LUND, Sweden, Sept. 17, 2003 (PRIMEZONE) -- Anoto (Other OTC:AOTOF) is cutting costs further, and will consequently downsize its organisation. The company is today giving some fifty employees notice. The staff reduction is brought about by much of the basic development being completed, and the fact that Anoto partners are now carrying out a larger part of the development work and industrialisation. The downsizing will be conducive to gradually lowering group costs to approximately SEK 11 million per month. Full effect of the cost-cutting program will be achieved as of the second quarter 2004.
"We estimate this staff reduction to concern some fifty employees. Having to give employees notice is of course very unfortunate, but we need to adjust our costs in order to achieve profitability as soon as possible and sustain Anoto," says Orjan Johansson, President, Anoto Group AB.
The charges for these staff reductions, which are estimated at SEK 50 million, will impact primarily the third quarter of 2003. The outlook forecasting positive cash flow for the group in the second half of 2004 remains.
"We wish to emphasise that Anoto will be able to carry on all present customer undertakings. In general the role of our partners is today more active, both in respect of developing proprietary products and driving the use of digital services enabling Anoto functionality. This helps to make Anoto an increasingly pronounced supplier of technology," says Orjan Johansson.
For more information: Orjan Johansson Charlotte Laveson CEO Director PR Anoto AB Anoto AB +46 733 45 12 08 +46 733 478 620
Anoto Group AB is a Swedish hi-tech company with unique solutions for transmission of handwritten text from paper to digital media, scanning of printed text and intelligent camera surveillance. All products are based on digital camera technology and image processing in real time. The Anoto Group today has three brand names: Anoto(R) - a comprehensive solution entailing paper, pen and server technologies, allowing us to connect all types of writing paper with the digital world, C-Pen(R) - a scanning pen that can store, interpret and transfer printed text, and WeSpot(TM) - a hardware and software platform for intelligent camera surveillance. The Anoto Group has around 180 employees, offices in Lund (head office), Stockholm, Boston, Tokyo and Hong Kong. Major shareholders are Ericsson, Logitech Internation S/A and Capital Group. The Anoto share is traded on the O-list, Attract 40 of Stockholmsborsen (Stockholm Stock Exchange) under the ticker ANOT. For more information: www.anotogroup.com
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