Aspiro to carry out a rights issue

The board of directors of Aspiro AB (publ) have approved the decision to propose a new share issue with preferential rights for the company’s shareholders at the extra general meeting, which will occur on Friday 20th December 2002. A full subscription will add SEK 29,4 million to the company before issue costs. The share issue will be carried through under the condition that it gives the company at least SEK 20 million before expenses. Of the subscription amount there are guarantees and subscription commitments amounting to SEK 10 million. The conditions of subscription are 6:1 at an issue price fixed at SEK 0.05 per share.

During the autumn, Aspiro has implemented a rigorous reconstruction and focusing programme. The company has sold non-core businesses involving losses, such as deaf telephony and facilitating SMS traffic. Aspiro has also liquidated the subsidiaries not essential for the company’s main business, which is the development and sales of wireless applications. The company reconstruction will allow Aspiro to reach an agreement with its creditors in order to adjust its costs to present circumstances. This agreement is required in order to carry out the new share issue. As a part of the reconstruction, Aspiro’s board of directors have, depending on the acceptance at the extra general meeting of shareholders, approved the decision to propose a new share issue with preferential rights for shareholders, who for one old share will be given the right to buy six new shares at an issue price fixed at SEK 0.05 per share. The record day at the Securities Register Centre for all shareholders with right to subscribe for the new shares will be the 30th December 2002 and the last day of trading in Aspiro shares inclusive of subscription rights will be the 20th December 2002. The prospectus will be published on the 30th December 2002 and the subscription will take place from the 7th to the 22nd January 2003. The new share issue implies that the share capital increases by maximum SEK 11,759,977 via new issue of maximum 587,998,866 shares, each with a nominal value of SEK 0.02. A full subscription will add SEK 29,4 million to the company before issue costs. Of the subscription amount there are guarantees and subscription commitments amounting to SEK 10 million. The guarantee consortium includes Erik Mitteregger and JP Nordiska, among others. If the share issue does not add at least SEK 20 million before expenses, the Board of Directors will cancel the issue and already made payments will be repaid. As a consequence of the new share issue, the Board of Directors propose a change in the Articles of Association, which means that the limits of Aspiro's share capital will be increased by minimum SEK 8 million and maximum SEK 32 million. The Board of Directors also propose that the extra general meeting gives the Board authorisation to take a decision about new share issues of up to 300 million shares without preferential rights, of which 150 million shares under certain circumstances shall be assigned to the guarantee consortium in conjunction with the new share issue with preferential rights at an issue price fixed at SEK 0.05 per share and of which 150 million shares will provide a possibility for the company to, before next annual general meeting, secure possible further needs for funding or to carry through acquisitions. For more information about the extra general meeting of shareholders, the Board kindly refer to the notice for extra general meeting of shareholders which was published on the 22th November (press release dated 2002-11-21). The Board of Directors’ complete proposal for the above questions are available at the company. For more information, please contact: Håkan Persson, CEO, Aspiro AB, ph: +46-708-36 81 30, e-mail: hakan.persson@aspiro.com Helena Gynnerstedt, Head of Information, Aspiro AB, ph: +46-40-630 03 18, e-mail: helena.gynnerstedt@aspiro.com