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SwitchCore Issues New Stock Subscribed to by Credit Suisse First Boston in Accordance With Authorization From Extraordinary General Meeting.

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LUND, Sweden--(BUSINESS WIRE)--March 28, 2001

At SwitchCore AB's (publ) extraordinary general meeting held on February 15, 2001, it was decided to grant the Board authorization to decide on an issue of new stocks and the issue of a promissory note with the option of subscribing for new stock, in both cases deviating from stockholders' preferential rights. Authorization was filed at the Patent- and Registreringsverket (Patent and Registration Office) on February 21, 2001.

Backed by the authorization, the Board decided on March 26, 2001 to increase the company's capital stock by SEK 76,274 through the issue of 381,370 new stocks at a nominal SEK 0.20 each. Subscription rights will be directed to Credit Suisse First Boston (Europe) Limited, deviating from stockholders' preferential rights. The issue price for the new stocks is fixed at SEK 26.22 per stock. Subscription to the new stocks will occur no later than April 1, 2001, and payment for subscribed stocks made no later than April 1, 2001.

In addition, the Board decided on March 26, 2001, backed by the authorization, to issue a promissory note for a nominal SEK 100 combined with 267,094 detachable warrants, with the option of subscribing for new stocks in the company. Subscription rights for the promissory note will be directed to Credit Suisse First Boston (Europe) Limited, deviating from stockholders' preferential rights. Each warrant qualifies for subscription to one stock in the company during the period March 26, 2001 to February 16, 2003 at an issue price of SEK 41.18 per stock.

A full account of the decision is available from Advokatfirman Vinge KB, Ostergatan 30, Box 4255, SE-203 13 Malmo, Sweden, phone+46-40-664 55 00.

SwitchCore AB (publ), was founded in 1997 around a three-year microelectronic research project at the Universities of Lund and Linkoping. SwitchCore designs, develops and markets integrated switching devices for selling to leading worldwide network equipment suppliers. SwitchCore's CXE technology significantly increases the performance of computer and Internet switches. The first product family was launched in April 2000. The flagship product CXE-16, an integrated switching device, has a capacity of up to 24 million packets per second. The SwitchCore Group currently employs 90 people with offices in Lund, Stockholm, Goteborg, San Jose, Ca, and Boston, Mass, and in Singapore. The Group is quoted on the OM Stockholm Stock Exchange's Attract 40-list under the SCOR symbol.
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Publication:Business Wire
Date:Mar 28, 2001
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