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ArgentVive buys social network group

05.11.07

ArgentVive, the e-commerce group formerly known as Samedaybooks, has bought Advance Warning, a social networking development company, for a total maximum consideration of £450,000.

Advance Warning is a social networking software engine that allows groups of friends to create communities around events within the film and music markets. Advance Warning licences its proprietary software to third party businesses for which it charges an initial licence fee and ongoing hosting fees. It recently secured a licence with film channel, Britfilms.tv, and is currently in final negotiations for a further license. The company was established in August 2006. The management team, comprising c.e.o. Penny Nagle and chief technology officer Stu Tilly, will remain with Advance Warning following completion. The consideration is to be satisfied by an initial payment of £300,000 by the issue of 616,016 new ArgentVive ordinary shares, representing 2.3% of the enlarged share capital.

Kevin Fleming, finance director of ArgentVive, said: "Our ambition to become a leading e-commerce group continues with our second strategic acquisition. The firectors believe that there is significant potential in niche social networking applications and we see, in Advance Warning, a commercially attractive proposition as a result of its robust software combined with great design and user functionality." Nagle commented: "We are very excited to be part of the ambitious growth plans of ArgentVive. We aim to capitalise on the demand from businesses to expand their web offering to include social software and we believe we have a potentially market leading
application."

Samedaybooks ArgentVive

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