Novestra raises financial target for the coming 18 months

Novestra raises financial target for the coming 18 months Novestra raises its financial target until the end of 2001. Earlier this year the company has communicated a goal to reach a book value of SEK 2 billion by that time. Novestra has now adjusted this target and is confident the company can reach SEK 4 billion in book value by the end of 2001. Novestra has recently finalised additional investments, which will be presented shortly. "We have seen excellent growth in value in several of our portfolio companies and several of these are currently facing larger transactions. At the same time we have been fortunate in our international strategy, where we have been able to tie knots of cooperation we believe will emerge as valuable assets for Novestra, as well as for our wholly owned company incubator, Evestra," says Novestra's CEO Theodor Dalenson. "In the current market, starting from our current portfolio and capital base we envision significant growth over the next few months. If the intentions leading to the TIME-vision deal remain fast, Novestra will incorporate SEK 455 million in increased capital base in addition to the SEK 500 million that was raised in the private placement to primarily international institutions in February this year. Looking at our capital base and our portfolio one may conclude that we have accomplished the first part of our business strategy," adds Theodor Dalenson. Novestra is one of the leading venture capital investment firms in the Nordic countries primarily with a focus on companies providing enabling services to the network economy. Novestra's portfolio of companies includes Bredbandsbolaget, Fanglobe.com, IQUITY Systems, Jupiter Communications, Mobilestop.com, NetSurvey, PowerNet and Qbranch. Novestra plans an official listing during Q2 2000. The shares are currently traded unofficially through Hagströmer & Qviberg Fondkommission AB. For more information regarding AB Novestra, please refer to www.novestra.com, and for further enquiries, please contact Mr Theodor Dalenson, CEO, phone No. +46 8 545 017 50. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/03/28/20000328BIT00280/bit0001.doc http://www.bit.se/bitonline/2000/03/28/20000328BIT00280/bit0002.pdf