Intellvisions Software - Outcome Of Board Meeting

Intellvisions Software Ltd has informed that the Board of Directors of the Company at its meeting held on October 15, 2007, inter alia, has decided the following:

1. The Board of Directors of the Company has in principle considered the proposal for acquiring Rosmerta Technologies Pvt Ltd, Mumbai subject to all Legal and Statutory clearances, Rosemerta Technologies Pvt. Ltd is one of the Indias leading E-Governance Company.

Further the Board has appointed a Committee of Directors to examine the valuation, mode of Acquisition / Merger and related matters after due diligence.

2. The Board of Directors has also decided to increase the Authorized Share Capital of the Company to Rs 40 Crores (Rupees Forty Crores), subject to approval of Shareholders at the Extra Ordinary General Meeting to be held on November 14, 2007.

3. The Board has decided to issue and allot 11,00,000 (Eleven Lacs) Convertible Warrant on Preferential basis to the Promoters, Directors and Persons acting in concert as per Pricing Guidelines under SEBI (Disclosure and Investors Protection Guidelines) 2000, subject to approval of shareholders at the Extra Ordinary General Meeting to be held on November 14, 2007.

4. The Board of Directors of the Company has decided to differ the matter of re-issuing the forfeited Equity Shares of the Company to the next meeting.