Antonov plc, the automotive technology company, announces its unaudited financial results for the first quarter ended 31st March 2005.

Key Points
-Loss before tax of £0.781m is in line with expectations the company focuses on product development and commercialisation of its technology
-Successful fundraising completed, raising €3m (net) to facilitate continuing working capital needs (after balance sheet date on 7th June a further €6.75m was raised through a convertible term loan facility)
-Successful demonstration of the 6 speed automatic transmission to Powertrain Ltd; "concept readiness" signed off
Discussions now ongoing with Shanghai Automotive Corporation (SAC) with respect to this product plan
First prototype testing of 2 speed supercharger drive for Rotrex undertaken leading to design updates for next round of prototypes
Ongoing discussions with a range of interested parties for both 6 speed auto and double clutch automatic transmission technologies
Sales initiative underway regarding a range of additional applications for 2 speed and 3 speed mechanical modules

CEO John Moore said:
"We have had a busy first three months of the year with the focus on the delivery of client programmes for MG Rover and Rotrex. The breakdown of negotiations between Phoenix Venture Holdings and Shanghai Automotive Industry Corporation caused a temporary delay in the 6 speed automatic and Dual Clutch Automatic projects but these are now continuing and our part of our client's product plans. Intensive work on the development of the Rotrex Supercharger drive continues to complete the release of the production designs and in parallel we have entered the final selection process to nominate a supplier for these units.

Alongside these ongoing client projects, we have also been busily strengthening the Company in preparation for a further increase in workload as the products progress to their production design phase."