Resco forms company with Internet Venture Accelerator

Resco forms company with Internet Venture Accelerator New Generation Partners Resco is forming a company with the American venture capital firm New Generation Partners (NGP). Resco is becoming NGP's strategic partner and vendor of IT and Internet solutions to NGP's customers. NGP assists entrepreneurial companies, primarily American, with capital and competency upon entry into the European market. Resco and New Generation Partners (NGP) have signed a strategic partnership agreement and are forming a joint venture company. The company will provide venture capital and competency to entrepreneurs wishing to establish their companies in Europe. The joint venture company will be located in Stockholm and Lena Wedmalm, Vice Managing Director of Resco, will take over as managing director of the company this autumn. "We see the alliance with New Generation Partners as a strategic step in our international expansion," says Torstein Johansen, Managing Director of Resco. "NGP's network will enable us to expand more rapidly in the American and European markets." Under the terms of the agreement, NGP will preferentially engage Resco to develop the Internet projects in which NGP invests. "Resco has enormous competence in every dimension when it comes to e- business, B2B in particular," says Lena Wedmalm. "The intent of the new company is to create greater exchange by working at an early stage with evaluation and advice concerning new business models, by recycling solution components not subject to competition and by providing capital and ownership for some of the development and acceleration companies." "We drafted a favourable contract stipulating that all costs incurred by Resco in connection with commissions will be covered," says Kjell Jacobsson, Chairman of Resco. "We then stake our profits, in that payment will be partially in shares. This gives us the opportunity to earn a very high return on time expended while reducing our share of risk in the projects." NGP is a wholly owned subsidiary of New Generation Holding. The company is mainly oriented towards US2EU, that is, facilitating business roll out of American entrepreneurial companies in Europe. Focus is on e-business (B2B) and hardware and software for mobile Internet. To ensure high-quality business establishment and acceleration, NGP works with a management team and strategic partners. Resco acts as the Chief Technical Officer on the management team. "The alliance gives NGP access to Resco's superior technical expertise and networks in Sweden, Finland and Germany," says Paul Hökfelt, President and CEO of NGP. "Resco's industry insight will also allow us to support interesting Swedish companies wanting to expand into Europe. Resco has undergone substantial changes in the last six months and there is tremendous potential in its new organisation. NGP's business model is to work with strong partners that can provide young companies with business experience, not just capital, thus bridging the gap between lofty ambition and inadequate resources so often found in young companies." Upon execution of the contract, Resco received shares in NGH. Kjell Jacobsson will sit on the board of directors for NGH. For more information, please contact: Torstein +46 70-665 Johansen, Resco 65 10 Kjell Jacobsson, +46 708-90 Resco 30 50 Lena Wedmalm, +46 8-519 Resco/NGP 030 02 Paul Hökfelt, +41 22 707 NGP 15 75 Resco AB RESCO is a consulting firm based on the association of the strongest individuals in several industries - specialists who allow us to offer a greater whole than others can - from the Internet to the physical world. With our 550 specialists in the fields of market communication, business systems, design, Internet strategy, web technology and architecture, we are taking a unique position in the corporate renewal market. Our offer reaches from communication that cements relationships and into the technology that makes business exchange possible. We see it as our mandate to constantly challenge our customers and ourselves to see new opportunities in the economy of a new era. RESCO was founded in 1982. We are listed on the Stockholm Stock Exchange and have offices in Sweden, Finland and Germany. New Generation Partners New Generation Partners invests at an early stage in Internet-related companies where it believes that it can provide added value through its own or its partners' resources. The company has offices in Stockholm, London, Geneva and New York with second-phase roll out planned for Amsterdam and Hamburg and later into France, Belgium, Spain and Italy. NGP works with strategic partners: Resco, eMarketer and Double Impact. The company is also closely allied with Executive Interim Management. The company is a wholly owned subsidiary of New Generation Holding, which is traded on the OTC list of the Nasdaq. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/07/27/20000818BIT00710/bit0001.doc http://www.bit.se/bitonline/2000/07/27/20000818BIT00710/bit0002.pdf