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London, UK - 14 July 2003

Vegastream unveils plans for management buy-out

VegaStream, the leading provider of enterprise VoIP
(Voice Over IP) Telephony Gateways, today announced its
intention to separate from Pace Micro Technology as the result
of management buy-out. Pace will retain 20% shareholding in
VegaStream with the remainder of the company being owned by
external investors and the management team. The MBO from
Pace is expected to be completed by the end of Q3 2003, subject
to the completion of final negotiations. Financial details of the deal
are not being disclosed at this time.

"We are excited by this new stage in development for the
company," said Tim Burne, CEO of VegaStream. "VegaStream's
independence will enable us to provide even greater resources to
focus on serving our customers as the industry's leading
developer of enterprise VoIP gateways. The increased investment
will also allow us to expand in all areas of our business, including
sales and marketing, product development and support."

"This transaction will give VegaStream greater independence and
enable the team to capitalise on their opportunity in the VoIP
gateway market. We're delighted to give our full support to this
management buy-out," said, John Dyson, CEO, Pace Micro

Edward Howson Helen Kettleborough
AxiCom PR for VegaStream Pace Micro Technology
Tel: +44 20 8600 4638 Tel: +44 1274 538005

Michael Robinson
Tel: +44 1344 784733

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