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Thread: Kein Titel für Thread 1702928195335335110119381562

10 November 2006


ASX Announcement
Institutional Investment in AMBRI


AMBRI Ltd is pleased to announce that Queensland Investment Corporation (QIC), a
leading Australian financial institution, will become a significant shareholder in
AMBRI, with an initial 9.9% shareholding and a commitment to make a further
investment which will result in a total shareholding by QIC of 13.6%.

The initial QIC shareholding will be the result of AMBRI acquiring Glykoz Pty Ltd, an
unlisted early stage drug discovery Company which had QIC as its major
shareholder. AMBRI will acquire Glykoz, whose assets essentially comprise cash
and a patent portfolio, for consideration of 26,500,000 AMBRI shares at an issue
price of 6.3 cents per Share. The shares to be issued to QIC and minority co-
investors in Glykoz, will be escrowed for nine months. Completion of the acquisition
is subject to satisfaction of various conditions, including AMBRI being satisfied that
Glykoz has net cash assets of $795,000, after satisfying all liabilities. It is not
necessary for AMBRI to seek shareholder approval for the issue of these shares
which are within the 15% limit in ASX Listing Rule 7.1. This transaction is expected
to be completed shortly.

The immediate effect of this transaction will be a positive $795,000 contribution to
AMBRI\'s cash position which at end of September 2006 was approximately $5.1
million. In addition AMBRI has the opportunity to earn Future royalty income from the
acquired Glykoz intellectual property, which is in the process of being licensed back
to the scientists that founded Glykoz. The Glykoz intellectual property Portfolio
consists of potentially new anti microbial drug compounds and is at a very early
preclinical stage. There are no ongoing costs for AMBRI relating to the licensing out
of the Glykoz technology.

AMBRI also has agreed with QIC that once the acquisition of Glykoz has been
completed, it will make a placement to QIC of a further 9,375,000 shares at an issue
price of 8 cents per share to raise an additional $750,000. This will bring the QIC
total shareholding up to 13.6% with options for QIC to acquire up to a further
8,000,000 shares exercisable at prices from 10 cents to 48 cents per share. The
issue of such shares and options will be subject to the approval of AMBRI
shareholders at the forthcoming annual general meeting. Further details on this
proposed placement are contained in the Notice of Meeting for the annual general
meeting which is about to be despatched to AMBRI shareholders.



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Securing QIC as a major shareholder strengthens the position of AMBRI to pursue
investment opportunities. As announced previously a USA based consultant has
been engaged to assist AMBRI to identify and evaluate potential opportunities to
acquire a profitable business with an established income stream.


For further information contact:

Roman Zwolenski, Managing Director/CEO AMBRI
Sydney, Australia Tel: [phone]


Further information on AMBRI is available on its web site (www.ambri.com).

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