Proha Plc STOCK EXCHANGE RELEASE May 19, 2009 8.45 a.m. PROHA SELLS ITS SAFRAN OPERATIONS IN THE USA ALONG WITH A PURCHASE OPTION REGARDING SAFRAN SOFTWARE BUSINESS IN NORWAY Proha Plc's fully-owned subsidiary, Safran Software Solutions AS, agreed yesterday to sell its share (49%) of Safran North America LLC to a Norwegian investment group, SNA Holding AS. Safran North America will continue its operations as the distributor of Safran Software Solutions' software products in the North American market. The fixed purchase price of 760,000 NOK will be paid in cash at the execution of the contract estimated at May 27, 2009. In addition, Safran Software Solution's loan receivables from Safran North America are being transferred to the buyer with the transaction. The sale price of the receivables, approximately 520,000 US dollars, corresponds to the book value in the Proha Group's balance sheet. The transaction will not have a significant impact on Proha's 2009 result or the financial position. Concurrently, Proha Plc has granted a purchase option for SNA Holding AS to acquire the Norwegian software business activity of Safran Software Solutions AS. The option right is in effect to the end of the year 2012. Safran Software Solutions' net sales were 4.5% of the Proha Group's net sales and its operating result was slightly positive in 2008. The company employed 23 persons at the year end of 2008. The exercise price of the option will be based on Safran Software Solutions' license and maintenance sales as well as the result of the company. Proha Plc Ilari Koskelo CEO More information PROHA PLC Ilari Koskelo, CEO, tel +358 (0)20 4362 000 ilari.koskelo@proha.com
PROHA SELLS ITS SAFRAN OPERATIONS IN THE USA ALONG WITH A PURCHASE OPTION REGARDING SAFRAN SOFTWARE BUSINESS IN NORWAY
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