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August 27, 2009

Gresham Computing to dispose its GSL subsidiary

Plans to focus on its core and strategic business

By CBR Staff Writer

Gresham Computing has announced the disposal of its subsidiary Gresham Software Labs (GSL), the HP NonStop software and support business.

GSL sells software and support into the HP NonStop market globally. The purchaser is comForte, a German registered company that assists enterprises in deploying secure, manageable and cost-effective HP NonStop server access across the enterprise.

On August 27, 2009, Gresham has signed and completed an agreement to effect the disposal of GSL, a company in which Gresham holds a 100% equity share interest. Together with the payment of £120,000 for GSL shares, comForte paid £9,000 for the benefit of certain contracts and settled the inter-company debt owed by GSL to the company to the value of approximately £341,000, a total of £470,000.

According to Gresham, the consideration is satisfied as to £235,000 in cash on completion and £235,000 on December 31, 2009. There are no performance conditions attached to payment of the deferred element of consideration. The profit arising on the disposal of GSL is approximately £220,000.

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Andrew Walton-Green, CEO of Gresham, said: We are pleased to announce the disposal of GSL, whose employees and customers will benefit from being owned by a company that is dedicated to the NonStop market. The deal allows us to further focus our attention on core and strategic business.

Michael Rossbach, CEO of comForte, said: We are very excited about the acquisition of GSL as the company, its people and its products are very much complementary to comForte’s product and solution offering. The addition of GSL marks an important step in the execution of our growth strategy.”

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