nasdaq update

NASDAQ UPDATE
As previously advised to its shareholders, the directors have considered the Company’s position with
regard to the timing of its proposed listing on NASDAQ.
At this stage the Company is well advanced in its legal and accounting preparatory work. However, in
consultation with its advisors, the Company has decided to delay consideration of the listing until the
first quarter of 2009.This delay has obviously been brought about by the continued instability of the
world financial markets, with the NASDAQ index alone, being down 25% since the beginning of the
year.
This delay does not affect the immediate capital requirements of the Company. The Company is
presently in a sound financial position and does not intend to raise any further capital until the
NASDAQ listing proceeds.
The postponement of the NASDAQ listing will not delay the continued market growth and value of the
Company. However, it will allow the Company to convert more early adopter and potential industrial
segment customers that it is currently engaged with. This postponement will also, all being equal,
allow the Company when it does list on the NASDAQ to achieve the highest possible multiple with the
least amount of dilution to shareholders.
The Company continues to make solid progress in line with its plan to accelerate the sales efforts in
the broader Industrial segment that traditionally has shorter-term product development cycles and the
Company expects to be in a position to provide shareholders with an updated financial model prior to
the AGM.
This financial model will include the potential new customers, for TZ solutions in the home, data
center and computing segments, together with an update on the Company’s early adopters in
aerospace, automotive and defence.