Hummingbird Management LLC

Hummingbird Management LLC

May 24, 2006 17:06 ET

Hummingbird Announces Stake in Con-Space Communications Ltd.

TORONTO, ONTARIO--(CCNMatthews - May 24, 2006) - Hummingbird Management LLC ("Hummingbird") announced today that three funds advised by it have acquired 155,500 common shares ("Shares") in Con-Space Communications Ltd. (the "Company"). Together with Shares previously acquired by them, they now hold an aggregate of approximately 10.97% of the issued and outstanding Shares. The Company is a Richmond, B.C. based designer and manufacturer of specialized voice communication equipment.

The Hummingbird Value Fund, L.P. ("Value"), The Hummingbird Microcap Value Fund, L.P. ("Microcap") and The Tarsier Nanocap Value Fund, L.P. ("Tarsier") acquired 40,250, 40,250 and 75,000 Shares, respectively, in the over-the-counter market. As a result of these acquisitions, Value, Microcap and Tarsier (collectively, the "Funds") hold 412,216 Shares , 412,216 Shares and 357,268 Shares, respectively, for an aggregate of 1,187,700 Shares representing approximately 10.97% of the issued and outstanding shares of the Company, based on 10,773,380 Shares being outstanding.

The Funds have acquired the Shares for investment purposes, and may acquire further Shares, or dispose of their holdings of Shares, both as investment conditions warrant. Hummingbird or the Funds may seek to influence decisions of management and the directors of the Company including, without limitation, by seeking representation whether by membership or through observer status on the board of directors or otherwise.

The Company is listed on the TSX Venture Exchange under the symbol "CCB". Hummingbird, headquartered in New York, advises a family of funds focusing on value investments in microcap and nanocap issuers.

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