as go CQU's fortunes so too will Mobi through its 50/50 profit...

as go CQU's fortunes so too will Mobi through its 50/50 profit split with CQU for the sale of MobiData which is being extensively used for The Bongo Virus interactive mobile/PC website.

so it is with great pleasure that CQU was able to announce to the market yesterday's successful finalisation of its second tranche placement at 25 cents for 8 million shares with Lazard Carnegie Wylie Investment Management Pty Ltd.
also additional purchase of shares and buy back on market.
this will give great stability to this very young dynamic co.going forward

i would say in today's market,at such a premium to the the very depressed share price,the very old money at Lazard,has very much its eyes on the BIG PRIZE called Bongo Virus.
i would venture to say Lazard still finds 25 cents cheap in respect to the mega money earning potential of The Bongo Virus.
it is of interest to note that in October 2007 Microsoft bought a 1.6% stake in Facebook vauing the company at over 15 billion dollars
Bongo has the goods all over facebook!

CQU's closing price on Fiday 21/11/08 was 0.047 cents.



ASX RELEASE
24 November 2008
COMMQUEST FINALISES TERMS OF SECOND TRANCHE PLACEMENT WITH FUNDS
MANAGED BY LAZARD CARNEGIE WYLIE INVESTMENT MANAGEMENT PTY LTD
· CommQuest announces it has finalised the terms of the second tranche
placement of shares in the Company with private equity funds managed by
sophisticated investor, Lazard Carnegie Wylie Investment Management Pty Limited (LCWIM)

CommQuest Limited (ASX:CQU) today announces that since receiving shareholder
approval at its Annual General Meeting last Thursday for the further placement of shares
with funds managed by LCWIM (LCWIM Funds), it has finalised the terms of this second tranche placement.

The Company is pleased with the results of these negotiations that will see a further
8,000,000 shares issued to the LCWIM Funds for a price per share of $0.25. This will
see an inflow of funds of $2 million that the Company will use for the purposes of
reducing bank debts as well as assisting with its working capital requirements.
The Company has also agreed with the LCWIM Funds that an additional $400,000 (in
aggregate) will be applied by the LCWIM Funds:
(a) in acquiring shares in the Company on-market; and
(b) applying for an issue of further shares in the Company,
so as to take the LCWIM Funds to a combined legal ownership of 19.9% of the Company.

In light of the poorly performing share price of the Company's shares, the Company is
seeking its bank's approval (as required under its finance facilities) to conduct an onmarket
buy-back of shares within the 10/12 limit prescribed by the Corporations Act.
The buy-buy-back process will be commenced once bank approval has been obtained.
“The Company is pleased that the terms of this second tranche placement with LCWIM
has been reached. This provides the Company with a strong cornerstone investor that is
keenly interested in seeing the growth of CommQuest continue”, said Chief Executive
Officer, Mr William Scott.