LINKOPING, Sweden, Dec. 13, 2002 (PRIMEZONE) -- Technology Nexus AB (publ) (Stockholm:NEXU), Nexus, and Tritech Teknik AB (publ), Tritech, have signed a letter of intent signifying that Nexus intends to acquire Tritech. Tritech will be integrated into Nexus' business area Product Sourcing, NPS, and represents considerable strengthening of this business areas customer base, competence and delivery capacity.
In Nexus Product Sourcing's business area, Nexus holds a position as the leading supplier of complete processes and functions for development of secured products and systems. Tritech holds a leading position within development of intelligent products. The ambition of both companies is to offer services covering the entire life cycle of the product, from concept to management and production, thus creating added value and guaranteeing our customers' ability to supply quality-assured products and systems at the forefront of technology to their customers.
Nexus Product Sourcing and Tritech have largely complementary capabilities and customer bases, vast experience and excellent references within the growing market for product sourcing. The NPS business area, after integration with Tritech, will have around 220 employees, located at 7 sites in Sweden.
Tritech's current CEO, Thomas Jonsson, will be appointed head of this business sphere, with Nexus' business area manager, Ola Kjellstrand, as deputy.
Nexus and Tritech expect the acquisition to be concluded by the end of February 2003 and to influence Nexus' turnover and profit during the first quarter of 2003. The final contract will be presented to the respective parties' shareholders at an extraordinary annual general meeting in January.
"Through the acquisition of Tritech, Nexus will be furnished with skills and customers that will further consolidate our position as leader within the field of Product Sourcing," said Mikael Jacobsson, CEO of Nexus. "For customers requiring a partner for development and management of complex products and systems that incorporate intelligent communicating products and increasingly require security as an integral feature, Nexus Product Sourcing will be a very competitive offer. We view this as a deal with a strong industrial justification, providing, as it does, a viable joint customer base plus increased strength and impact on the market."
"Tritech views this acquisition as an opportunity to broaden and strengthen its range for new and existing customers, particularly within the administration and batch delivery aspects. Within the growing segment for communicating intelligent products, security is becoming an ever more important issue and is often crucial in order to take advantage of the technology's potential," explained Thomas Jonsson, CEO of Tritech. "We look forward with confidence to jointly further strengthening our position as leading partners for development and management of secure, intelligent products and systems."
"Financially, the acquisition will contribute substantially to Nexus' profitability and cash flow from the first quarter of 2003. The acquisition is being entirely funded by issuing of shares in Technology Nexus AB. The parties have agreed not to disclose the purchase price, but no goodwill will arise as a result of the acquisition," concluded Jacobsson.
For further information, contact:
Mikael Jacobsson, CEO Technology Nexus AB +46 706 47 58 10 Thomas Jonsson, CEO Tritech AB +46 8 410 120 20
Facts about Technology Nexus AB
Technology Nexus AB (publ.), listed on the Stockholm Stock Exchange, has specialised in the development and supply of secured IT solutions to improve clients' profitability. Nexus works not only with end-clients, but also as a development partner for clients with very high quality requirements.
Nexus' vision is to be a leading partner for secured solutions in the digital economy.
Nexus has around 440 employees, with offices in Stockholm, Gothenburg, Uppsala, Linkoping (head office), Umea, Karlstad, Vasteras, Borlange, Copenhagen, Hamburg, Paris, London, Madrid, and New Jersey. More information is available at www.nexus.se. E-mail: contact@nexus.se
Facts about Tritech Teknik AB
Tritech is a technical development company focused on intelligent products, i.e. machines and appliances with embedded hardware and software systems. Tritech has more than 10 years experience of advanced product development and our customers include major industrial companies as well as young innovative product companies. Our competence and experience has been put to use in telecommunications, medical technology, heavy vehicles, manufacturing processes and consumer applications. We are currently 120 employees located in Stockholm, Orebro and Gothenburg and our yearly turnover is approximately U.S. $10 million.
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