Formjet Plc 

Trading statement for the year to 31 December 2009

("Formjet" or the "Company") 

Trading statement for the year to 31 December 2009 

2009 has been a transitional year for the company with the sale of Panda Software (UK) Limited ("Panda Software") and Andrew Monk joining as CEO and taking a major equity stake in the business. 

In 2010 the intention is to grow the business by making strategic acquisitions and taking advantage of opportunities arising as a result of the current economic and financial crisis. It is important before embarking upon such a strategy to have one's own house in order and to that extent, as reported before, some costs have been taken out of the business.  

In addition, we will also be providing for the potential write off of our loan of £397,418 to ASI Benelux as the Board of Formjet does not believe it is in the interests of shareholders to fund this business further due to difficulties in the Dutch retail IT markets.  Formjet has no equity or ownership of this business.

The Board will also be taking a very prudent approach to all accounting policies, which may necessitate  further write offs and provisions for the year ending 31 December 2009.

We are able to take this approach, as our balance sheet remains strong. Deferred payments in respect of the disposal for Panda Software are due from Panda Security S.L. of £500,000 in June and £200,000 in December 2010. The Loan to ASI Benelux has already been expensed and so will not have any further cash flow impact.

It is our intention to publish the Report and Accounts for 2009 as quickly as is practicable and earlier than in past years and they will include a fuller commentary on trading.

For further information, please contact: 

Formjet  
Andrew Monk, Chief Executive Officer 
01293 848 860

Shore Capital and Corporate Limited 
Andrew Raca 
Nominated Adviser
020 7408 4090  

This information is provided by RNS The company news service from the London Stock Exchange