Innovative Software Direct plc

September 08, 2008 12:53 ET

Exercise of Warrants and Issue of Ordinary Shares

8 September 2008

                                  INNOVATIVE SOFTWARE DIRECT PLC
                                     ("ISD" or "the Company")
                         Exercise of Warrants and Issue of Ordinary Shares

The  Directors of the Company received notification under section 198 of the Companies  Act  1995,
that  on  3  July  2008,  Serprocor Anstalt ("Serprocor") exercised 340,000  warrants  at  the
exercise price of 1p.

The  Directors  of  ISD  also announce that on 21 July 2008, the Company issued  166,666  ordinary
shares  to  Martin  Isaacs, at 60p each raising £100,000. The funds have been used  to  facilitate
working  capital.  As  part of this transaction, Martin Isaacs, was also issued  333,333  warrants
exercisable  at  par  value within 7 years. On the same day, 50,000 shares  were  issued  to  WTTR
Holdings  at  50p each in lieu of outstanding fees. Simon and Barry Hersh, Directors of  ISD,  are
directors and majority shareholders of WTTR Holdings.

On  26  August  Serprocor purchased 505,000 ordinary shares in the Company  increasing  its  total
holding  to  2,475,000 ordinary shares, representing 17.35% of the total issued share  capital  of

The Directors of ISD regret any delay in announcing these due to illness.

As  a result of the above transactions the directors and substantial shareholders holdings are  as

Directors:                           Ordinary shares      %

Barry Hersh                                  760,000    5.33
Ian Byron                                    600,000    4.21
Simon Hersh                                  460,000    3.22
Douglas Johnson-Poensgen                      20,000    0.14
Total                                      1,840,000   12.90

Substantial Shareholders:            Ordinary shares       %

Martin Isaacs*                             2,521,666   17.65
Hythe Securities Ltd                       1,483,019   10.40
Frank Mosheim                                957,500    6.71
413 Technologies Ltd                         750,000    5.26
Stewart Corner                               600,000    4.21

*Including connected parties

All of the above represent legal and beneficial holdings with the following exceptions:

                  Beneficial Holding       Legal and beneficial
                     Ordinary shares            Ordinary shares

Barry Hersh                650,000                      110,000
Simon Hersh                325,000                      135,000
Martin Isaacs            1,805,000                      716,666

The total issued share capital of the Company is 14,262,269 ordinary shares.

The directors of the Company accept responsibility for this announcement.


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