AB Novestra’s reorganisation and consolidation is expected to be concluded during the current quarter. The majority of the strategic holdings are cash flow positive or are expected to become cash flow positive during 2003. Based on current valuations, market conditions and the development in portfolio companies, Novestra expects to return to profitability during 2003.
Reorganisation of the Board of Directors and management is completed. Peter Ekelund has been appointed Managing Director replacing Nils Bengtsson who has served as Managing Director since June of this year. In connection herewith, Peter Ekelund has stepped down as a board member of Novestra.
“Novestra has implemented a comprehensive rationalization plan where our active assets now only consist of viable companies with substantial business activities.
This will create favourable conditions for the future and possibilities to make strategic transactions,” Novestra’s Chairman, Theodor Dalenson, said.
“It has been a painful period and it has taken us time to resolve the issues arisen from investment decisions that, in retrospect, have proven wrong. We are quite encouraged by the opportunities that we now have, both strategically and in our portfolio companies. My near-term focus will be on assisting our portfolio companies with developing their networks and strategic deals,” Peter Ekelund, Novestra’s Managing Director, said.
For further information, please contact Mr Peter Ekelund, Managing Director, Phone No. +46 8 545 017 50.
About AB Novestra
Novestra is an independent venture capital investment company with focus on investments in growth companies providing enabling network technologies and services for the communications industry. Novestra’s portfolio of companies includes B2 Bredband AB, Continuum Group Ltd, Explorica, Inc., myPublisher, Inc., Netsurvey AB, Qbranch AB and Strax Holdings, Inc.
Novestra’s shares are listed on the O-List of Stockholmsbörsen.
For information regarding AB Novestra, please see www.novestra.com