Here's a new one to look at!

UK fabless firm floats on AIM - Electronics Weekly 20 Jul 2004

http://www.clearspeed.com/news.php

27 Apr 2004 - UK company awarded fund for breakthrough nanotechnology processor



19 Jul 2004: Admission to AIM

Placing raises 11.1 million, valuing ClearSpeed Technology at 31.2 million
ClearSpeed Technology plc has successfully raised 11.1 million through the issue of new ordinary shares in relation to the proposed application for admission to AIM. KBC Peel Hunt Ltd is nominated adviser and broker to the Company.

ClearSpeed is a semiconductor company focused on the design of microprocessors and related products that offer significant increases in the performance of computer and other digital systems. The manufacture, assembly, packaging, testing and shipping of ClearSpeeds processors are subcontracted to third parties. ClearSpeed was established in 1997 and currently employs 32 people. The Company is based in Bristol in the UK and also has an office in Los Gatos, California.

The Companys processors have been designed to process very high volumes of data simultaneously at low power consumption and with ease of programmability. This focus is intended to address the problems of power consumption and heat generation within processors that are becoming limiting factors for successfully meeting the processing needs in compute intensive applications.

ClearSpeeds chips can be used as co-processors alongside general purpose processors in High Performance Computing applications. They can also be used as stand alone embedded processors for certain Digital Signal Processing applications. Certain major manufacturers of general purpose processors have confirmed that they regard ClearSpeeds products as complementary to their own.

ClearSpeed has produced a demonstration processor, the CS301, which the Directors believe delivers an outstanding combination of performance and power efficiency for 32Bit floating point operations. As a result, ClearSpeed believes its products will be able to offer considerable reductions in the cost of floating point performance compared to existing alternative solutions.

Before the end of November 2004, ClearSpeed expects to announce its first commercial chip based on the architecture first demonstrated by the CS301, but having been refined to deliver increased overall sustained performance.

PLACING STATISTICS
Placing Price: 96p
Number of new Ordinary Shares to be placed on behalf of the Company: 11,554,428
Number of existing Ordinary Shares to be placed on behalf of existing Shareholders: 32,000
Number of Ordinary Shares in issue on Admission: 32,470,070
Market capitalisation at the Placing Price: 31,171,267
Percentage of enlarged issued share capital subject to the Placing: 35.7%
Gross proceeds of the Placing available to the Company: 11.1 million
Net proceeds of the Placing available to the Company: 10.1 million

It is expected that dealings in the shares on AIM will commence at 8.00am on 21 July 2004.

Commenting, Tom Beese, CEO of ClearSpeed Technology plc, said:
"The new funds raised in the Placing will be used to take our first commercial processor to market later this year and for further product development applications in addition to meeting our working capital requirements as the business grows. We have had a very positive response from investors to the fund raising."

ClearSpeeds strategy is:

- To focus initially on High Performance Computing and Embedded Processing applications, both of which contain high degrees of inherent data parallelism;

- Maintain its competitive advantage by launching new, enhanced processors on a regular basis which have the potential to offer further increases in performance;

- To market its processors on boards, as well as stand alone processors, so as to enable end users with varying needs and technical competencies to access its technology more quickly; and

- To market its products to systems vendors and directly to end users that have the technical competence and resources to obtain the benefits of ClearSpeeds technology.

The Placing is intended to raise 10.1 million for the Company after expenses. The principal reasons for the Placing are to provide working capital to fund the launch of the Companys first commercial processor, for further product development and to strengthen the Groups balance sheet.

Directors and employees of ClearSpeed have subscribed 1,760,679 Ordinary Shares at 96p per share representing an aggregate amount of 1,690,252.

The Directors as well as the Companys two largest Shareholders who together will own approximately 49.1 per cent of the Ordinary Shares in issue following Admission have undertaken not to dispose of any interests in the Companys share capital for a period of 12 months following Admission, except in certain strictly limited circumstances.

Enquiries:

ClearSpeed Technology plc:
Tel: 020 7929 5599
Tom Beese, CEO

KBC Peel Hunt Ltd
Tel: 020 7418 8900
Oliver Scott

Holborn Public Relations Ltd
Tel: 020 7929 5599
John Bick

people getting bored with this one .... including myself

big support level around 180p. Only sellers at the mo, so break down possible

Company seems to have the product and the relationships, just whether big guys are just taking a look and stealing their ideas - if not their IP

This looks like it still stuck in a solid downtrend.