STOCKHOLM, Sweden, July 16, 2003 (PRIMEZONE) -- NeoNet AB: Authorization for the Board of Directors The extraordinary general meeting resolved to authorize the Board of Directors to, for the time until the next Annual General Meeting, make a decision to increase the share capital of the company with a maximum of SEK 500,000 through a new issue of maximum 10,000,000 shares, each with a nominal value of SEK 0.05. The new issue shall be carried out as an issue in kind as part of the implementation of the company's acquisition of shares and options in Lexit Financial Group, Inc.
The purchase consideration will be constituted of cash and newly issued shares in NeoNet. The cash part is approximately 1.6 million US dollars and the share part approximately 8.2 million shares. Adjustment for Lexit's earnings during the period April 1 2003 to August 31 2003 will be made. This adjustment is anticipated not to be substantial.
Goodwill arising from the transaction is estimated to about 60 million Swedish Kronor and is amortized over ten years. NeoNet estimates the initial yearly contribution to earnings will be in the range of 7 to 10 million Swedish Kronor after amortization of goodwill and interest expenses.
For further information, please contact: Torvald Bohlin CEO of NeoNet Tel. + 46 70 623 62 60 torvald.bohlin@neonet.biz
Since inception in 1996 NeoNet has focused on efficient and neutral agency brokerage. NeoNet provides the institutional investor industry with execution services offering a single point of access to leading equity marketplaces worldwide. Clients can execute orders using electronic direct market access or through NeoNet's international trading desk. NeoNet has offices in New York, London, Frankfurt and Stockholm, is listed on the Stockholm Stock Exchange (ticker NEO), and has clients in twelve countries globally.
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