Provexis Enters Negotiations for a Reverse Takeover

18 February 2005 — 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® in the form of a cardiovascular health fruit drink. We believe this transaction is a further demonstration of the strength of ANGLE's Progeny® process in building value from intellectual property.'

Notes to Editors: About ANGLE Technology Group
Founded in 1994, ANGLE is an international venture management and consulting company focusing on the commercialization of technology and the development of technology-based industry. ANGLE creates, develops and advises technology businesses on its own behalf and for its clients. For more information about ANGLE Technology Group's Ventures activity, please see www.angletechnologyventures.com.