STOCKHOLM, Sweden, May 14, 2003 (PRIMEZONE) -- Custos (Other OTC:CUSTF): today Frontec (publ.) (Other OTC:FRNRF) announced a bid on Acando AB with payment consisting of shares in Frontec. Acando's largest shareholder Custos, owning 49.9% of the company before dilution, supports the proposed deal. After the deal Custos will be the largest single owner in Frontec with 21.8% of capital and 15.2% of votes. Custos holding in Acando was valued at SEK 58.7 million on March 31, 2003. At Frontec's current share price the deal increases the value of Custos holding.
Mikael Nachemson, CEO of Custos, commented: "In a demanding market, Acando has managed to cut costs and deliver positive earnings. The proposed deal is a natural next step, creating a company with a good market position, highly qualified staff and financial strength. Also, the deal gives Custos a market price and liquidity for a previously unlisted holding."
For further details regarding the deal, please see press release from Frontec.
For further questions, please contact Mikael Nachemson, +46 8 440 57 70
This Press Release is published in Swedish and English. In the event of any difference between the English version and the Swedish original, the Swedish version shall govern.
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The following files are available for download:
http://www.waymaker.net/bitonline/2003/05/14/20030514BIT00780/wkr0001.doc
http://www.waymaker.net/bitonline/2003/05/14/20030514BIT00780/wkr0002.pdf