London, 08 March 2006-Lawyers from the London office of Morrison & Foerster advised Future Internet Technologies plc (FIT), an AIM listed cash shell on a placing and associated acquisitions. FIT raised £50.75 million through the placing of 145 million new Ordinary Shares; conditional on the admission of the shares to trading on AIM. The placing will represent approximately 35 percent of FIT’s enlarged issued share capital and have been priced at 35 pence per share. Insinger de Beaufort acted as nominated adviser to the Company. 

FIT simultaneously acquired a 45% stake in Advance Global Communications, Inc. an international VoIP wholesale carrier based in Dallas, Texas and a 49% stake in Artilium N.V., a company focused on the provision of Shared Service Delivery Platforms for telecoms and internet service providers.

The Morrison & Foerster team was led by Corporate Partner, Ed Lukins, and included Louis van Aardt and Kristian Shearsby.

Ed Lukins commented, "We are delighted to advise Future Internet Technologies and to see the market respond so positively to the company."