Valence 9 Completes Acquisition of Image Advertising in U.K.

British company Valence 9 said that the shareholders of Image
Advertising voted to accept its takeover offer and the offer was
declared unconditional, with Valence 9 now holding in excess of 90% of the
outstanding stock of Image.

The acquisition of Image Advertising brings to Valence 9 a subsidiary that is active in the U.K. advertising industry, especially in the interactive kiosk arena,
Valence said.

Valence 9, which markets its PageFactory solution for Internet and corporate
intranet content, said it is also negotiating to acquire Digital Media
Corporation of Liverpool, a multimedia corporation that provides specialized
content for CD ROM and Internet distribution. It is anticipated that a letter
of intent will be signed within the next fourteen days, Valence said.

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