Accsys Technologies PLC, ("Accsys" or "the Company") announces that it has secured access to a €20 million line of funding.
Under an agreement signed yesterday, GEM Global Yield Fund Limited ("GEM Global"), the UK based private investment group, has agreed to provide the Company with up to €20 million over the next three years in the form of an equity line of credit. Accsys will control the timing and maximum amount of any draw down under this credit line and is not obliged to draw on the funds on offer.

On drawdown, Accsys will issue ordinary shares to GEM Global at a price per share which represents a 10% discount to the average closing price of Accsys ordinary shares over a 15 trading day period prior to drawdown.

Accsys has also agreed to issue 3,120,000 warrants. The warrants will be issued upon the earlier of a first draw down of funds, or one year after the date of the agreement. The warrants will be exercisable for a period of three years from the issue date at an exercise price of €1.00 each.

Global Emerging Markets Limited (“GEM”), www.gemny.com was founded in 1991. The firm is a US$2.7 Billion alternative investment group that manages a diverse set of investments vehicles across the world.

Willy Paterson-Brown, Executive Chairman of Accsys, said, "This arrangement gives us some strong options and alternatives regarding capital requirements as it secures funding for continued growth and development of the Company, if necessary, over the next three years. This therefore places Accsys in a strong position to continue its expansion plans. While Accsys has a strong balance sheet, in an unpredictable financial world, the Board deems it prudent to put in place a financial instrument to give greater flexibility for future growth.”