Össur hf. - Results of shareholders' meeting 4/12/00

Increase in Share Capital of Össur hf. Approved <br>
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A shareholders’ meeting of Össur hf. was held today, Monday 4. December 2000, at the Grand Hotel Reykajvík. <br>
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A proposal to amend Section 2.01 of the Articles of Association of the Company was submitted at the meeting and approved. The amendment calls for the increase of the share capital of the Company in the nominal value of ISK 47,000,000, and the Board of Directors of the Company was authorised to deviate from the pre-emptive rights of shareholders.<br>
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The purpose of the increase in the share capital of Össur hf. is to acquire the prosthetics company Century XXII in the United States pursuant to an agreement recently signed by Össur hf.  Century XXII is regarded as one of the foremost companies in the world in the manufacture of artificial knee joints.<br>
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According to Mr. Jon Sigurdsson, Executive Director of Össur hf., the acquisition of Century XXII is part of the strategy of the Company to expand its line of products and increase services to customers. The acquisition marks the closing of a certain circle, as Össur hf. has now merged under its umbrella several of the best and most distinguished trade marks in the prosthetics industry. <br>
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In the course of discussions of plans for the year 2000, it was revealed that projected sales for 2000 would amount to ISK 3,570 million, and that profits before depreciations (EBIDTA) would amount to ISK 780 million.  The projected loss for the year 2000 is ISK 6,691 million. These projections are based on the inclusion of Century XXII into the consolidated accounts of Össur hf. as of 1 December 2000.<br>
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The plan for the year 2001 was also presented at the meeting. Sales for next year are projected at 74 million USD, and profits before depreciations (EBIDTA) are projected at 15 million USD.  <br>
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