M2S implementing earlier announced action program

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M2S implementing earlier announced action program M2S is now implementing, as planned, the action program announced earlier comprising reductions in costs and number of employees that are designed to create conditions for Group profitability. In all, as a result of the approved measures, Group costs are being reduced by 20% and between 90 and 100 employees are being released. The program comprises the following principal measures: · Group costs (excluding ILT in Germany1) are being reduced by 20%. · In all, between 90 and 100 Group employees are being given dismissal notices. · It is planned to divest the subsidiary in Great Britain to the management of that company. · M2S Ireland is being closed down and production of standard e- learning titles is being transferred to Sweden. As announced earlier, costs of this remedial action program are estimated to amount to approximately SEK 25 M, which is being charged against results in the third quarter. The impact of the greater part of the action program will be realised starting from the fourth quarter this year. For further information, please contact: Johan Linglöf, CFO, M2S Sverige AB, tel: +46 (0)8-506 424 00 johan.linglof@m2s.com Stefan Gardefjord, CEO, M2S Sverige AB, tel: +46 (0)8-506 424 00 stefan.gardefjord@m2s.com 1 The Instructor Led Training (ILT) subsidiary in Germany, which is in the process of being sold, is not included in the action program. M2S is Europe's leading e-learning company in IT-training. The software programs, which are marketed under the brand names Wit and TutorWIN, can be delivered in 11 languages. M2S has own operations in Denmark, France, Ireland, Norway, Switzerland, Spain, UK, Sweden and Germany. Currently, M2S has more than 10,000 customers in 22 countries, of which Germany accounts for more than half of operations. M2S is listed on the Attract 40 list of the OM Stockholm Exchange. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/08/23/20010823BIT00410/bit0001.doc http://www.waymaker.net/bitonline/2001/08/23/20010823BIT00410/bit0001.pdf