Hitt og þetta 17. ágúst 2007

Acquisition Agreement

Pearl Street Holdings plc ('Pearl' or 'the Company') Acquisition Agreement Pearl Street Holdings plc (PLUS: PSHO), the PLUS investment vehicle which seeks investments in the property support services sector, is delighted to announce that it has entered into an agreement to purchase the assets of Camelot Realty Limited and Emerald City Holdings Limited (both being 'the Vendors'). The assets include a database of 120 existing UK and Irish high net worth 'property' investors, business equipment and a management team. The proposed purchase is for a total consideration of £10,000, together with the issue and allotment to the Vendors of up to 360,000,000 Consideration Shares in the Company. For the maximum consideration to be achieved, the Vendors must achieve combined pre-tax profits of £1,000,000 over the five years from the date of the agreement. The acquired database includes contacts and relationships with professional organisations who advise clients on investment strategies and are keen to promote and introduce clients to quality property investments. The acquisition will enable the Company to aggressively launch an off-plan property business over the next three months. The acquisition of the database means the Group can immediately begin recruiting suitably experienced property sales staff to leverage the newly-acquired database and launch The Global Property Support Network ('GPSN'). The development of the business will be spearheaded by a management team, with a significant track record for selling investment opportunities in various markets and also providing 'world class' client services and support. This management team will utilise the support of external consultancy to provided qualified investment property opportunities. In the short-term GPSN will focus on the off-plan property market, with a longer term view towards identifying a 'support' service that can be offered to all property investors. Although GPSN will review all off-plan property markets that are presented to them by their consultants, its initial intention is to make the UK a primary focus. The directors believe that a UK focus on off-plan property should allow investors to benefit from a mature market that provides a variety of investment opportunities, with the flexibility enabling investors to achieve short, medium or long term exits depending on an individual's requirements. The directors believe that not only does the UK present a scope for varied off-plan property investments, but it also presents a mature market with sustained rental demand, providing good rental returns on investments. The products that GPSN will offer clients should attract an initial discount from the developers, presenting opportunities for attractive growth margins for investors and access to areas of sustained property demand. The Directors believe that the combination of carefully selected products that offer realistic investment returns and the right approach and network to selling these products should facilitate returns that should be immediately reflected in the Group in the next twelve months. GPSN will provide a profit related incentive scheme, whereby the key consultants and managers will share in 380 new shares for each £1 of profit earned post-tax by Pearl over the next five years. In the longer term, GPSN will seek to grow its expertise in both mature and emerging overseas property markets, providing clients with the prospect of creating a balanced property investment portfolio. Chairman Vince Nicholls said today- "The Directors believe that this investment has the potential to bring rapid returns to Pearl and it is the intention it will enable the Group to return value to shareholders as quickly as possible following a series of unfortunate and unforeseen circumstances in the last 12 months. I am confident the development of the new off-plan property business can bring the Group forward significantly". For further information please contact: Contact details: PEARL STREET HOLDINGS PLC Vince Nicholls, Director +44 (0) 1732 836 180 PLUS CORPORATE ADVISER Liam Murray City Financial Associates Limited + 44 (0) 20 7090 7800 INVESTOR RELATIONS Melissa Gilmour +44 (0) 1732 836 180 Notes to Editors Pearl Street Holdings Plc's Shares were admitted to PLUS on 16 October 2006. At the EGM convened on 15 February 2007 shareholders voted to broaden the investment criteria to allow the Company to invest in businesses in the property support services sector in the United Kingdom and Europe, as well as in the health care sector. The subscription of 30,000,000 new ordinary shares at 1p each and the conversion of loan notes into equity has provided the Company with net proceeds of GBP300,000 which the directors believe is adequate for the Company's present requirements. The Directors believe that the Company is now in a position to pursue suitable new investment opportunities. The press release can be downloaded from the following link: