TRAINERS' HOUSE OYJ STOCK EXCHANGE RELEASE 5 AUGUST 2010 AT
8:45
CORPORATE TRANSACTION CONCERNING THE TECHNOLOGY PROJECT BUSINESS OF TRAINERS'
HOUSE
Trainers' House, Sentica Kasvurahasto II Ky and the employee-owners of
AtBusiness Oy have signed an agreement on a corporate transaction under which
the technology project business of Trainers' House is sold to a new company.
Simultaneously the new company acquires the entire share capital of AtBusiness
Oy from Sentica Kasvurahasto II Ky and the employee-owners of AtBusiness Oy.
“With this transaction, our core business, which has been very profitable
despite the recession, will receive the resources and attention it deserves.
Trainers' House is entering its next growth phase and is returning to its roots
as a more competitive company,” said CEO Jari Sarasvuo.
“Now the company's structure corresponds to our strategic goals better than
before. We gave up the management of our IT project business in order to
strengthen its position in the market and to focus better on pursuing our core
strategy. Trainers' House will continue to support the implementation of
training and marketing projects based on tailored IT- systems, but
responsibility for business operations and brand building in this area are now
the new owner's responsibility,” said CEO Jari Sarasvuo.
The purchase price of the technology project business of Trainers' House is EUR
9.0 million, of which about EUR 6.2 million will be paid to Trainers' House in
cash. In addition, Trainers' House will invest about EUR 2.8 million in the new
company using equity and debt instruments. After the transaction, Trainers'
House will own 19.9% of the new company's shares and votes, while Sentica
Kasvurahasto II Ky and new company's acting management will own the rest of the
shares and votes.
The completion of the transaction is subject to closing conditions specified in
the agreement. Trainers' House is expecting the transaction to be completed
during August 2010.
The net sales of the technology project business of Trainers' House for 1
January - 30 June 2010 totalled EUR 4.5 million, and it made a operating profit
of EUR 0.3 million. On 31 July 2010, the business employed about 80 people.
The corporate transaction does not affect the SaaS business of Trainers' House,
which the company continues to develop as planned.
Trainers' House Plc
Aarne Aktan
Chairman of the Board of Directors
