Staff cut-backs to save costs at connova

STAFF CUT-BACKS TO SAVE COSTS AT CONNOVA ConNova is today giving notice to 25 of its employees who will be made redundant. The measure is part of the planned savings programme announced earlier. At the same time, the offices in London and Gothenburg are being closed down and the establishment in Stockholm will become permanent. At the head office in Motala, 15 people have been given notice. Following the cut-back, the company will have around 50 employees. The relocation to Motala and Stockholm and the new focus on these areas are in line with the company's endeavour to broaden its market segment. The number of potential customers in ConNova's immediate surroundings will increase, while other geographic markets will to a greater extent be worked up gradually via partners. Account has been taken of the costs involved in the restructuring process in the company's profit forecast for the year. ConNova. ConNova specializes in developing and supplying business support systems for multimedia operators handling pay-TV, the Internet, broadband and telecom services. The company has 15 year's experience of the industry. ConNova's services extend from consulting services to the development of software adapted to meet the market's latest requirements. Within the framework of ConNova TVX AB, ConNova also runs customer services on an assignment basis for European pay-TV operators. ConNova's current customers are mainly to be found in the fields of cable TV, DTT (Digital Terrestrial Television), multimedia and telecommunications. At the international exhibition for billing systems in London in May 1999, ConNova's customer management system BizManager was awarded two honourable mentions, one for "Overall Best Contribution to Billing" and the other for "Most Innovative Billing Product". The ConNova Group AB (publ) has been listed on the OM Stockholm Stock Exchange's O list since 1997. For further information, please contact: Björn Persson, Managing Director, ConNova Group Tel: +46 705 38 08 80 e-mail: bp@connova.se ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/10/19/20001019BIT00240/bit0001.doc http://www.bit.se/bitonline/2000/10/19/20001019BIT00240/bit0002.pdf