Information Highway acquires ELK in Denmark

Information Highway acquires ELK in Denmark Information Highway, which provides Internet-based business solutions, has signed a letter of intent relating to the acquisition of Danish Internet company ELK's operations, with 27 employees and core expertise within complex Internet solutions. The purchase price will be paid in the form of newly issued shares in Information Highway, plus a cash element. ELK has won a number of awards and brings customers such as Falck, Scandlines, Compaq, Den Danske Bank, PFA Pension, Oticon, Codan and Egmont Online A/S. ELK was founded in 1996 and supplies integrated solutions encompassing the full range from direct customer contact to internal production systems and professionally designed business solutions. ELK unites concepts and design with business development and leading-edge technical solutions. ELK's offices are located in Copenhagen, employing 27 people with significant expertise, of which 20 are active within Web and systems development, 4 within design and 3 within sales/administration. ELK has also established a WebLab together with the Niels Bohr Institute for Astronomy, Physics and Geophysics (NBI), with Microsoft acting as sponsor. "We are continuing to expand internationally in accordance with our strategy. ELK provides highly skilled employees, key clients as well as having won a number of awards for leading-edge technical solutions, campaigns and excellent design," says Göran Wågström, Information Highway's President. Information Highway is already one of the biggest Internet players in the Öresund region, which is one of Europe's most promising markets that is undergoing burgeoning growth across all areas. Information Highway now has a total of 70 employees in the Öresund region, 30 in Malmö and 40 in Copenhagen, including the office opened this summer. "Together with Information Highway, we are now the leading market player within the Internet in the Öresund region. We now have extended expertise, as well as the capacity to implement extensive and complex systems solutions for our clients on both sides of the Öresund sound dividing Sweden and Denmark, while enjoying healthy profitability," says Morten Elk, ELK's CEO. Including ELK and Finnish Internet company Netmill, the Information Highway group currently employs approximately 420 people, which is a higher figure than expected in recent forecasts. Sundbyberg, Sweden, 23 November 1999 Information Highway AB (publ) For further information, please contact: www.elk.dk Göran Wågström, Information Highway's President, tel: +46 (0)8 635 1500 Ulf Karnell, VP Corp. Comm., Information Highway, tel + 46 (0)70 514 1739 Morten Elk, ELK's CEO, tel + 45 38 19 26 30, morten.elk@elk.dk Information Highway assists companies to exploit the business opportunities presented by the new network economy. We consolidate our clients' competitiveness, making them successful in the digital arena by providing Internet-based solutions characterised by business expertise, creativity and leading-edge technology skills. Information Highway was founded in 1994 and currently employs over 330 people in its Business, Interactive and Technology Consulting business areas in nine locations in Sweden, as well as in Norway, Denmark and the UK. The share is quoted on the Stockholm Stock Exchange's O-list. Göran Wågström is the group CEO. Information Highway has a client base of about 200 businesses, and provides solutions for ABB, Ericsson, Telia, ATG, Fondex, SAS, Stadium, SMHI and Locus Medicus. [More information available at http://www.infohwy.se] ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/11/23/19991123BIT00420/bit0001.doc http://www.bit.se/bitonline/1999/11/23/19991123BIT00420/bit0002.pdf