Aspiro focus business further - transfer subsidiary Miles Ahead to EveryMatrix Holding Ltd
Aspiro focuses on growth in the markets for streaming music and TV and has high goals in these segments in 2011, while also aiming to improve profitability. To further focus its operations towards these goals, Aspiro has decided to transfer subsidiary Miles Ahead to Every Matrix Holding Ltd from 1 April.
EveryMatrix Holdings Ltd will take over Miles Ahead, free of charge. Miles Ahead will be transferred debt free and without accompanying cash.
Miles Ahead is a technology company in an early development phase, where Aspiro owns 80 percent of the shares. Net sales in 2010 was SEK 2.5 million and EBITDA amounted to SEK -9.1 million. Since the business operated at a loss, the transfer implies a positive effect on Aspiro profitability going forward.
- Aspiro aims to be a world leader in music and TV streaming, and to do that we need to focus. The activities of Miles Ahead has potential, but also requires major efforts to succeed. We are therefore pleased that EveryMatrix now takes over the operations and employees of the company, says Gunnar Sellæg, CEO of Aspiro.
This information is mandatory for Aspiro AB (publ) to publish pursuant to the Swedish Securities Exchange and Clearing Operations Act and/or the Swedish Financial Instruments Trading Act. This information was submitted for publication at 8:30 a.m. on 16 March 2011.
For more information, please contact: Kristin Castillo Eldnes, Head of Corporate communication and IR of Aspiro, +47 908 07 389, email@example.com or Gunnar Sellæg, CEO of Aspiro, +47 901 81 528, firstname.lastname@example.org .
Aspiro in Brief
Aspiro has unique positioning as the world’s only provider of complete TV and music streaming services for partners that want to put their own branding on the service. Aspiro has over ten years’ experience in mobile technology and retail in northern Europe, and delivers services to partners worldwide like Deutsche Telekom, Telefónica O2, Telenor, 3, TeliaSonera, the BBC, Aftonbladet, mBlox, TVNorge, Entel and VG. Aspiro is listed on Nasdaq OMX Nordic Exchange Stockholm. Sales for continuing operations in 2010 were SEK 266m and the company has some 117 employees.