Javelin Technologies - Outcome of Board Meeting

Javelin Technologies Ltd has informed that the Board of Directors of the Company at its meeting held on December 04, 2007, has approved the following:

1. Allotment of 14,00,000 (Fourteen lakhs) equity shares of Rs 10/- each of the Company to the promoters of M/s. LABCALL BIOMETRIC TECHNOLOGIES PVT LTD and Specified Creditors towards acquisition of their shares and settlement of dues. Consequently LABCALL BIOMETRIC TECHNOLOGIES PVT Ltd a Company specialized in Iris based security systems and solutions will become a subsidiary of the Company.

A. For Shares

1. Mr. B Ashok Kumar

- Number of equity shares of Rs 10/- each: 3,50,000

- % on the enhance capital: 2.98

2. Mr. P Vinod Kumar

- Number of equity shares of Rs 10/- each: 3,50,000

- % on the enhance capital: 2.98

B. For Dues1. Mr. D Jogesh- Number of equity shares of Rs 10/- each: 3,50,000

- % on the enhance capital: 2.98

2. Mr. J Srinivasa Rao

- Number of equity shares of Rs 10/- each: 3,50,000

- % on the enhance capital: 2.98

2. Allotment of 47,25,000 (Fourty Seven Lakh Twenty Five Thousand) convertible share warrants to be converted into equal number of Equity Shares of Rs 10/- each at a price of Rs 23 (Twenty three only) to the following persons:

a. Mrs. Hemamalini Namuduri

- Number of Warrants : 7,00,000

- % on the enhance capital: 5.95

b. Mrs. Pandrangi Nirmala Devi

- Number of Warrants : 5,00,000