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Electronics Production | April 05, 2006

Eleksen to join AIM

Bora Communications Plc, the AIM quoted cash shell whose shares were suspended on April 3 2006, announced that it plans to acquire Eleksen Limited.
Eleksen Limited is an electronic sensor technology company which makes touch sensitive fabrics used to control electronic devices. Bora is also seeking readmission to AIM under the name of Eleksen Group Plc.

Dealing in shares in the new company is expected to commence on May 3 2006, conditional on Bora shareholders having approved the relevant resolutions at an Extraordinary General Meeting, scheduled for 2 May 2006. At the admission price of 50p (adjusting for a 1 for 5 share consolidation), a 43% premium to the closing price of 35p on 31 March 2006 (being the most recent practicable date prior to the publication of this announcement and adjusting for a 1 for 5 share consolidation) the company is expected to have a market capitalisation of approximately £20.4 million.

Bora is acquiring Eleksen for £18,940,556 which will be satisfied by the issue of 37,881,113 shares in the new company at a price of 50 pence per share. There is no cash consideration to be paid as part of the acquisition and no new money is being raised. Eleksen shareholders will own approximately 93 per cent of the new company.

Eleksen's patented technology, ElekTex®, enables fabric to be programmed, therefore creating touch sensitive controls for electronic devices. Current applications include controls for Apple's iPOD player incorporated into clothes, bags or accessories; and fabric keyboards for use with smartphones, PDAs, and Ultra-Mobile PCs.

ElekTex creates a highly flexible touch sensor that can not only identify where it is being pressed but, also how hard it is being pressed, to a degree. The technology offers product designers the opportunity to make controls for electronic devices which are soft, lightweight, flexible, washable and wearable.

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