Novestra's Holding in Boxman.com Plc.Business Editors STOCKHOLM, Sweden--(BUSINESS WIRE)--Oct. 11, 2000 Today's statement issued by Boxman to seek approval to place the company into liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy in the week commencing October 23, 2000 has only had a limited effect on Novestra which has a holding of 1.7% in the company. Novestra's holding in Boxman was acquired in 1998 for a total of 7MSEK MSEK Meyer, Suozzi, English & Klein (New York law firm) MSEK Million Swedish Kroner . In 1999, the holding was disposed of in exchange for 853,533 shares in IMVS IMVS Institute of Medical & Veterinary Science (Australia) IMVS Intelligent Mobile Video Stream .com plc (which has now changed name to Boxman.com plc) and the book value after said transaction amounts to 20.6 MSEK, including a convertible of 6.9 MSEK. "The present management has done a fine job in reorganising the company but it appears that the mass of expenses derived from the company's international expansion became too large. Novestra has not had any representation on the company's Board. Boxman is Novestra's sole B2C (Business to Consumer) Refers to a business communicating with or selling to an individual rather than a company. See B2B. holding and in recent times we have anticipated that it would be difficult for Boxman to survive," says Thomas Akerman, Novestra's President and COO (Cell Of Origin) See mobile positioning. . For more information regarding Novestra, please see www.novestra.com. 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 B2 Bredband AB, Comintell AB, Continuum Group Ltd, Fanglobe Inc, Iquity Systems Inc, Mobilestop Inc, Netsurvey AB, PowerNet AB and Qbranch AB. Novestra's shares are listed on the O-List of the OM Stockholm Exchange. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. : http://www.bit.se/bitonline/2000/10/11/20001011BIT00680/bit0001.doc http://www.bit.se/bitonline/2000/10/11/20001011BIT00680/bit0002.pdf |
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