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Date: Friday 22 Aug 2008

LONDON (ShareCast) - Software supplier Formjet has backed out of a deal to buy a specialist distribution company for £1.2m following the completion of due diligence.

“Following the completion of due diligence on the intended acquisition target the company has decided not to exercise the option to acquire the target company,” it said.

The firm, which recently raised £900,000 via placing at 0.75p a share to fund the acquisition, said it is currently reviewing a number of other acquisition targets.

Last month, Formjet said it still expects to be loss-making in the first half of 2008.

It decreased losses on higher turnover, adding that the improvement was likely to be sustained into the second half despite current market conditions.

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