Telephonetics, a leading UK-based speech recognition and computer telephony company, has announced that its founders have agreed to go public by means of a reverse take over of Leptis Magna Plc ('Plc'), a cash shell quoted on AIM. In addition, the new group will raise additional cash funds of £1.5 million before expenses.
The deal values Telephonetics at just under £16.2 million and is subject to Plc shareholder approval at an Extraordinary General Meeting convened for 1st July 2005. Telephonetics shareholders will control 76% of Plc on completion, at which time it will change its name to Telephonetics Plc.
The company has experienced substantial growth over the last three years, as market acceptance of speech recognition services.
22-Jun-2005
