Ontrack Systems - Outcome Of EGM

Ontrack Systems Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on February 26, 2008, inter alia, have transacted and approved the following:

1. Considered and passed, the issue of Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Euro Convertible Bonds (ECBs) / Foreign Currency Convertible Bonds (FCCBs) / Secured Premium Notes (SPN) for an aggregate amount not exceeding USD 15 million (US Dollar Fifteen Million only).

2. Considered and passed / ratified, Preferential Allotment of 450000 equity shares of Rs 10/- each of Rs 56.25 per share for other than cash:

to Mr. Ganesh Natarajan one of the founder member of Intellisys Technology (Aust) Pty Ltd; Sydney, 1,10,540 equity shares and to Mr. Ramdevan V Krishnaswamy related directly / indirectly through interse arrangement among members of Intellisys Technology (Aust) Pty Ltd, 3,39,460 equity shares.

Ontrack Systems - Outcome Of Board Meeting

Ontrack Systems Ltd has informed that the Board of Directors of the Company at its meeting held on January 24, 2008, inter alia, has transacted the following:

1. The Board considered various sources of fund raising and approving issue of Global Depository Receipts up to a value of US Dollar 15 million for business expansion.

2. To Board fixed that Extra-ordinary General Meeting of the members of the Company be held on February 26, 2008 to consider and approve the GDR issue of upto a value of USD 15 million.

3. To Board considered and approved the draft notice to be circulated to members for convening Extra-ordinary General Meeting for consideration of GDR issue.