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Eagle-i Holdings Plc

Group refinancing, restructuring and proposed change of name

Eagle-i Holdings Plc ('Eagle-i', the 'Company' or, together with its subsidiaries, the 'Group') announces agreement in principle for new finance facilities and the restructuring of its telematics based, fleet management business supplying services to the small and medium sized fleet market. This business is carried out through its wholly-owned subsidiary company, Eagle-i Telematics Limited ('Eagle-i Telematics'). 

The European fleet telematics industry continues to polarise between providers of simple track and trace fleet products to the SME market and more sophisticated location based services that address the needs of larger corporates who see fleet tracking as a component of a wider, integrated asset management ecosystem.

Given the rapid commoditisation of the SME track and trace segment, characterised by a large number of competing providers fighting for market share in an environment of falling prices, narrowing margins and constrained contract finance, the Group has taken the decision to make a strategic withdrawal from this segment and to focus on the development of its Open Asset Ecosystem (OAE) solutions for its strategic partners and larger corporate clients.

To enable this transition to be achieved, the Company announces the following:

• On 6 August 2009, the Company placed Eagle-i Telematics into administration, with Jeremy Woodside and Ben Barrett of Tenon Recovery, Manchester being appointed as administrators. On the same date, Asset Outlook Limited (formerly Ei Leasing Limited), a wholly owned subsidiary of the Company, acquired certain assets (including the goodwill, fixtures and fittings, stock and customer records) of Eagle-i Telematics from the administrators to ensure that services for customers of the Group are unaffected for a cash consideration payable in four instalments before 6 November 2009. 

• The Directors of the Company have agreed in principle the terms of new finance facility agreements with the Company's principal shareholders, details of which will be announced when finalised. £175,000 of the amount to be made available under the new facility agreements has been drawn down.

• Key members of the Company's senior management team have also agreed in principle, with the Company's principal shareholders, arrangements to enable them to participate in the existing issued share capital of the Company, details of which will be announced shortly.  

• As part of this strategy, the Company intends to dispose of its SME fleet management services business.

• The Company also proposes to seek shareholder approval to change the Company's name to Asset Outlook Holdings Plc which the directors believe is more appropriate given the Company's strategic focus. 

Trading in the Company's shares on AIM remains suspended pending a further announcement which will be made as soon as practicable.

About Asset Outlook

Asset Outlook enables larger enterprises to connect, locate and manage all their operational assets; people, vehicles, plant and equipment, through a single integrated asset management platform, delivering operating cost savings and improved customer service across the value chain. 

Asset Outlook's Open Asset Ecosystem™ (OAE™) enables rapid connectivity with virtually any gps enabled device; black-box, smartphone, PDA by routing normalised data, as a portfolio of web services, to bespoke management dashboards and multiple service applications.

OAE™ redefines open technology standards in the telematics industry, enabling the distribution of pertinent, high value, location-based data to clients and partners, through innovative service propositions and usage based business models.

Asset Outlook currently provides integrated location based services for call centre and service delivery operations in the insurance, leasing and facilities management sectors.

For further information, please contact:

Eagle-i Holdings Plc Ian Walmsley Rodney Graves	Tel: 01928 795 400
WH Ireland Limited Robin Gwyn	Tel: 0161 832 2174

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