Interim Results

Eurovestech PLC
29 January 2001

                                                         For Immediate Release

                                                            29th January, 2001



               EUROVESTECH PLC ('Eurovestech' or 'the Company')

                     Interim results for the period from

                  20th January, 2000 to 30th September, 2000



Eurovestech plc, the AIM listed pan-European technology fund is pleased to
announce its first results since flotation.

*   Profit before tax: £23,000.

  * Nine investments made during the period. Three of the earlier investee
    companies have received subsequent third-party funding at values several
    times subscription prices paid by Eurovestech.  Other portfolio companies
    in discussions with prospective investors at valuations in excess of
    subscription prices paid by Eurovestech.

  * Two-thirds of total funds raised available for investment.

*   Chief Executive invested £2 million of his own funds immediately
    ahead of the IPO on the same terms as institutional shareholders.

  * Appointment of Alfred Elbrick, senior investment banker as non-executive
    director. Mr Elbrick is based in Deutsche Bank's London office and has
    been involved with many technology IPO's including Microsoft, Oracle, Sun
    Microsystems, Computer Associates and Infosys.


Richard Bernstein, Eurovestech's Chief Executive, commented:

'We are encouraged with Eurovestech's progress, both in relation to the
positioning of the portfolio and in terms of recent third-party funding
valuations achieved by investee companies. Our focus on rigorous financial
analysis has served us well. Since September our purchasing power has
increased dramatically. This is allowing us to make high quality investments
at values that increase our potential long-term upside. We remain well-placed
to capitalise on our access to top quality deal flow.  The board is confident
about Eurovestech's prospects.'



Enquiries:

Eurovestech plc
Richard Bernstein, Chief Executive                    Tel:  [phone]


Chairman's statement

Introduction

Eurovestech floated on AIM on 13 March 2000, raising £7.8 million net of
expenses. Together with £2.1 million invested prior to flotation, total funds
available for investment were approximately £9.9 million.  Despite the market
euphoria at the time, we adopted a measured and cautious approach, based on
rigorous financial analysis and clearly identifiable and sustainable revenue
and profit streams. Our access to what we consider to be exceptionally strong
deal flow allowed us to be active, completing nine investments in as many
months and investing £3.1 million.

Our commitment and determination to grow Eurovestech into a premier European
venture capital technology fund is demonstrated by the decision of Richard
Bernstein, our Chief Executive, to invest £2 million of his own money on the
same terms as institutional shareholders. We are unaware of any other
investment fund in the UK or Europe where the Chief Executive is so
financially committed to delivering shareholder value, with such closely
aligned interests.

Results

For the period under review, Eurovestech made a pre-tax profit of £23,000. Our
tight control of costs is demonstrated by monthly total operating costs in the
period under review of just £28,000. As at 30 September 2000, net assets were
£9.9 million and cash balances were £6.6 million. No account is taken of
increases in the value of investments until such time as there is a disposal
of shares.

Current trading and operations

The portfolio of companies in which Eurovestech has equity holdings is making
good progress. Despite the short period since making these investments and a
widely acknowledged savage correction in the valuation of technology
businesses generally, we have seen three of our earlier investee companies
receive investment from third parties at multiples several times above
Eurovestech's cost of investment.

In April 2000 we provided £175,000 seed financing to Boxmind Limited, an
on-line academic search directory, in return for a 40 per cent interest. We
are now pleased to report that  Boxmind has subsequently received investment
from a listed venture capital fund at a pre-money valuation in excess of £3
million, equivalent to seven times Eurovestech's cost of investment. In recent
weeks, we believe that Boxmind has added further value by securing revenue
deals and further strengthening the signing up of internationally renowned
academics for its programme of e-lectures.

In February 2000 we invested £250,000 in ITM Activate Limited, the on-line
provider of goods and services to the UK student population. In June 2000,
Activate signed an exclusive long-term alliance with the National Union of
Students, covering more than three million students. In September 2000, ITM
Activate raised £5 million from institutional investors at a pre-money
valuation in excess of three and a half times Eurovestech's cost of
investment.

In March 2000 Eurovestech invested £150,000 in Adflash Limited, a company that
has developed a technology that dramatically expands advertising real estate
on moving objects. In July 2000, Adflash received funding into one of its
subsidiaries at twice the value of Eurovestech's holding in Adflash. Earlier
this month, we were advised by Adflash that it has received pledges for an
injection of funding at more than five times the pre-money valuation paid by
Eurovestech.

Other portfolio companies are currently in discussions with prospective
investors at valuations in excess of subscription prices paid by Eurovestech.


Recent investments

In September 2000, Eurovestech invested £344,000 in Easy Business S.A., a
Paris based software company that provides customisable software platforms for
the creation and hosting of secure e-commerce sites. Easy Business is
currently in discussions regarding partnership agreements with a major
web-hosting company that will encompass several leading French banks.

In October 2000, Eurovestech invested $300,000 in Israeli based Tevet Process
Control Technologies Limited. Tevet has developed a measurement system for
measuring, monitoring and controlling production parameters for the
manufacturer of silicon wafers. Tevet's initial funding included investment
from the Office of the Chief Scientist of Israel.


Staff

In recent months we have made a number of important appointments, designed to
assist the Company's ability to achieve its objective of delivering enhanced
shareholder value. We now employ eight people, as against two at the time of
flotation. We believe our progress to date is a reflection of the diligence
and efforts of our team.

Loyalty Scheme to Shareholders

The Board envisages that, subject to general market conditions, some of
Eurovestech's investee companies may seek a Stock Exchange listing. Where
Eurovestech holds a significant interest in such companies, it is the Board's
intention wherever possible to seek a right for our shareholders to subscribe
for shares in our investee companies when they float. Further details will be
made available at the time of the first such offering.


Outlook

As well as the third party financial endorsement of many of our investments,
we are encouraged by the quality of investment opportunities that we are
currently assessing. We believe that many of these deals are unavailable to
the investment community in general and are being offered to us largely as a
result of the added value that we have been able to demonstrate in terms of
our commercial and strategic input, the calibre of our team and our strong
network of relationships with professional contacts. We believe we are
well-placed to build upon our progress to date and we look forward to the
coming months with confidence.


Richard Grogan
Chairman

29 January, 2001


Unaudited Profit and loss account
For the period ended 30th September, 2000
                                                                    Period to
                                         Note                       30th
                                                                    September
                                                                    2000
                                                                    (Unaudited)
                                                                              £
Turnover                                                                 62,000

Gross profit                                                             62,000

Administrative expenses                                                (233,962)



Operating loss                                                        (171,962)


Income from other fixed/current asset investments                           278
Other interest receivable and similar income                            195,388
Interest payable and similar charges                                      (761)

Profit on ordinary activities before taxation                            22,943


Tax on profit on ordinary activities                                          -

Profit transferred to reserves                                           22,943


Fully diluted and basic earnings per share      2                          0.01p
                                                





Unaudited Balance sheet
For the period ended 30th September, 2000
                                                             Period to
                                                             30th September
                                                             2000
                                                             (unaudited)
                                                                     £
Fixed assets
Tangible assets                                                          32,700
Investments                                                           3,060,391

                                                                      3,093,091

Current assets
Debtors                                                                 198,233
Investments                                                             178,563
Cash at bank and in hand                                              6,563,590

                                                                      6,940,386

Creditors:  amounts falling due within one year                       (168,511)


Net current assets                                                    6,771,875


Total assets less current liabilities                                 9,864,966


Capital and reserves
Called up share capital                                               2,207,000
Share premium account                                                 7,635,023
Profit and loss account                                                  22,943

Shareholders' funds                                                   9,864,966






Unaudited Cash flow statement
For the period ended 30th September, 2000
                                                      Note       Period to
                                                                 30th September
                                                                 2000
                                                                 (unaudited)    
                                                                   £

Net cash outflow from operating activities              3             (217,353)



Returns on investments and servicing of finance
Interest received                                                       195,388
Interest paid                                                             (761)
Dividends received                                                          278

Net cash inflow from returns on investments and                         194,905
servicing of finance


Capital expenditure and financial investment
Purchase of tangible fixed assets                                      (38,619)

Net cash outflow from capital expenditure and                          (38,619)
financial investment


Acquisitions
Purchase of fixed asset investments                                 (3,060,391)

Management of liquid resources
Purchase of current asset investments                               (1,147,238)
Sale of investments                                                     990,263

Net cash outflow from management of liquid resources                  (156,975)


Financing
Issue of shares                                                      10,214,992
Expenses paid in connection with share issues                          (372,969)

Net cash inflow from financing                                        9,842,023


Increase in cash                                        4             6,563,590





Notes to the Interim Results

For the period ended 30th September, 2000



1. Basis of preparation

The interim financial information, which is unaudited, has been prepared in
accordance with applicable accounting standards and under the historical cost
convention, which will be adopted and used in the full financial statements
when published.



The financial information set out in this document does not comprise the
statutory accounts of the Company within the meaning of section 240(5) of the
Companies Act 1985.



2. Earnings per share

The calculation of earnings per share is based on the profit on
ordinary activities for the period from 20th January 2000 to 30th September
2000 of £22,943 and ordinary shares of 179,925,000 being the weighted average
number of shares in issue during the period.



3. Net cash outflow from operating activities
                                                               Period to
                                                               30th September
                                                               2000
                                                               (unaudited)

                                                                              £


Operating loss                                                        (171,962)
Depreciation                                                             5,919
Profit on sale of investments                                          (21,588)
Increase in debtors                                                   (198,233)
Increase in creditors                                                   168,511

Net cash outflow from continuing operating activities                 (217,353)





4.  Reconciliation of net cash flow to movement in net funds
                                                                 Period to
                                                                 30th September
                                                                           2000
                                                                    (unaudited)
                                                                              £


Increase in cash in the period                                        6,563,590
Cash outflow from increase in liquid resources                          156,975

Change in net funds resulting from cashflows                          6,720,565
Other non-cash items                                                     21,588

Movement in net funds in the period                                   6,742,153


Net funds at 30th September, 2000                                     6,742,153





5. Analysis of changes in net funds (unaudited)
                            Cash flow       Non-cash             Period to
                                    £          Items             30th September
                                                   £                       2000

                                                                              £

Cash in hand and at bank    6,563,590              -                  6,563,590
Current asset investments     156,975         21,588                    178,563

                            6,720,565         21,588                  6,742,153



6. Copies of the interim financial statements

Copies of the interim financial statements will be sent to shareholders and
copies are available on request from the Company's registered office at 29
Curzon Street, London W1Y 7AE.