TurnIT Development buys 12 % of Rabattkupong.com AB

TurnIT Development buys 12 % of Rabattkupong.com AB In a new issue, TurnIT Development has acquired 12 % of the shares in Rabattkupong.com for SEK 3 million. Rabattkupong.com AB's business idea is to construct efficient Internet-based market places for local sales of discounted durable goods. The concept means that local retailers have free and efficient channels for the marketing and sale of durable goods, and consumers are able to purchase durables at lower prices, and have access to more efficient search paths to find the right goods. "Let's take the example of a consumer in Uppsala who wants to buy a bike. He or she first navigates to the Uppsala page, and then to cycle dealers so that they can find the dealer who is closest to them geographically. The dealer can post discount coupons for different bikes, with a bike hidden behind each coupon. The consumer completes the purchase by clicking on the coupon, and then collects the bike and pays at the dealership", explains Peter Enström, President of TurnIT AB. "You could say that Rabattkupong.com acts as a local market for discounted consumer durables, where visitors are there to buy", concludes Peter Enström. For the retailer, Rabattkupong.com means that before a sale or a marketing campaign, the dealer can post discounted products free of charge, with each of them linked to the individual campaigns. The platform was developed at Catwalk Interactive, and tests are expected to begin during June, with the launch expected in August/September. TurnIT Development's business idea is to invest in companies in the IT sector which are at an early stage of development. Up to 10 percent of the Group's equity has been invested through TurnIT Development in project companies and young companies with major potential. This is short to medium term investment, and may, for example, involve portal companies or software companies in which TurnIT Development's long-term participation rights should not exceed 20 percent. It may also involve IT companies which are on the threshold of flotation. The intention is to float TurnIT Development during 2000. TurnIT is one of the larger Swedish IT groups listed on the OM Stockholm Stock Exchange's O list. TurnIT has 1000 employees. Its business idea is to act as an IT partner, and to offer a low-risk share through the acquisition of companies in different areas of the IT market. In addition to TurnIT Development, the Group's operations are divided over five business areas; Consulting, Software, Communication, Outsourcing and Supplies. Stockholm 29 May 2000 TurnIT AB For further information Peter Enström, President, TurnIT AB, Tel: + 46 (0)8 545 877 30, Mobile: + 46 (0)7 0-574 99 82, peter.enstrom@turnit.se Rickard Linderoth, Information Director, TurnIT AB, Tel: + 46 (0)8 545 877 45, Mobile: + 46 (0)7 09-65 02 98, rickard.linderoth@turnit.se ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/05/29/20000726BIT00610/bit0001.doc http://www.bit.se/bitonline/2000/05/29/20000726BIT00610/bit0002.pdf