HemiPhon Enters $US45 Million Financing Agreement With MidOil USA

9/6/2012 1:28 PM EST

HemiPhon PLC
Press release

HemiPhon Enters $US45 Million Financing Agreement With MidOil USA

NEW YORK, 2012-09-06 19:28 CEST (GLOBE NEWSWIRE) -- Human resource management
software company HemiPhon PLC (Frankfurt:H3P) has received a $US45 million
financing commitment from New York City based MidOil USA LLC. The agreement
will be carried out over five years through investment banking programs
conducted by MidOil USA. HemiPhon intends to use the proceeds of the financing
to support its future global expansion. 

As part of the agreement, HemiPhon's major shareholders have agreed to
contribute 300 million shares of HemiPhon stock. MidOil USA will utilize its
expertise and experience to hypothecate the shares to generate cash infusions
for HemiPhon's global expansion and growth. 

HemiPhon plans to open an office in New York City to further assist in the
MidOil USA financing activities. An announcement will be made shortly detailing
the appointment of the new CEO chosen to lead the company's expansion into
North America. 

HemiPhon Chairman Phil Jones said, "The MidOil USA finance agreement is the
last plank in our expansion plans covering the next five years. Over the past
15 years, we have proven our software and delivery platform in Australia,
successfully competing against other global HRM software companies. We have
spent the last 12 months test-marketing in the USA, and are in discussions with
companies interested in buying or reselling our E-tivity range of HRM software
products." 

MidOil USA's financing activities will supplement the existing revenue from
HemiPhon's Australian business to fund expanded operations and acquisitions. 

"HemiPhon is now ready to seek partnerships in the USA, Middle East and India
as a result of the MidOil USA financing agreement. We are pleased that a
financier like MidOil USA has shown confidence in our potential," added Jones. 

MidOil USA's Managing Director Vincent Crandon said, "We are impressed with the
way in which E-tivity has successfully competed against the leaders in HRM
software in Australia. We see no reason why HemiPhon's product superiority
should not prevail in the larger markets of North America and Europe, as well
as the emerging Asian market, particularly countries like India." 

HemiPhon PLC is a developer and supplier of easy to use Workforce Management
solutions, offering over three decades of experience improving labour
efficiency and reducing costs. Significant corporations such as K-Mart,
Marriott Hotels, JB-Hi Fi, Michael Hill Jewellers, Gribbles and Starwood Group
of Hotels trust HemiPhon's E-tivity platform for their HRM needs. 

MidOil USA and its affiliated companies have over 40 years of experience in
project finance, investment banking, venture capital, project management and
corporate/organizational management. It has a diversified funding portfolio
including real estate, transportation and logistics, technology, maritime, and
petroleum related sectors. 

About HemiPhon PLC

HemiPhon PLC focuses on the workforce management solutions market. The company,
which is listed on the Frankfurt Stock Exchange (H3P), is following an
aggressive business strategy of rapid growth through acquisition as well as
proprietary research and development. By aggregating companies that develop,
supply and implement workforce management solutions, HemiPhon plans to leverage
their collective technology, intellectual property and management skills to
optimise the performance of workforces worldwide. For more information, please
visit www.hemiphon.com. 

Media contacts:

Phil Jones
HemiPhon PLC (Australia)
Tel +61 411 136 660 or email  

Michael Volk
HemiPhon PLC (US)
Tel +1 303 669 1336 or email  

Vincent Crandon
MidOil USA
Tel +1 201 962-2799 or email  

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