STOCKHOLM, Sweden, April 28, 2004 (PRIMEZONE) -- New Wave Group has now completed the acquisition of all shares in Jobman Workwear AB and Jobman Workwear Ltd (Hong Kong), including connected trademarks, from Ulf Svensson and Jobman Holding AB.
The fixed part of the purchase sum is about 176 MSEK with an additional purchase sum depending on the companies' profit development during 2004-2006. 20 MSEK of the fixed part of the purchase sum is paid through a non-cash issue of new B-shares in New Wave Group for a share price of 180 SEK each (before adjustments for the on-going new issue of shares and forthcoming split), and the rest of the purchase sum is paid in money.
Jobman's turnover was approximately 150 MSEK during 2003 with a very good profitability. The shareholders equity is about 114 MSEK, which result in goodwill of about 62 MSEK, based on the initial fixed part of the purchase sum. Jobman has today about 30 employees and most of its selling is within Sweden.
The acquisition will be in line with the strategy, which New Wave Group has had during a longer period of time. Through the acquisition of Jobman and the launch of ProJob, which will take place in August this year, New Wave Group will have a very strong assortment of work wear, and will in a good way cover the three product areas within Promo (promo wear, work wear and promotional articles & gifts).
Jobman has already today a high market share in Sweden, and will be even more attractive through ProJob and the other trademarks belonging to New Wave Group within the Promo business area. Most interesting is although that New Wave Group receives a strong trademark an assortment with the possibility to launch this all over Europe. Jobman's current concentration on the Swedish market makes a large potential in other countries by launching through New Wave Group's foreign subsidiaries. The goal is to launch Jobman in at least 2-3 countries per year during the coming years.
The acquisition is consolidated result wise into New Wave Group from 1 April 2004, inclusive, and is expected to lead to a minor positive effect result wise per share already this year, in spite of the fact that the result will be burden by investments during 2004 and 2005 for launching Jobman outside Sweden.
Ytterby on 28 April 2004
New Wave Group AB (publ)
Goran Harstedt dCEO
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-0- Torsten Jansson CEO New Wave Group Tel: +46 (0)708-99 80 50, +46 (0)303-24 65 01 Goran Harstedt dCEO New Wave Group Tel: +46 (0)708