SimiGon Limited (“the Company”) announces that as part of its continuous monitoring of its shareholder list, it has become aware that RHI Holdings, Inc (“RHI”) has reduced its shareholding in the Company by up to 742,500 ordinary shares in the capital of the Company (the “Sale Shares”) over a period of time from 28 February 2007 to 19th June 2007. These shares were sold by RHI whilst subject to a lock-in agreement entered into on 27 October 2006 between certain of the Company’s shareholders, including RHI, the Company and the Company’s Broker and nominated adviser, Panmure Gordon (Broking) Limited (“Panmure Gordon”), (the “Lock-In Agreement”), as described in the admission document of the Company dated 27 October 2006.

Having identified this breach of the Lock-In Agreement by RHI, the Company, Panmure Gordon and RHI have worked together to come to an arrangement to remedy that breach. As a result of these discussions RHI agreed to reinvest in the Company all of the profits which it realised by the sale of the Sale Shares by purchasing ordinary shares in capital of the Company (“Ordinary Shares”) in the market. To this end, RHI acquired 178,000 Ordinary Shares at a price of 80 pence per share on the 12th July (the “Purchased Shares”). RHI has also agreed in principle to sign a new lock-in agreement in relation to the Purchased Shares which expires three months later than the original Lock-In Agreement. The Ordinary Shares which RHI held at the date of admission of the Company’s entire issued share capital to trading on the AIM market (other than the Sale Shares) remain subject to the original Lock-In Agreement.

Following these trades RHI continues to hold an interest in 1,411,195 Ordinary Shares representing 3.8% of the voting rights attributable to the Ordinary Shares in issue. Of these 1,411,195 Ordinary Shares, 1,233,195 are subject to the original Lock-In Agreement with the remaining 178,000 to be subject to the new lock-in agreement.

Additional measures have been put in place to prevent any other locked-in shareholders selling any further shares until the original Lock-In Agreement has expired.