CENIT AG

M&A Activity • Feb 7, 2003

News Details

Ad-hoc | 7 February 2003 07:45

CENIT AG Systemhaus english

CENIT sells subsidiary in France Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– CENIT sells subsidiary in France Letter of Intent for Transaction is signed Stuttgart, February 7, 2003 – CENIT AG Systemhaus sells its french subsidiary Spring Technologies S.A. to the current Board of Management by a management buyout. A letter of intent including all details has already been signed. The sale of the subsidiary in France is combined with a distribution contract that guarantees future sales of CENIT services and products in France. The business partnership between IBM and Spring Technologies will be continued under the name Cenit France. In 2002 Spring’s deficit decreased CENIT`s profit. Therefore, the sale of Spring will have a positive influence on CENITs financial results 2003. This measure is a further step towards our strategic goal, the increase of profits. This includes a full depreciation of the company value of Spring technologies, balanced with 7 Mill. EUR. This depreciation will not have any impact on our cash assets. The separation from Spring Technologies is another step in CENIT`s consistent restructuring- and cost reduction program, that has already led to a considerable improve of the companys results in the last three quarters. Information: CENIT AG Systemhaus, Fabian Rau Investor Relations/Public Relations Industriestraße 52-54 D-70565 Stuttgart Tel. (+49) 7 11 / 78 25-3185 Fax (+49) 7 11 / 78 25-4185 E-Mail : F.RAU@cenit.de end of ad-hoc-announcement (c)DGAP 07.02.2003 ——————————————————————————– WKN: 540710; ISIN: DE0005407100; Index: Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München und Stuttgart 070745 Feb 03