Statement re subsidiary

    AVID HOLDINGS PLC                               

On 14 November 2008, the Company requested that trading in its shares be
suspended pending clarification of its financial position.

The Company announced, at that time, that a further delay in the completion of
an order within Electro-mec, one of the trading subsidiaries of the Company,
had a significant impact on cash generation and that the general trading
conditions coupled with the continued difficulty in raising short term funding
in the current climate had resulted in the requirement for additional working
capital.

The Directors announce, that Electro-mec (Reading) Limited, a subsidiary
company, has now been placed into administration. Avid Holdings plc and its
other subsidiary companies have not been placed into administration.

Further announcements will be made as soon as possible.

For further information contact:

Jonathan Bobbett, Chief Executive
Avid Holdings plc
+44 (0) 1622 872 022

Ross Andrews, Nominated Adviser
Zeus Capital Ltd
+44 (0) 161 831 1512



END

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