Formula Systems (FORTY)

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F.T.S. - Formula Telecom Solutions Completes IPO in London
Thursday August 18, 11:21 am ET
Begins First Day of Dealings on AIM Market


LONDON, August 18 /PRNewswire-FirstCall/ -- F.T.S.- Formula Telecom Solutions Ltd., an international provider of integrated Billing and Customer Relationship Management software for the global telecommunications industry, announces that the Company's shares have today been admitted to trading on AIM, a market operated by the London Stock Exchange plc. The Company's ticker is "FTS".
The Company has raised GBP4.2 million (before expenses) in a placing of 3,500,000 Ordinary Shares at a price of 120p per share (the "Placing Price").

The Company has 32,524,012 Ordinary Shares in issue and a market capitalisation, at the Placing Price, of approximately GBP39.03 million.

Seymour Pierce acted as Nominated Adviser and Broker to the Company and Avalon Capital Ltd acted as corporate finance adviser to the Company.

Amos Sivan, Chief Executive of FTS, added: "We are delighted to have joined AIM. We have a clear strategy for growth and look forward to building our business and developing our relationships with existing and new customers. Our ability to provide convergent solutions, which allow telecoms operators to provide a similar set of services to both their Pre-paid and Post-paid subscribers, provides us with a considerable scope for growth. Our AIM status can only help in growing our business."

http://biz.yahoo.com/prnews/050818/ukth010.html?.v=20

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