The board of directors (the “board”) of Getupdated Internet Marketing (“Getupdated”) has decided to sell the subsidiary Crystone provided that the right terms and conditions are materialized. During the summer Ceres Corporate Advisors has been engaged to facilitate a structured sales process in order to maximize the value of the transaction.
The sale of Crystone takes place as the board intends to focus on the Getupdated’s core business within Internet marketing and the synergies with Crystone, as one of Sweden’s leading web hosting companies, is considered limited.
The board also states that it has received an offer for Crystone from one of the main shareholders in Getupdated, Mattias Kaneteg. Kaneteg, who is also employed as vice-CEO at Getupdated, has secured a loan pledge and the offer is subject to certain standard conditions. The board sees the offer from Kaneteg as positive but intends to pursue the structured sales process of Crystone in order to ensure a maximum value.
If a better offer is not received from another party then the board intends to finalize negotiations with Kaneteg. A sale of Crystone to Kaneteg is subject to approval from an extraordinary general meeting in accordance with the regulations for transactions in public companies made with persons close to such a company. Considering the background of Kaneteg's insight into the company, he will not be given the opportunity to take part in the continued sales process. His bid will be pending until the result from the sales process is completed, which is expected before the end of the year.
If Kaneteg would purchase Crystone then the intention is that he will leave his position as vice-CEO at Getupdated and instead become a member of the board.
Kaneteg's offer would constitute a considerable liquidity injection and profit for Getupdated if the transaction were to be executed on the terms that he has presented. The board's ambition however, is to achieve an even better result.
The interim report for the half-year will be made public on the 26th of August.
For further information please contact the Chairman of the board,
Kjell Ormegard, mobile +46 706 689376.
About Getupdated Internet Marketing
Getupdated is a rapidly growing full-service provider on the market for Internet marketing and online communications. The company delivers products and services for marketing on the Internet in infrastructure, branding, traffic generation and conversion of visitors to real business. Getupdated can increase the profitability of your Internet investment using Internet strategies, communication, concept development, web and portal development, business systems, web design, e-commerce, communities, content management systems, advertising on the Internet, search engine optimization, affiliate networks and web hosting.
Getupdated Internet Marketing’s clients are companies and organisations who want to reach out to their clients and do business on the Web. Since 1999 the company has helped many companies develop their web presence such as Tele2, Unibet, Intrum Justitia, Gustavsberg and JLindeberg.
Getupdated Internet Marketing has in total approximately 340 employees in Sweden, Norway, Great Britain, France and the USA. Getupdated Internet Marketing is listed on First North and has Mangold Fondkommission as certified advisor.