27 February 2008

The Board of Adwalker, the AIM quoted digital media company , announces today that Enterprise Ireland, the Irish state development agency, has subscribed €250,000 (approximately £185,000) for 12,369,800 ordinary shares in the capital of the Company (“Ordinary Shares”) at 1.5p per share.

In addition, a private client stock broker, on behalf of certain of its clients, has subscribed for 3,630,815 Ordinary Shares at 1.5p raising approximately £55,000 before expenses.

The net proceeds from these subscriptions, amounting to approximately £240,000, will provide additional working capital to support the expected growth of the Company and provide working capital generally.

Following the issue of these Shares, the Company will have 263,633,702 Ordinary Shares in issue. Application will be made for the new Ordinary Shares to be admitted to trading on AIM. Dealings in these shares are expected to commence on 5 March 2008.

Grant Award

The Board also announces that Enterprise Ireland has awarded a Research and Development Grant of up to €250,000 (approximately £185,000). The grant will be drawn down through the reimbursement of costs associated with the development of digital screen technologies.

Commenting on today’s update, Keith Jordan, COO of Adwalker plc, said: “Investment and R&D support from Enterprise Ireland reflects the quality of the technological development within Adwalker, not just on the Adwalker wearable media platform but also in our development of fixed interactive digital screen networks.

Tracy Pryce, Enterprise Ireland Development Adviser, added: "Adwalker is a great example of how innovation and customer focus can drive internationalisation and export growth. We are delighted to be involved in an Irish company developing best of breed digital technologies that are receiving worldwide recognition”.