Enterprise Ireland Invests in Adwalker
Adrian J Cotterill, Editor-in-Chief
Adwalker plc, the Dublin based AIM quoted digital media company, today announced that Enterprise Ireland, the Irish state development agency, has purchased 12,369,800 ordinary shares at 1.5p per share raising €250,000 (approximately £185,000). In addition to this purchase Enterprise Ireland has awarded Adwalker a Research and Development Grant of up to €250,000 (approximately £185,000).
A private client stock broker has also purchased 3,630,815 ordinary shares at 1.5p per share on behalf of its clients, raising approximately £55,000 before expenses.
The net proceeds from these subscriptions, amounting to approximately £240,000, will provide additional working capital to support the expected growth of the Company.
We just learnt that Enterprise Ireland has made a small investment in Adwalker – the weareable media folks and Adwalker have been awards a research and development grant.
27 February 2008
(“Adwalker” or the “Company”)
Issue of Equity and award of Research & Development Grant
The Board of Adwalker, the AIM quoted digital media company , announces today that Enterprise Ireland, the Irish state development agency, has subscribed €250,000 (approximately £185,000) for 12,369,800 ordinary shares in the capital of the Company (“Ordinary Shares”) at 1.5p per share.
In addition, a private client stock broker, on behalf of certain of its clients, has subscribed for 3,630,815 Ordinary Shares at 1.5p raising approximately £55,000 before expenses.
The net proceeds from these subscriptions, amounting to approximately £240,000, will provide additional working capital to support the expected growth of the Company and provide working capital generally.
Following the issue of these Shares, the Company will have 263,633,702 Ordinary Shares in issue. Application will be made for the new Ordinary Shares to be admitted to trading on AIM. Dealings in these shares are expected to commence on 5 March 2008.
The Board also announces that Enterprise Ireland has awarded a Research and Development Grant of up to €250,000 (approximately £185,000). The grant will be drawn down through the reimbursement of costs associated with the development of digital screen technologies.
Commenting on today’s update, Keith Jordan, Adwalker COO, said: “Investment and R&D support from Enterprise Ireland reflects the quality of the technological development within Adwalker, not just on the Adwalker wearable media platform but also in our development of fixed interactive digital screen networks.
Tracy Pryce, Enterprise Ireland Development Adviser added: Adwalker is a great example of how innovation and customer focus can drive internationalisation and export growth. We are delighted to be involved in an Irish company developing best of breed digital technologies that are receiving worldwide recognition”.
About Enterprise Ireland
The mission of Enterprise Ireland is to accelerate the development of world-class Irish companies to achieve strong positions in global markets resulting in increased national and regional prosperity.
In 2007 Enterprise Ireland published a new strategy 2008 – 2010: Transforming Irish industry. The objective of the strategy is to transform Irish companies into market focused and innovation driven businesses, capable of internationalising and maximising exports through leadership, innovation and growth. It sets out ambitious targets that include €4 billion in new export sales by 2010 and a substantial increase in the numbers of Irish firms performing research and development by 2010.
Enterprise Ireland is responsible for the development and promotion of the indigenous business sector. Indigenous companies employ approximately 140,000 people, expend €16 billion in Ireland on wages, raw materials and services and account for exports of €11 billion. Enterprise Ireland is headquartered at Glasnevin, Dublin.