euro adhoc: ABIT AG
ABIT AG Sells its U.S. Operations (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
- Concentration on core German market - Liquidity inflow of EUR 1.5 million
Meerbusch, 20 November 2002. Today ABIT AG signed an agreement for the sale of ABIT USA, Inc. of Ogden, Utah. ABIT's American subsidiary consists of DAKCS Software Systems, Inc. of Ogden, Utah, acquired in October 2000 (100%); and ABIT Massachusetts, Inc. of Concord, MA (100%), originally GWA Information Systems, which was bought in June 2000. Buyers of ABIT USA are the former DAKCS shareholders. At USD 5.75 million, the purchase price for the U.S. group is above its consolidated net book value. For ABIT, the sale will generate an inflow of EUR 1.5 million in liquidity after settlement of USD 4.25 million in outstanding commitments from the original acquisition.
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For the company, this sale is a positive reconciliation of the original transaction and will result in a clear reduction in liabilities with a simultaneous influx of funds.
The process of consolidation within the ABIT Group is largely completed thanks to the sale that has just been agreed to. ABIT, one of the leading specialist consulting and solution providers in Germany for credit and debt management, intends to use a more stringently aligned strategy to expand its already powerful market position in Germany and exploit new business lines, such as by conducting outsourcing projects.
In an initial move, ABIT had already sold GWA assets and renamed the legal entity of the continuing company as "ABIT Massachusetts" in October. ABIT USA posted sales of EUR 4.90 million in the first nine months of the current fiscal year (total ABIT Group sales: EUR 12.57 million) and posted an after-tax loss of EUR 0.91 million (ABIT Group: minus EUR 4.0 million) over the same period.
Contact: ABIT AG, Investor Relations, Brigitte Gray, Tel.: +49 2150-9153898, Mail: investor@abit.de
end of announcement euro adhoc 21.11.2002
Further inquiry note:
ABIT AG, Investor Relations, Brigitte Gray, Tel.: +49 2150-9153898, Mail: investor@abit.de
Branche: Software
ISIN: DE0005122501
WKN: 512250
Börsen: Baden-Württembergische Wertpapierbörse / free trade
Bayerische Börse / free trade
Berliner Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Hamburger Wertpapierbörse / free trade
Niedersächsische Börse zu Hannover / free trade
Frankfurter Wertpapierbörse / Neuer Markt