ROTTERDAM, Holland, May 18, 2004 (PRIMEZONE) -- AND International Publishers N.V. has privately placed 138,192 new shares at a price of 5 euros with various investors. The same investors were also granted the option to purchase an additional 138,192 shares at the same price over the course of a 3-year period.
Given that the price on the stock exchange is currently still below the issue price (nominal value), partial exclusion of the pre-emptive right of current shareholders is considered sensible as part of this private placement. Equally as important, it enables the company to save a considerable amount on issuing costs.
The placement should be viewed in light of the company's recent entry into the rapidly growing market for "in-car navigation". Two months ago, for example, a provisional agreement was made with Siemens VDO Trading GmbH for the delivery of navigable data in Eastern Europe, Africa, Central and South America. This contract was recently expanded to include the delivery of data in Asia. The finishing touches are currently being put on the technical implementation to enable Siemens VDO Dayton to test the data. The commercial release is expected to take place in the fall of 2004 upon the completion of successful tests.
AND also plans to deliver testing materials in GDF format (global standard in navigable data) to 20 manufacturers of in-car navigational systems and PDAs around 1 June 2004. Successful implementation will result in the use of this data at these companies by 2005.
With the focus on delivering data for navigational systems for cars, AND is entering a market that is potentially many times greater than the fields in which they have operated until now. A successful implementation of this data could lead to considerable revenue and profit growth for AND in coming years.
The private placement of shares secures the financing necessary to tide over the period until the strategic choices that have been made pay off.
AND has also announced the publication of its annual figures for 2003 on May 24th (before the opening of the stock exchange). The General Meeting of Shareholders is scheduled for 15 June 2004 in Rotterdam (14:00 pm).
About AND
AND (AEX: AND) is a software company that specialises in geographic data (addresses, roads, and routes) and the technology for the practical application of such data. AND is the international specialist in geographic solutions for developers of applications like CRM, SCM, ERP, Fleet Management and Mobile Location Services. Buyers include development partners and clients such as VDO Siemens, AOL, HP, IBM, Eastman Kodak, Manugistics, Mapinfo, MapQuest, Sony, Unilever and Vodafone. AND's head office is located in Rotterdam. AND employs more than 80 professionals in the Netherlands and India. For more information, visit the AND website at www.and.com.