8 May 2006

sQuidcard Ltd, a new venture subsidiary of Nucleus, has appointed Rothschild as its exclusive adviser and placement agent in connection with the private placement of £10-15m of securities by the Company.

sQuidcard Ltd (the Company) intends its brand, sQuid, to be an early mover in the electronic money (e-Money) sector, introducing a prepaid contactless card which, in time, it believes will replace low value cash transactions. Electronic stored value payment mechanisms provide a better, faster and more secure alternative to small cash payments - a market worth £15-20bn in the UK alone.