STATEMENT FROM PAYNOVA’S EXTRAORDINARY GENERAL MEETING
Paynova’s extraordinary general meeting on 24 February 2005 decided to approve the Board’s decision on a new share issue. The issue is fully subscribed and will increase the number of shares by 1.75 million. The meeting also decided to approve the Board’s proposal to assemble a committee for the nomination of members for election to the Board in accordance with the rules contained in the Swedish code of corporate governance.
In his statement, Chief Executive Officer Johan Waxberg stressed that the company has reached the phase in which it is a fundamental necessity to come to an agreement with reference customers. The company’s management group is now focusing on installation and start-up of Paynova’s payment solution at its large enterprise customers and partners. As an example of this, he mentioned that implementation at Swebus Express is currently ongoing and that installation work at Ryanair has begun. The management group is also prioritising the need to increase transaction volumes from previously contracted e-retailers through market canvassing.
Against the background of requests from shareholders, and in conformance with the rules of the Swedish code for corporate governance, the Board proposed that the general meeting should decide in favour of the Chairman of the Board assembling a nomination committee prior to the Annual General Meeting on 12 May 2005. The composition of the nomination committee will be published on the company’s website as soon as possible, or no later than 60 days before the Annual General Meeting. All decisions taken by the meeting were unanimous.
Stockholm, 24 February 2005
Paynova AB (publ.)
Board
Future information:
Annual General Meeting: 12 May 2005
Interim report 1 Jan - 31 March: 12 May 2005
Interim report 1 April -30 June: 25 August 2005
Interim report 1 July - 30 September: 10 November 2005
For further information, contact:
Johan Waxberg, CEO, Paynova AB
Tel: + 46 (0)706 –88 02 47, johan.waxberg@paynova.com
Mats Jonnerhag, Information Manager, Paynova AB
Tel: + 46 (0)708 -754920, e-mail: mats.jonnerhag@paynova.com
www.paynova.com
About Paynova
Paynova (listed on NGM: PAY) is a Payment Service Provider (PSP) with a complete transaction processor offering several services/forms of access for payments and other transfers via the Internet.
The payment services focusing primarily on the Travel, Media and Retailing sectors include the Paynova Wallet, Large Enterprise Services, Mobile Services, Partner Network Services and Payout Services. Transactions are processed between e-retailers, consumers, banks and other players rapidly, simply, securely and cost-effectively.
Paynova’s transaction processor and payment services are linked, together with traditional banks, card companies and other PSPs, to a comprehensive financial infrastructure with both geographical cover and options for minimising transaction costs.
Paynova’s Partner Network includes well-established Internet banks, card companies (VISA, MasterCard etc.), PSPs and other similar players (GZS/easycash, Paybox, TripleDeal, WM-DATA etc.). Via VISA and MasterCard, Paynova can connect transactions globally with more than 20,000 banks. Paynova’s current market focus is Europe.
Important agreements have recently been signed with, for example, Ryanair, SJ, Swebus Express and CDWOW.