Acquisition and Name Change

RNS Number:7486Z
OverNet Data PLC
14 June 2004

Press Release

OverNet Data Plc ("OverNet Data")

                                                                    14 June 2004
Overnet Data Plc Announces Approval Of Acquisition And Name Change

Overnet Data plc today announces the approval of the merger agreement to effect
the acquisition of the entire issued share capital of FuturaGene, Inc. and
change of name to FuturaGene plc ("FuturaGene" or the "Company").    The
acquisition will result in the business of the Company becoming the acquisition,
development and commercialisation of intellectual property licensed from a
number of universities and research institutes, in the field of agricultural
bio-technology.

To date FuturaGene has raised over $600,000 of external capital which has
allowed the Company to continue with both its research and commercial
activities.  Through the merger with OverNet Data approved at the EGM on 14 June
2004 the Company has raised #1.9 million (before expenses).  Insinger de
Beaufort, the Anglo-Dutch bank is the nominated adviser and broker to FuturaGene
and carried out the successful merger and flotation on AIM.

FuturaGene holds the patents for a range of gene discoveries, which confer
stress tolerance in major crops.  FuturaGene has obtained worldwide exclusive
licences over patents on genes capable of improving crop yields under a-biotic
stress, this being cold, drought and salt stress and also pathogen attack.

FuturaGene's work on a saline-resistant gene is aimed at transforming salt-rich
soils which account for #4bn in lost yields each year in the US. Working
prototypes of the salt gene are currently undergoing evaluation in both tomato
and rice plants prior to the start of field trials. This work is being conducted
at Arizona University and it is planned that the gene will be licensed to a
leading seed manufacturer.   The implications are remarkable. A salt resistant
crop, whether it be tomato, rice or wheat, could be grown in salt-rich soil or,
could allow the use of low quality water for irrigation. This throws up obvious
and major possibilities, such as the cultivation of crops in the Middle East,
for instance, where fresh water is at such a premium.

Other activities include the development of a working prototype of a
drought-resistant gene and a cold-tolerant gene.

Leo Knifton, Chairman commented, "The work currently being conducted seeks to
enhance or reawaken genes which, because of the environments in which they have
grown, have become dormant. We believe this is very important technology because
currently crops in the field are only able to produce approximately 25 per cent.
of their genetic potential due to their inability to respond rapidly to
stresses. We contend that our work will make for a greener world - one in which
plants will need fewer herbicides. This a very exciting stage in the development
of FuturaGene and I look forward with great confidence to the future.

It is the view of FuturaGene that these technologies are extremely important
because they improve traits that have been lost in the crop species.  In fact
for centuries crop species have been selected to achieve higher yield and crop
quality without consideration for tolerance to environmental stresses. In other
words crop breeders thought there would always be fresh soil and clean water to
use.  Now with global climate changes and increasing pollution the situation has
changed completely.  Additionally most available arable land is already used for
crop production and most countries are facing severe drought and salt stress.

Though we are concentrating now on food crops, FuturaGene will be looking at the
implications of our work on cotton, hemp and trees for instance."

The Company's research partners are the Universities of Arizona, Illinois,
Purdue in Indiana and California (Riverside). The approach to the
commercialisation of research output is through licensing agreements with seed
and agro companies.

ENDS

For further information please contact:

Insinger de Beaufort     Nandita Sahgal/Fiona Fenn Smith     Tel: [phone]



This press announcement has been issued by Insinger de Beaufort on behalf of
OverNet Data Plc

Insinger de Beaufort is a subsidiary of Bank Insinger de Beaufort N.V.
Regulated by the FSA

Registered in England and Wales No. 2479169






                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCSFEFMLSLSEIM