Partial disposal of investment

    Innobox Plc (the "Company")

Part disposal of investment in AeroBox Plc

23 January 2004

The Company announces that yesterday it sold 1,000,000 out of the 4,500,002
ordinary shares that it holds in AeroBox Plc ("AeroBox").

The shares were sold at 34.25 pence per share representing a profit of 14.25
pence per share based on the 20 pence placing price of the AeroBox shares at
the time of its flotation, and a total profit of £142,500 less tax and
commission costs. This profit will be reflected in the financial statements for
the Company for the year ending 30 April 2004.

In the financial statements for the year ended 30 April 2003, the Company
recognised a profit of £661,878 on the sale of its investment in Aerospace
Composite Structures LLC ("ACS"). The total profit to date on this investment
is therefore now in excess of £800,000.

The remaining shares held in AeroBox have a value of £1,207,501 based on the
current mid price of 34.5p.

The proceeds from this transaction will be used to fund further acquisitions in
the licensed trade sector.

Enquiries:

Arthur Baker                            07850 276928                           
                                                                               
Chairman, Innobox Plc                   [e-mail]                 
                                                                               
Philip Johnson                          0161 214 6540                          
                                                                               
Brown, Shipley & Co. Limited            [e-mail]      
                                                                               



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