May 29, 2013

Press Release No. 1

News about Micro Technologies (India) Limited

The media had reports that Micro Technologies (India) Limited intends to sell stake in two subsidiaries Micro Secure Solutions and Micro Retail.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company.

Micro Technologies (India) Limited has vide its letter inter-alia stated, "We wish to inform you that the Company is in a weak financial position. The Company is taking all its best effort to overcome this situation. The Company is looking out all the available option/sources to revive the situation and keep the confidence of the Shareholders on the Company. In the interview given by Mr. Aditya Sekhar, Chairman and Managing Director ("CMD") of the Company to media, he had mentioned that our Company is thinking about to sell all its stake holding in Subsidiary Companies viz, Micro Secure Solutions Limited and Micro Retail Limited to other party through Private Equity deal to raise the funding amounting to Rs. 300 crores. We wish to inform you that till now, the Company has not taken any decision in this regard. The Company is evaluating various options available to overcome the current situation. Hence, Mr. Aditya Sekhar, CMD had just mentioned about a possibility in this regard and not any decision."