On subscription, Ultima Networks plc acquired 55% of the ordinary
share capital and has now purchased the remaining 45% of the ordinary share
capital at par for £45,000.


C2 was formed in 2004 as part of the business strategy in the Telecoms sector
noted in the Chairman's Interim Report for June 2004. This purchase will allow
for more flexible development plans for this subsidiary in the future.





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