Cell Network Spain restructures operations and cuts staff

Cell Network Spain restructures operations and cuts staff In order to increase profitability in the international operations, Cell Network Spain's staff count will drop from 19 to 10, effective immediately. "Due to a weakening demand for consultant services we are forced to let nine people go. We are now actively seeking an external partner who can help us turn loss into profit. We will focus on sales and marketing activities," says Magnus Nylander, MD for Cell Network Spain. "At present we are reviewing all operations, and will undertake necessary changes on each individual market," says Niklas Flyborg, CEO of Cell Network. "Our aim is that all companies in the Group should be profitable before the end of the year." Cell Network was established in Madrid in the autumn of 1999, and focuses on mobile and Internet e-business solutions. For further information please contact: Magnus Nylander, MD Cell Network Spain, phone +34 917 614 909, +34 667 634 700 Arvid Liepe, Investor Relations, Cell Network, phone 08-5220 4053, 0709- 565185 ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/05/10/20010510BIT01210/bit0001.doc http://www.bit.se/bitonline/2001/05/10/20010510BIT01210/bit0002.pdf