M2S implements previously announced cost-reductions and structural changes

M2S implements previously announced cost-reductions and structural changes According to plan, M2S is now implementing the program of measures announced on October 8. The purpose is to adapt operations to current market conditions by means of further cost reductions and structural changes. In total, the measures now decided entail a decrease in the Group's costs of at least SEK 40 M annually and the lay-off of some 50 employees. The program comprises the following principal measures: · The Group's costs are to be reduced by at least SEK 40 M annually. · A total of some 50 employees within the Group are to be laid-off. · It is planned that the Group's Danish and Norwegian subsidiaries be divested to members of senior management. The costs of these measures are expected to amount to approximately SEK 10-12 M and are to be charged to third quarter earnings in 2001. The program of measures will take effect during the fourth quarter of 2001 and have full effect as of the first quarter of 2002. Against the background of the measures decided, the members of the Board of M2S will refrain from their Director's fees for the current year and the CEO has decided to temporarily reduce his salary by 30 percent. At the same time, the senior management teams of the Group and its subsidiaries have been asked to voluntarily and temporarily reduce their salaries by 20 percent. For further information, please contact: · Stefan Gardefjord, CEO, M2S Sverige AB tel: +46 8-506 424 00 stefan.gardefjord@m2s.com · Johan Linglöf, CFO, M2S Sverige AB tel: +46 8-506 424 00 johan.linglof@m2s.com 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/2001/10/16/20011016BIT00910/bit0001.doc http://www.waymaker.net/bitonline/2001/10/16/20011016BIT00910/bit0001.pdf