This is the most recent PR from ENON. It looks very interesting to me. The stock broke its 52 week high today.
CEO on a Road Show through the US next week, it could be a big winner.
COPENHAGEN, Denmark--(BUSINESS WIRE)--Nov. 2, 1999--Euro909.com (Nasdaq: ENON - news; Nasdaq: ENONW - news) Tuesday announced it has acquired Sunny Tours A/S, an online Danish travel company, to further expand its e-commerce offerings.
Euro909.com plans to re-vamp Sunny Tours' present Web site (www.sunnytours.dk) into a fully-integrated e-commerce travel agency capable of further strengthening Euro909.com's Internet focus and e-commerce portal (www.909.dk). The travel industry is projected to account for 35 percent of all online sales worldwide by the year 2003, according to research firm Datamonitor.
``Travel-oriented Web sites generate a high volume of Internet traffic,' said Aldo Petersen, chief executive officer of Euro909.com. ``We think it pays to be an early entrant into the e-commerce race, and Sunny Tours will give us a running start in the European e-travel space.
``The combination of all our e-commerce offerings, including our online music shop (www.909shop.dk), should continue to demonstrate that we are working hard to create irresistible Web sites for online shoppers.
``Sunny Tours also opens the door for great cross-marketing opportunities for both the print and online versions of Chili, our recently acquired youth magazine, and TV Bio, our newly launched cable TV channel, soon to begin broadcasting to over 600,000 Danish citizens.'
Terms of the all-stock acquisition involve payment of a maximum of 750,000 ordinary shares of Euro909.com stock (with a minimum 12-month lock-up period). According to unaudited financial statements, Sunny Tours had revenues and a loss of DKK 20,717,000 and DKK 490,000, respectively, for the six-month period ended June 30, 1999.
Based on current exchange rates, revenues and loss were approximately USD 2,960,000 and USD 70,000, respectively, for the six-month period. Prior to the acquisition, Sunny Tours was owned by Peter Forchhammer, a principal shareholder of Euro909.com.
Including the issuance of the shares to purchase Sunny Tours, Euro909.com's other recent acquisitions and private placements (all of which have been previously announced), and issuances due to the exercise of warrants, the total number of Ordinary Shares and American Depositary Shares (ADSs) outstanding for Euro909.com as of Oct. 15, 1999 was 11,942,900.
Founded in 1986, Euro909.com is a Danish holding company which operates as an Internet solutions integrator, ISP, telecommunications, and entertainment company providing a host of services and products to businesses and consumers in Denmark, Scandinavia, the U.K. and throughout Europe.
Euro909.com provides services ranging from domain name registration, e-commerce, Web site design and hosting, Internet access, business and consumer e-mail services, local, national, international and cellular telephony, cable TV programming, print and online media content, and a wide variety of other communications products and services.
Except for historical information contained herein, this news release contains forward-looking statements that are dependent on risks and uncertainties including such factors, among others, as the pace at which new markets develop and the company's ability to implement timely responses to market conditions.
Further information on Euro909.com is contained in the publicly filed disclosures available through the SEC's Public Reference Branch or from the company's Investor Relations Department.
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Contact:
Euro909.com (Denmark)
Bertel E. Jensen, 011-45-39-540000
Fax: 011-45-39-664021
ir@euro909.com
or
Politis Communications (U.S.)
David Politis, 801/523-3730 (office)
801/556-8184 (mobile) |
