Acquisition of wkit finalized

ACQUISITION OF WKIT FINALIZED Effnet Group AB has on 13 April, 2000 signed a definitive agreement on the acquisition of Wkit Online AB. The final purchase price is 330,000 new shares in Effnet. On 14 March, 2000, Effnet Group AB announced that the Company had signed a letter of intent concerning acquisition of the data security company Wkit Online AB. According to the letter of intent, the price of acquisition was to be 340,000 new shares in Effnet. Effnet Group AB has on 13 April, 2000, signed a definitive agreement on the acquisition of all shares issued by Wkit Online AB. On completion of a due diligence review, the price to be paid has been set at 330,000 shares in Effnet. Wkit's business is based on data security-related services and products. The company has cutting-edge expertise and is at the forefront of developments in the areas in which it operates. Programs and services offered by the company are under constant development to provide optimal solutions to customer needs for IT security. Wkit has 17 employees in two divisions, one for service and one for programs. The company works with strategic partners in bringing programs and services to the market. In the financial period 1998/1999 (17 months), Wkit had total sales of MSEK 1.7, with a deficit of MSEK -2.1 after net financial items. In the period to the close of the 2000/2001 financial year, Wkit anticipates total sales of MSEK 30. The forecast for total sales has been guaranteed in the acquisition agreement by Wkit's principal shareholders. "The acquisition of Wkit strengthens Effnet's expertise in the fast- growing data security sector and enables Effnet to be at the centre of technological developments in security aspects of data communications", says Tomas Althén, CEO, Effnet Group AB. By acquiring Wkit, Effnet also gains access to an international network among potential customers. This, it is considered, will facilitate more rapid commercialising of Effnet's technology. If you have any questions, please contact: Tomas Althén, Effnet Group AB, on Tel. +46-708-151615; or Rune Hurtig, Wkit Online AB, on Tel. +46-70-524 80 14. Effnet's mission is to develop, market, sell and distribute network products and network technologies for solving Internet communications bottlenecks, and to thereby create maximum customer benefit. Effnet commercializes its technology in three ways: products under its own trademark, through OEM agreements and by licensing the technology to other players in the network industry. In 1999, Effnet grew from being a pure development company into a commercial player in the network market. The company is now in a phase in which the focus is on marketing and sales. Effnet's long-term goal is to become one of the world's leading players in solving current and future Internet communications bottlenecks. Effnet currently has four locations: Stockholm, Luleå, Boston and Mountain View, California. Effnet Group AB is listed on Stockholm Stock Exchange, New Market. The company has 76 employees. Learn more about Effnet AB at www.effnet.com. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/04/17/20000417BIT00720/bit0001.doc http://www.bit.se/bitonline/2000/04/17/20000417BIT00720/bit0002.pdf