Change of CEO in Aspiro & updated prognosis
Announcement in connection to the publishing of Aspiro’s prospectus regarding a share issue In connection to the acquisition of Cellus, the Board of Directors of Aspiro AB has, as earlier announced, decided to carry out a new share issue with preferential rights for the company’s shareholders, and will therefore publish a prospectus on June 16, 2004. In connection to this publishing, Aspiro would like to announce certain information, which is not earlier publicly communicated.
Erik Hansen new CEO of Aspiro As a part of the acquisition of Cellus, the Board of Aspiro has decided to appoint Erik Hansen, present CEO of Cellus, as new CEO of the Aspiro Group. Erik Hansen, aged 42, is one of the founders of Cellus. His earlier experience includes several senior positions at service providers within the telecom industry in Sweden, USA and Norway (Telenor, among others). Aspiro’s present CEO, Håkan Persson, will remain at his position until the acquisition is completed and will after that be available for Aspiro during six months. ”During his two years as CEO, Håkan Persson has brought Aspiro from financial crisis to becoming the leading company within this industry on the Scandinavian market – a tremendous turnaround making Aspiro facing profitability within short. Håkan Persson has furthermore focused the Aspiro’s business and improved the organization in a way which the Board finds most satisfactory,” says Johan Lenander, Chairman of the Board of Aspiro. “By acquiring Cellus and Emode, Aspiro has increased its sales channels with TV, radio and print media, which entails a much greater consumer focus than before. During several years, Erik Hansen has successfully run companies within this area, while also possessing great knowledge in sales via telecom operators. At this time, the Board sees it as natural that Erik Hansen takes over the role as CEO and leads Aspiro towards its goal to become the leading mobile service supplier in Europe.” The acquisition of Cellus will also enhance other changes within the organization of Aspiro. The company has initiated the work of defining the new structure. There is overlapping of functions between the companies, which makes it possible for Aspiro to realize cost synergies by reducing staff. Since Aspiro is quoted on the Stockholm Exchange’s O-list, there are certain requirements regarding the organization of the company, which will be considered in the reorganization process. Updated prognosis The Board repeated its prognosis, in the interim report for January-March, that the company will reach positive cash flow on a monthly basis during 2004. If the acquisition of Cellus is completed during July, and is included in the Group as from July 1st 2004, it is the Board’s estimate that net sales during the second half of 2004 will be around SEK 95 million and the operating margin before amortisation of goodwill and restructuring expenses will be at least five percent. Approval of the Norwegian Competition Authority The acquisition of Cellus and entailing rights issues was conditional upon an approval of an Extraordinary General Meeting in Aspiro. It was also conditional upon the approval of the Norwegian competition authority. As earlier announced an Extraordinary General Meeting gave its approval on June 3rd 2004. The Norwegian competition authority has also given its approval and without making deeper investigations in the matter. Prospectus regarding the new share issue The prospectus will be available at Aspiro head office in Malmö, address Gråbrödersgatan 2, and can also be ordered by telephoning +46-40-630 03 00 and at E. Öhman J.or Fondkommission AB ("Öhman"), Berzelii Park 9 in Stockholm, from where it can be ordered by telephoning +46-8-402 51 32. The prospectus is also available at Aspiro’s website (http://www.aspiro.com/templates/product.asp?id=2679) and at Öhman’s website (www.ohman.se/ohman/fk).