Change of Board, Adviser & Restoration of Trading

    RNS Number : 3502K
  Atelis PLC
  18 December 2008
   


    For Immediate Release
    7.30am 18 December 2008 


    Atelis PLC
    ("Atelis" or "the Company")

    Change of Board, Change of Nominated Adviser, Implementation of Investment Strategy and Restoration of Trading

    Board Change

    The Board of Atelis, the AIM quoted company, is pleased to announce the appointment of a new Non-Executive Director, Alan Burdon-Cooper,
66, with immediate effect. Alan Burdon-Cooper is a retired commercial solicitor of many years standing who it is believed will be able to
bring his significant business and commercial experience to the board of the company. 

    In addition, Gabriel Kabazo has retired from the Board as a director with effect from 15 December 2008. The Company would like to thank
Mr Kabazo for his valuable contribution during his tenure.

    Commenting on the changes, Rony Cohen, Managing Director, Atelis, said:

    "We are delighted to welcome Alan to the Board of Atelis. He has a wealth of commercial business experience, which we believe will be
valuable as we move the business forward. We are grateful to Gabi for all his hard work on the main Board, and wish him every success for
the future."

    Additional information required to be given in accordance with the AIM Rules is as follows:

    Alan Ruthven Burdon-Cooper, 66:

 Current Directorships          Past Directorships in last five years
 GMS Estates Limited    European Sponsorship Association
                        Institute of Sports sponsorship
                        Rose Bruford College
                        Flarepilot plc
                        Collyer-Bristow Nominees limited
                        Collyer-Bristow Secretaries Limited
                        SMG Real Estates Ltd
                        GMS Nominees Ltd
                        Kensington Gardens square Management ltd
                        66 Kensington Gardens square Management ltd
                        12 Queen's gardens Management Ltd
                        GMS Hotels Ltd
                        Estaman Properties Ltd

    There are no other disclosures required under AIM Rules for Companies, Schedule Two (g).

    Appointment of Nominated Advisor

    Atelis is pleased to announce that it has today appointed Beaumont Cornish Limited as Nominated Adviser to the Company with immediate
effect.


    Implementation of Investment Strategy

    In addition, the Company announces that it has put its one remaining operating subsidiary, Atelis Isreal Ltd, into administration in
Israel. As a result the Company will become an investing company under the AIM Rules and proposes to adopt the following investing
strategy:

    'The Directors are currently investigating a number of opportunities to acquire a business which requires further funding for expansion
in conjunction with a public quotation for its shares on terms which should prove beneficial to existing shareholders, management, employees
and shareholders of the business being acquired. The Directors may also consider a series of acquisitions within a specific business sector
where businesses of the same nature would benefit from the economies of scale provided by a group structure. The Directors believe that
opportunities will be provided by both the technology, emerging technology and natural resources sectors, but no sector will be ruled out.
The Directors anticipate that the target business will be based in the United Kingdom, but such companies may operate worldwide.
    Such investments may result in Atelis acquiring the whole or part of a company or project. Atelis's investments may take the form of
equity, joint venture debt, convertible instruments, licence rights, or other financial instruments as the Directors deem appropriate.'
    The Company will have to make an acquisition or acquisitions which constitute a reverse takeover under the AIM Rules or otherwise
implement its Investment Strategy within 12 months of the General Meeting failing which, the Company's Ordinary Shares would then be
suspended from trading on AIM. If the Company's Investment Strategy has not been implemented within 18 months of the General Meeting the
admission to trading on AIM of the Company's Ordinary Shares would be cancelled and the Directors will convene a general meeting of the
Shareholders to consider whether to continue seeking investment opportunities or to wind up the Company and distribute any surplus cash back
to Shareholders.

    This investing strategy will be put to Shareholders for approval at the Company's forthcoming Annual General Meeting expected to be held
in January 2009. 

    Restoration of Trading

    Further to the posting of the Company's Report and Accounts for the year ended 31 December 2007 together with the announcement of the
Interims for the period ended 30 June 2008 the Ordinary Shares of the Company have been restored to trading on AIM with immediate effect.

    For more information, please contact:

    Rony Cohen, CEO
    Tel: 01635 881 649
    www.atelis.net

    Roland Cornish
    Beaumont Cornish Limited
    Tel: 020 7628 3396

    Kealan Doyle
    Lewis Charles Securities
    0207 456 9100



This information is provided by RNS
The company news service from the London Stock Exchange
 
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