This share has taken off over recent weeks. The management has transformed the company. Offshore Telecom presents an exciting opportunity. Rival BBs are very active on this share. It is time for MoneyAM BBs to join in the fun.


Offshore Telecom Plc

KEY NEW ORDER SIGNED WITH XCHANGEPOINT

Offshore Telecom Plc ("Offshore Telecom") announces that its principal operating subsidiary, Matrix Network Solutions ("Matrix") has received a letter of intent from XchangePoint Europe Ltd. ("XchangePoint") for orders which are expected to generate revenues of 500,000 over the next two years.

XchangePoint is a leading provider of metro-area internet interconnect services. It offers its customers an extensive range of services that enables them to balance their peering, transit and access requirements through a single connection on the XchangePoint platform. XchangePoint currently operates mainly in London and in Hamburg, Germany and is planning to expand its services into at least two additional major European Cities over the next two years.

At the outset, Matrix will provide outsourced network support services to assist XchangePoint in rolling out its services into mainland Europe. Matrix will also supply and install the communications networks and associated equipment for this expansion.

Ian Smith, Offshore Telecom's Chief Operating Officer, commented :

"This is the first announcement of a number of significant new contracts won by Matrix in recent months. The XchangePoint contract will contribute some revenue in the current year, but the bulk is likely to be booked in our financial years starting in November 2003 and 2004."

Richard Almeida, CEO XchangePoint added:

"XchangePoint is very pleased to be working with Matrix as a trusted business partner for network services, contributing heavily to earlier implementation of our business plans and vastly improving on the traditional supplier approach. This will accelerate the roll-out of our newly funded plan to grow XchangePoint's business into Europe"

Thanks martincoops - I like the sound of the CEO`s intentions following AGM on Weds - so too do the punters to-day 8% up at midday with buys outstripping sells
3 to 1

Any ideas/reasons why down 5% despite buys outdoing sells by 10 to 1

Don't know Oak,my guess is the placing of the shares today. This will only be a blip IMO now have to wait for the AGM and the takeovers announcements.

News from AGM. Highlights for me are...

1. New Chairman Alan Watkins (ex CISCO UK MD)
2. Vodafone discussions.

Up 12%. Long term future looks extremely attractive.

Already a 4 bagger!


Immediate release: 10 March 2004

Offshore Telecom plc

AGM and Trading Update

At today's AGM all resolutions were duly passed.

Michael Frank, Chairman commented:

'The Group is making very good progress, we have had a strong first quarter and
the second quarter of the new financial year has started well. Our aim is to
become the communications integrator of choice for leading edge technology and
I am delighted to say that we are continuing to win major contracts.

We have won a number of new customers since the year end, which include:

* The University of Westminster

* LSHTM (London School of Hygiene and Tropical Medicine)

* BAR F1 (Formula One team)

* LINX (London Internet Exchange)

With the addition of LINX to our client base, Matrix, our wholly owned
subsidiary now deals with practically 100% of all UK internet traffic.

The acquisitions we made in the last financial year, Intrinsic and NATS, have
now been fully integrated into the Group and both are performing well.
Intrinsic Networks has signed a seven figure contract with Vodafone UK for the
provision of strategic security services. Due to the nature of this project we
are under reporting restrictions at this time, except to say that the UK
project is going exceptionally well.

Matrix Communication Group Plc is also in early discussions with Vodafone Group
for the possible roll-out of this strategic solution to the Vodafone operating
companies on a global basis.

Acquisitions

We continue to look for businesses to acquire that fit with our business model
and to this end I am pleased to announce the signing of Heads of Agreement for
two companies within our sector. A fuller statement regarding these two
proposed acquisitions will be made in due course.

Board structure

In order to maximise the growth potential that lies ahead for the Group I am
delighted to announce the following Board changes: Alan Watkins will become
Chairman, Ian Smith, Group Chief Executive, Tony Weaver, Chief Operating
Officer. I will become non-executive deputy Chairman. All of these appointments
are made with immediate effect.

Placing

We are delighted with the 2,250,000 of new funds raised, which was announced
yesterday. We have placed a total of 120,000,000 shares, which consists of
100,000,000 new shares and 20,000,000 old shares with a number of key
institutions and VCT's. The funds raised will be used to complete the two
proposed acquisitions.

Outlook

As mentioned earlier, the year to date has started well and I look to the
future of the Group with confidence.'

For further information, please contact,

Ian Smith

Group Chief Executive

07811 327054

wow this sharing is really motoring now, got in at 0.0131 cant belive its moved up so much in such a short space of time, the new director is having some influence and building confidence.

In at the same level and expect much more out of this in the next few months. If anybody listens to the live ADVFN talk on Thursday please post on this thread.

Has change of name affected price ?

ep

you would think so but its just the stupid markets. Is still holding but with the techs and dow fts all down things are stalled for a bit