http://www.angletechnology.com/

research note, acrobat reader needed

latest results 24/1/06

here is the write up


ANGLE (AGL) ? 148.5p BUY

Angle advises owners of intellectual property. It also takes the best ideas under its wing and runs them as companies. The service is not cheap. Typically it only gives a 40% stake to the owners of the intellectual property. Angle then manages the project and raises cash from venture capital funds.

This business model worked fine until the new issue market collapsed and made it impossible for Angle to recycle its portfolio. Last week it raised ?8 million (net) at 144p and aims to get investing again.

The portfolio is impressive. Very topical right now is Acolyte Biomedica, where Angle has a 10% stake. This company has developed a test to detect the MRSA superbug in just two hours. That compares with the three to four days currently needed. The test will launch in the first quarter of 2005. Only days ago, a report warned that 13% of children contract MRSA in hospital. The test is likely to become a standard.

Even shorter term we will have excitement at Provexis, where Angle holds 32%. Later this month Provexis will complete double-blinded trials for CardioFlow. This is an additive made from tomatoes which claimed to reduce blood clotting. Forget taking an aspirin each day: swallow some juice containing CardioFlow. Airlines may serve the juice to make them less liable to claims for deep vein thrombosis.

The result will be decoded in April and we can expect an auction to follow in short order. A full European launch is possible this year. Angle has just announced the sale of its stake in Exago, a software company, for ?2.5 million. This will be booked as profit because it writes off all start-up costs as it goes.

Further down the line is IDR Therapeutics, currently 64% owned. Based at the University of Virginia, this has a system for designing out the elements in drugs that cause toxic side effects. An epilepsy drug has already been licensed. At Bristol University there is NeuroTargets, 30% owned, which is working on genomics. Merck has taken a 10% stake.

Angle?s consultancy business has a presence in the UK, eastern seaboard of the US and in the Gulf. Sales were ?2 million in the year to April 2003 and ?1.1 million in the October first half. The consultancy looks easily able to make ?1 million.

Based on external fundraisings, the portfolio is worth ?10.5 million. But IDR has no need to raise cash. Assuming a 15 times value for the consultancy, plus the portfolio and new money, gives a baseline value of ?28.5 million, or 170p per share. Good news on the ventures will be 100% profit.

Shares Summary


Good news imminent on anticlotting fruit juice
MRSA scare highlights value of Baclite system
Consultancy is starting to thrive
BUSINESS: Technology consultancy and manager of start-ups.

VITAL STATS:
Market value: ?25 million
Historic PE to Apr ?03: -28
Prospective PE to Apr ?04: 25*
Prospective PE to Apr ?05: 5-15
*includes profit on disposal
NMS: 2000
Spread: 4.7%

up slightly today on very little volume . what does this mean ?

completion of disposal today.

Exago generates 2.15 million profit for ANGLE. nice earner
ANGLE plc is pleased to announce the completion of its disposal of Exago, a
venture company in which ANGLE had a 49.9% interest, to Corpora plc ('Corpora')
for 4.93 million at the mid-market price at close of business on 5 April 2004.
Proceeds of the disposal are satisfied by the issue to ANGLE of 6,071,335 New
Ordinary Shares in Corpora. This represents 18.1% of Corpora's issued share
capital, as enlarged by the issue of New Ordinary Shares and after the placing
by Corpora of 2.5 million, valuing the Company's interest at 2.4 million at
the mid market price at close of business on 5 April 2004.
Based on the mid market price of Corpora shares at close of business on 5 April
2004, the disposal has generated 2.15 million profit for ANGLE, which is a
multiple return on ANGLE's investment of over eleven times. As part of the
disposal, ANGLE has entered into orderly market undertakings under which the
Company has undertaken (subject to certain exceptions) not to sell any shares
for a period of 12 months following completion. Following the acquisition,
Dawson Buck, the current Chairman of Exago and a Director of ANGLE will join the
Board of Corpora as a non-executive Director.

not a bad start for this new entry to aim . so come on guys , does anyone else have an opinion on this company . i like it , the people at angle seem to know what they are doing .

good news in the express today saying that one of angle's venture companies ,provexis, announced positive trial results of a drink which reduces the risk of blood clots associated with strokes and deep vein thrombosis. all in all a solid start to life on aim. a sale for good profit from one venture and great news from a different venture. one for long term definately.

seeing as mrsa bug is going to be news today here is more detail on acolyte biomedica , a company angle has a 10% stake in .

For Immediate Release 23 March 2004
ANGLE plc
LAUNCH OF MRSA ULTRA-RAPID TESTING PLATFORM BY VENTURE
COMPANY, ACOLYTE BIOMEDICA
ANGLE plc (ANGLE) is pleased to announce that Acolyte Biomedica Ltd, the
company it founded in 1999, expects to launch its MRSA 'superbug' ultra-rapid test
into hospitals in the UK in Q1 2005.
MRSA is the first test to be developed from Acolytes BacLite testing platform.
BacLite reduces the time for identifying both the type of bacteria and, more
importantly, the antibiotic sensitivity of the bacteria from the current 3-4 day standard
to just 2-5 hours. This time advantage will mean clinicians will be able to treat, much
more effectively, serious bacterial infections and prevent potentially fatal
complications, such as sepsis and septic shock, from developing.
The technology was initially developed by Dstl at Porton Down for the detection of
biological weapons in the field. The commercial potential for the technology was
identified by ANGLE consultants, which subsequently led ANGLE to establish
Acolyte in 1999 to exclusively commercialise technology for the rapid diagnosis of
bacterial infection, with simultaneous identification of antibiotic sensitivity. Recently,
Acolyte Biomedica was praised by the Chancellor, Gordon Brown, as a leading
example of biotechnology companies the UK urgently needs.
A recent study by researchers from St Georges Hospital in London and the Health
Protection Agency found MRSA infection rates have increased 19-fold between 1990
and 2001. The study focused on MRSA rates in children up to 15 years of age: in
1991 four cases of MRSA were reported but in 2001, the numbers had increased to
77. Infants under the age of one accounted for 53% of all cases. Not only is MRSA
infection potentially a serious illness in its own right but also there are fears that it
could render other antibiotics used to treat childhood conditions such as impetigo,
useless. Infection with multi-resistant bacteria like MRSA can be more difficult to
treat and can lead to longer stays in hospital with higher levels of morbidity and
mortality.
The launch of BacLite into hospitals in the UK will provide leading edge care to
thousands of patients throughout the country. It is currently estimated that each year,
approximately 5 million tests are carried out in the UK alone to determine the
presence of MRSA in patients, while 3 times this number are performed in the USA.
In this respect, Acolyte further anticipates beginning the process, with a partner, to
obtain FDA 510(k) clearance to market the product in the USA in 2005. The current
- 2 -
market for diagnostic clinical microbiology which could be accessed by Acolyte is
estimated to exceed 1.3 billion, worldwide.
The test itself is based on ultra-high sensitivity technology that permits the
measurement of live bacteria present in specimens at extremely low numbers. By
eliminating the need for several days of culturing to expand bacterial numbers, the
technology could potentially save thousands of lives as well as reduce the high costs
to public health systems of MRSA infections specifically, and sepsis and septic shock
generally.
Andrew Newland, CEO of ANGLE commented:
"The ultimate launch of BacLite into UK hospitals and the moves to enter the US
market represent significant milestones for Acolyte Biomedica and underline the
high value of the technology and the clinical importance of such a testing system.
We at ANGLE are extremely proud to have played such a pivotal role in
establishing Acolyte and, in so doing, bringing this vital new diagnostic technology
to market."
For further information, please contact:
ANGLE plc 01483 295830
Andrew Newland, Chief Executive
Dawson Buck, Deputy Chief Executive
Ian Griffiths, Finance Director
Buchanan Communications 020 7466 5000
Richard Darby, Suzanne Brocks
Notes to Editors
Founded in 1994, ANGLE is an international venture management and consulting
company focusing on the commercialisation of technology and the development of
technology-based industry. ANGLE creates, develops and advises technology businesses
on its own behalf and for its clients.

still dont understand why nobody wants to talk about this company . it all seems good to me

and for those poeple who still wont take notice here is something else. angle own 18% of corpora share capital . this was announced by corpora on wednesday .

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Corpora PLC
14 April 2004







14 April 2004



Corpora plc

('Corpora' or 'the Company')



Two new contracts awarded



Corpora plc (AIM:CP/), the specialist provider of knowledge management software
announces that it has agreed two new contract wins in the UK for its Jump! and
eXero products with BioWisdom Limited and Pera Innovation Limited respectively.



BioWisdom Limited ('BioWisdom')

Corpora has signed a reseller agreement with BioWisdom, a leading developer of
specialised knowledge bases (Ontologies) and related software tools for
pharmaceutical R & D. BioWisdom becomes an authorised seller of Corpora's
knowledge discovery application 'Jump!' into the pharmaceutical industry and it
will use 'Jump!' internally to accelerate the ongoing creation and development
of BioWisdom's document identification architecture, Sofia Ontology.



BioWisdom's customers include AstraZeneca, GlaxoSmithKline and Pfizer.



Pera Innovation Limited ('Pera')

Corpora has also received an order for its eXero product worth 200,000 during
the current financial year from Pera Innovation Limited. Pera is a systems
integrator with particular focus on engineering companies and national and local
government.



The order is to provide ongoing support for the Knowledge Portal provided to The
London Development Agency by Pera. Corpora believes that this order is a good
example of the growing commitment by public sector organisations to make use of
software tools in their delivery of knowledge management solutions, which is in
keeping with central government initiatives to make the UK a 'Knowledge-Based'
economy.

corpora up again today . good for angle.

LONDON (AFX) - Angle PLC said its venture company Provexis has successfully completed final phase trials of a nutraceutical which will be 'revolutionary' in controlling cardiovascular health.

Angle's venture company, Provexis, has received positive results for final human trials of an orange juice drink which contains a patented natural fruit extract called CardioFlow. CardioFlow has been developed by Provexis to benefit the circulation and reduce the risk of blood clots typically associated with heart attacks, stroke and deep vein thrombosis.

Provexis was founded by Angle in 2000 using its established Progeny process as a joint venture with the Rowett Institute. Angle retains a 32 pct holding in Provexis.

Angle said the final trial on the product, which started last October and concluded this week, showed that CardioFlow significantly altered the profile of blood platelets, making them less likely to initiate a thrombus.

The group expects the CardioFlow product to be integrated into a new branded beverage which will be on sale in the UK, with an approved health claim in early 2005.

more news today. somebody else seems to like the way angle do things and their success in bringing ideas to fruition.

ANGLE plc
('ANGLE' or the 'Company')

Award of Funding Contract from Carbon Trust

ANGLE is pleased to announce that it has been awarded a share of a 2.7m funding
contract from Carbon Trust, which is launching a Low Carbon Incubator Programme.
The Carbon Trust works with UK business and the public sector to cut carbon
emissions. Established by the Government to help the UK meet its climate change
obligations, the Carbon Trust creates practical, business-focused solutions to
carbon emission reductions.

Other participants in the programme are Imperial College Innovations, the wholly
owned technology transfer company of Imperial College London and LIFE-IC in
Sheffield who will both be working alongside ANGLE to bring early stage, low
carbon technologies to the market place. Participants will apply set entrance
and exit criteria to manage the number of qualifying start-up companies
receiving advisory support from the programme up to a maximum of 60,000 per
company.

The contract has a potential total maximum value of 900,000 for ANGLE. The
actual value will depend on the number of companies which ANGLE develops in its
consultancy and Progeny(R) process.

ANGLE will be focusing on the commercialisation of technology and the
development of technology-based industry, acting as a roaming advisor to the
Carbon Trust. ANGLE will be used to deliver specialist advice in business
development, company formation, capital formation, market research and
intellectual property rights.

The programme will support companies developing products based on technologies
such as novel materials, fuel cell and hydrogen-based travel.

Andrew Newland, Chief Executive of ANGLE, commented:

'I am delighted that ANGLE has been selected to participate in the Low Carbon
Incubator Programme following a rigorous selection process. Low carbon
technology is an expanding and innovative market, given the Government's drive
towards a low carbon economy and use of renewable energy.

Our involvement in this scheme will undoubtedly expose us to a number of
exciting opportunities in this area and is further acknowledgement of ANGLE's
successful venture management and consultancy model.'

bosley

You've been keeping this one to yourself! There seems to be lots positive that is going on. Any analyst forecasts?

Eric

hello eric. i had to sell agl to raise funds to buy more seo , but i still think this is a slow burn long termer. its also getting some serious attention in the press lately. i have seen a few small articles on agl and a half page featyre in the mail (i think) last week. as you say , lots of positives going on and certain investments almost ready to become products , eg cardioflow, which i like because of its obvious markets, airlines, health clubs, etc. i dont know where you would find any analysts forecasts so i cannot answer your question. as i no longer hold agl i dont follow the company as closely as i would if i was still a holder. wish i had had some funds when they bottomed.

bosley

Thanks for the help. Always a problem what to sell when you want to build up a stake in a company like SEO. I've partly solved the problem by turnind to CFDs which increases the exposire for your money. I've invested in a Hemscott report on AGL which gives a concensus EPS of 9.48p in 2005 and 18.2p in 2006. The latter would be a pe of about 8. Charts look positive so I think its worth a play.

Eric

eric, how long did it take to open a cfd account? who did you open one with and why?

this sounds very much like dgm and ibg. im not a holder any more , but still like the company.

ANGLE plc, the venture management and consulting company specialising in the
commercialisation of technology, is pleased to announce the launch of its latest
venture company, Customiser Group Ltd ('Customiser').



In accordance with ANGLE's Progeny(R) process for creating new ventures,
Customiser has secured intellectual property utilising psychological profiling
(more normally found in clinical psychology) and advanced pattern recognition.
The approach has been developed and patented by a team of leading academics
across a number of UK Universities. ANGLE expects to spend up to 500,000 in
this Progeny(R) venture.



Global spend on the internet is now well in excess of $100bn per year and
revenues from internet advertising now exceed $10bn per year. The market for
tailoring content to individual users is still in its infancy, but is already
generating several hundred million dollars per annum in revenue and is widely
predicted to grow rapidly.



Customiser's technology improves targeting of on-line advertising on internet
portal sites, relevancy of search results and product recommendations within
retail sites. The Customiser solution produces substantially better results
than rivals which rely simply on data such as demographics and internet browsing
behaviour.



It is expected that in the future, through Customiser's solution, internet users
will welcome personalised online adverts, search results and product
recommendations rather than wasting time with irrelevant information. Similarly
internet advertisers and retailers will target personally meaningful adverts and
product recommendations to receptive customers.



Commenting on the collaboration with ANGLE, the technology development team's
Andrew Fraser, said:



'We believe that internet personalisation will be worth several billion dollars
in the next few years and our collaboration with ANGLE will place us in an
outstanding position in this market.'

oh i wish i had more money


ANGLE plc

PROVEXIS ENTERS NEGOTIATIONS FOR A REVERSE TAKEOVER


ANGLE plc, the venture management and consulting company specialising in the
commercialisation of technology, is pleased to announce that venture company
Provexis Limited, the developer of natural bioactive ingredients has entered
negotiations to be acquired by AIM listed Nutrinnovator Holdings PLC
('Nutrinnovator') which develops and markets food and drink products.


The size of the proposed transaction is such that it will be defined as a
reverse takeover and accordingly will be subject, amongst other things, to the
approval of the Nutrinnovator shareholders. As an integral part of the proposed
transaction there will be a fund raising to raise up to 10 million for the
enlarged group. In the collective view of the Boards of Nutrinnovator and
Provexis, the required disclosure for the marketing campaign planned to achieve
the fundraising cannot be confined to a restricted group of potential investors.
As a result shares in Nutrinnovator have been suspended with immediate effect.
The expectation is that the proposed transaction, fundraising and associated
documentation will be agreed and announced on or around 24 March 2005.


Provexis Limited was founded by ANGLE in 2000 using its established Progeny(R)
process as a joint venture with the Rowett Institute (a leading human nutrition
research centre). ANGLE retains a 32% holding in Provexis, which is held on the
balance sheet at 300,000. ANGLE also holds a convertible loan note and certain
other debt instruments due from Provexis. The value of the transaction will be
confirmed following the marketing exercise and ANGLE will provide an update to
the market at that time.



Andrew Newland, Chief Executive of ANGLE, said;


'We are delighted to announce this major event for our venture company, Provexis
Limited. The combination of Provexis and Nutrinnovator presents a compelling
business platform comprising intellectual property, product development,
marketing and retail capability for exploitation of the 2.2bn global market for
heart healthy products and the substantially larger market for functional foods
generally. It is intended to build on Nutrinnovator's sales of its existing
Altu product line with the launch later in the year of Provexis' CardioFlow(R)
in the form of a cardiovascular health fruit drink. We believe this transaction
is a further demonstration of the strength of ANGLE's Progeny(R) process in
building value from intellectual property.

more good news from angle.

ANGLE plc

ANGLE Signs Three Year Management Contract with Qatar's Science & Technology
Park


ANGLE plc, the venture management and consulting company specialising in the
commercialisation of technology, is pleased to announce that it has been
appointed to manage Qatar's Science & Technology Park ('STP') until March 2009.

ANGLE will provide the Qatar Foundation, owner of the Science & Technology Park
in Doha, with a specialised project team, supported by additional staff
resources from Europe and the US. The team is charged with ensuring the
effective establishment and operation of the STP, which will be the emerging
international hub of research and commercialisation in the Middle East.

ANGLE will be responsible for leadership on strategic and operational
activities, management of technology transfer issues, the development of STP's
physical presence and external profile, as well as programs supporting Qatar's
development and commercialisation of technology. The value of the contract is
over 6 million over the 3 year term.

Qatar Foundation's Science & Technology Park aims to be an international
location for the development and commercialisation of technology. Part of the
one thousand hectare Education City campus in Doha, it is a place where
companies can develop their intellectual property and deliver it to the
marketplace; where research institutes undertake collaborative R&D; and where
entrepreneurs create and grow start-up technology companies.

STP will host companies from a range of sectors and sizes: multinational and
local companies, start-ups, training and consulting firms, and research
institutes. Multinational companies EADS, ExxonMobil, Microsoft, Shell and Total
have already announced their intention to establish operations at STP. They
join world-class Universities on the campus: Texas A&M University (engineering),
Carnegie Mellon (computer science and business), Weill Cornell (medicine) and
Virginia Commonwealth University (design).

His Excellency Dr Abdulla Al Kubaisi, Chairman of STP and member of the Qatar
Foundation Board of Directors, commented:

'Over the past fifteen months Qatar Foundation has been impressed with ANGLE's
performance to date in getting Qatar's Science & Technology Park off the ground.
We are very confident they will continue this success over the coming years.'

Andrew Newland, Chief Executive of ANGLE, said:

'I am delighted that ANGLE has been selected to deliver the next critical phase
of STP's development. This is an important milestone for our company, placing
us at the centre of one of the world's most ambitious technology
commercialisation projects. We will be leading the research and
commercialisation process in Qatar through a raft of STP programmes including
the creation and growth of new technology companies, establishment of a venture
capital fund, and development of an entrepreneurship training and mentoring
program. We are pleased to be working with such a high calibre Board of
Governors.'

write up in shares mag saying the reverse takeover of nutrinnovator by provexis will go ahead , subject to egm approval, on the 16th may and trading in provexis shares will commence on 20th may. one to watch.

more good news for agl.

ANGLE PLC

ESTABLISHMENT OF NEW US VENTURE


ANGLE plc, the venture management and consulting company specialising in the
commercialisation of technology, is pleased to announce the establishment of its
latest US-based venture, currently named ContraSoft. ANGLE has secured
intellectual property for ContraSoft in the field of computer software testing
developed by a team led by Dr. William Rogers.

Under the new agreement, ANGLE has an option to intellectual property (IP)
developed by Dr. Rogers. This IP offers the potential to change the approach
used worldwide for software testing, with substantial improvements in
productivity, reduced costs and improved software quality. The market for
software testing tools was over $1.0 billion in 2004 and is projected to grow at
9.3 per cent. per annum from 2003 to 2008 according to market research firm IDC.

In accordance with ANGLE's Progeny(R) process for creating new ventures, ANGLE's
plan is to undertake the technology commercialisation and product launch
building value in ContraSoft.

Dr. Rogers has been active in many different aspects of the computer industry,
including software development, corporate management, research, and teaching.
Dr. Rogers was previously an Assistant Professor of Electrical and Computer
Engineering with the University of Texas. He has also taught courses for
businesses including IBM, Motorola, Hewlett Packard, Agilent and AMD. Dr.
Rogers has had previous commercial success, having owned and run a small company
and managed research and development for a small multinational software company.
He received his Master's and PhD from the University of Illinois at
Urbana-Champaign and his BSE from Tulane University.


ANGLE's Chief Executive Andrew Newland said:



'We are delighted to be working with Dr. Rogers to bring this exciting
technology to market. We believe the software testing market is a substantial,
fast growing market long over due for a new approach.'



Dr. William Rogers commented,



'The ANGLE model of combining management expertise and initial capital was very
attractive to me. I think it is a unique model and will accelerate the
development of the company.'

another wise investment from angle

For Immediate Release 6 May 2005

ANGLE plc

GEOMERICS: NEW VENTURE COMPANY

ANGLE plc ('ANGLE'), the venture management and consulting company specialising
in the commercialisation of technology, is pleased to announce the launch of its
latest venture company, Geomerics Ltd ('Geomerics').

Geomerics has secured intellectual property in the field of geometric algebra.
Geometric Algebra is a powerful new form of mathematics that vastly simplifies
complex geometric calculations. Geometric Algebra has its origins in the rather
esoteric academic discipline of theoretical cosmology, but it has now been
developed for application in a wide variety of disparate commercial applications
such as computer graphics in computer games and electromagnetic modelling which
is used, amongst other things, for optimising the design of mobile phone
antennas and reducing the radar signature of ships and planes.

One of the main differentiators between computer games is the speed and quality
of rendering of the graphics. With best-selling games generating several
hundred million dollars for their developers, the quest for better and faster
graphics engines is relentless. Geomerics' technology provides a step-change
improvement over the competition, and is set to revolutionise the market.
Overall the market for computer games is currently worth more than $30bn and
growing rapidly, and the market for graphics within these games is worth over
$600m per year.

Current electromagnetic modelling techniques do not give the accuracy required
in many applications, because the processing power required is prohibitive.
Geomerics' technology has already been used to resolve complex electromagnetic
modelling problems that rival systems have been unable to solve. The
electromagnetic modelling market is worth in excess of $100m per year and there
is also considerable latent demand.

This new approach in applying geometric algebra has been developed by a group of
four leading academics from the University of Cambridge: Professor Anthony
Lasenby (Professor of Astrophysics and Cosmology), Dr Mike Hobson (University
Reader in Astrophysics), Dr Chris Doran (EPSRC Advanced Research Fellow) and Dr
Joan Lasenby (Lecturer in Engineering). Geomerics has also engaged Professor
David Hestenes of Arizona State University (the original inventor of geometric
algebra) and Professor Alyn Rockwood of Colorado School of Mines (a geometric
algebra and computer graphics expert) in an advisory capacity.

In accordance with ANGLE's Progeny(R) process for creating new ventures, ANGLE's
plan is to build a strong commercial offering in each of the key markets
sequentially, seeking a return on its investment in the medium term.
Simultaneously, development work will continue on the geometric algebra
platform. ANGLE expects to spend up to 500,000 in the Progeny(R) venture, which
is presently wholly owned by ANGLE.

Commenting on the collaboration with ANGLE, Professor Lasenby said:

'We have been developing the mathematics and technology behind Geomerics for a
number of years, and now is the perfect time to apply it to commercial
applications. We are delighted that ANGLE will be commercialising our
technology.'

ANGLE's Chief Executive Andrew Newland said:

'Computer graphics and electromagnetic modelling are large, growing markets.
Geomerics' technology is truly leading-edge and we believe it will revolutionise
a wide range of fields. We are delighted to be working with such a high calibre
of academic inventors.'

looks like things are happening.




ANGLE plc

PROVEXIS ANNOUNCES PROPOSED REVERSE TAKEOVER



ANGLE plc, the venture management and consulting company specialising in the
commercialisation of technology, is pleased to announce that venture company
Provexis Limited, the nutraceutical company which develops
scientifically-proven, proprietary, functional foods, supplements and medical
foods, has completed its negotiations with AIM listed Nutrinnovator Holdings PLC
('Nutrinnovator') which develops and markets specialist food and drink products.



The transaction, which is classified as a reverse takeover for Nutrinnovator, is
subject to the approval of the Nutrinnovator shareholders. Nutrinnovator has
received undertakings from shareholders holding approximately 76% of its current
issued share capital that they will vote in favour of the proposals.



In addition to the consideration shares to be issued to the shareholders in
Provexis, new shares in Nutrinnovator are being issued with a value at the
placing price of 5.9m comprising a 3.8m placing and the conversion of 2.1m of
loans. On completion, the new shares in Nutrinnovator are expected to be
re-admitted to trading on AIM on Thursday, 23 June 2005.



From completion, Nutrinnovator will be known as Provexis plc. The Chief
Executive of Provexis Limited, Dr Stephen Franklin, will become the Chief
Executive of Provexis plc. Dr Franklin has a BSc in Biology, a PhD in Applied
Biochemistry, an MBA and over ten years' experience in the creation and
development of early stage bioscience companies. He was previously a Principal
Executive with ANGLE. Dawson Buck, Deputy Chief Executive of ANGLE, will be
the Non-Executive Chairman of Provexis plc.



Dr Stephen Franklin, Chief Executive Officer of Provexis, commented: 'We are
delighted to announce the proposed reverse takeover of Nutrinnovator Holdings
plc. The rationale for integrating the two businesses is compelling with the
Enlarged Group combining a strong scientific team and impressive marketing and
sales expertise.



We believe that the Enlarged Group will be clearly differentiated in the
functional food industry in that it will develop innovative functional food
products with health benefits that are scientifically-proven and therefore have
the potential to carry credible health claims and endorsements. When one
combines this with proven speed-to-market credentials, we believe the result is
a company well positioned in the rapidly growing functional food market'.



Provexis was founded by ANGLE in 2000, using its established Progeny(R) process,
as a joint venture with the Rowett Institute (a leading human nutrition research
centre). Provexis' lead technology is CardioFlow which is a proprietary extract
of tomato, produced industrially to laboratory-determined specifications.
CardioFlow contains a range of tomato-derived components which inhibit platelet
aggregation a part of the blood-clotting process which can cause heart attack
and stroke. The first commercially available product containing CardioFlow will
be a fruit juice drink called Sirco. Nutrinnovator is in discussions with major
high-street retailers and multiple grocers to secure distribution channels for
Sirco and its aim is to launch it in two major UK retailers in the final quarter
of 2005.



ANGLE's investment cost held on the balance sheet to develop Provexis using the
Progeny(R) process is 0.46m. At the placing price, this original investment is
valued at 2.13m representing a multiple on investment of 4.6 times, an increase
of 1.67m over cost. The internal rate of return (IRR) on this investment if it
were to be realised at completion in cash at the placing price would be 78% per
annum.



In addition, ANGLE provided Provexis with convertible loan funding of 0.50m in
February 2005. It has been agreed that this loan will be uplifted to 0.83m and
converted into new shares in Provexis plc at the placing price, representing a
multiple on investment of 1.7 times and an increase of 0.33m over cost.



The overall gain to ANGLE from the transaction is 2.00m at the placing price.




ANGLE believes that the value of Provexis may increase substantially following
the placing if Provexis is successful in its launch of Sirco. ANGLE has
therefore agreed to invest 0.50m in the placing. After the placing and
completion of the reverse takeover, ANGLE will hold 24.8% of Provexis plc's
issued share capital.



ANGLE holds active investments in a total of 8 venture companies, which it has
developed using its established Progeny(R) process. This is the second
successful transaction for ANGLE's venture companies since ANGLE's flotation in
March 2004.





Andrew Newland, Chief Executive of ANGLE, said:



'We are delighted to have agreed this transaction in relation to our venture
company, Provexis Limited. The combination of Provexis and Nutrinnovator with
the new funding proposed presents a compelling business platform comprising
intellectual property, product development and marketing capability for
exploitation of the estimated 835m functional food market in the UK. We
believe this transaction is a further demonstration of the strength of ANGLE's
Progeny(R) process in building value from intellectual property.'