STOCKHOLM, Sweden, Feb. 11, 2003 (PRIMEZONE) -- Effnet Group AB (publ) (Other OTC:EFFNF) (Stockholm:EFFN):
-- In October, Effnet Group AB (publ) acquired Factum Electronics
AB from Teracom AB. Factum develops and sells systems for digital
radio (DAB) and digital stereo sound for television according to
the NICAM principle. Factum's sales totaled SEK 19,689,000 between
January and December 2002 and personnel numbered 12 full-time
employees by year's end.
-- During the year, Effnet Group implemented substantial cost-cutting
measures to bring expenses in line with revenues.
-- The board of directors adopted a new strategy for the Group --
to acquire technology companies with strong potential. Acquiring
Factum was the first step in implementing this strategy.
-- Net sales for the year totaled SEK 9,920,000 (10,223,000) and
for the fourth quarter totaled SEK 6,440,000 (2,215,000). These
figures include sales from Factum, which totaled SEK 5,738,000.
-- Operating loss for the year amounted to SEK -61,994,000
(-142,717,000). Net loss for the year totaled -55,422,000
(-133,575,000) or SEK -1.01 (-2.43) per share.
-- Liquid assets at year's end amounted to SEK 121,769,000
(179,833,000) SEK or 2.22 (3.27) per share.
-- Shareholders' equity at year's end totaled SEK 110,950,000
(166,659,000) or SEK 2.02 (3.03) per share.
-- The number of full-time employees of the Group numbered 20 (29)
at year's end.
Significant events after year's end
-- In January, the board members acquired 2,171,100 shares in Effnet
Group AB (publ) through a jointly owned company. The four board
members now control a total of 6,387,599 shares or 11.6 percent of
Effnet Group AB.
For more information, please contact:
Goran E. Larsson, Chief Executive Officer
+46 (0)8-564 605 50, +46 (0)705-65 68 69
Hans Runesten, Executive Vice President
+46 (0)8-564 605 50, +46 (0)702-80 26 26
Krister Moberger, Chief Financial Officer
+46-(0)8-564 605 50, +46-(0)8-464 611 02
www.effnet.com
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