Ontrack Systems Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 30, 2008, inter alia, has transacted the following:

1. Due to modest profit, the Board skipped dividend for the financial year 2007-08.

2. The Company has entered into an MOU with Kant & Co. Kolkata for preferential allotment of Rs 11.91 Lacs of equity shares @ Rs 56.25 per share, subject to due diligence and approval of member at the Company AGM.