STOCKHOLM, Sweden, April 23, 2002 (PRIMEZONE) -- Sign On:
Financial Information January - March
-- Net sales rose by 40% and amounted to 7.2 MSEK (5.1).
-- Loss after net financial income/expense improved by 36%
to-5.0 MSEK (-7.8)
-- Liquid assets and current receivables amounted to 14.0
MSEK (19.6).
Summary of First Quarter
-- Sign On's board has decided to make a rights issue during May
2002 which, if fully subscribed, will provide an additional 37.0
MSEK.
-- Posten and Sign On have signed an agreement for the joint
marketing of both companies' services and products.
-- Sign On has made a new directed share issue to Posten
(5.6 MSEK).
-- A three-year contract for FormPipe has been signed with the
City of Stockholm.
-- Sign On delivered form archives to the 'Virtual Customs Office'.
-- EDS has taken over the operation of Sign On's production servers.
Future Prospects
-- Sign On will apply for a listing on the Stockholm Stock
Exchange's O-list.
-- The on-going FormPipe pilot project will be developed into a
paying customer project.
-- Increased activities for marketing FormPipe via partners in
Europe.
About Sign On
Sign On is a software company that offers total solutions that mean anybody can have quick, cost-effective access to electronic forms and documents as well as being able to send information via the Internet, with or without an digital signature. Sign On's operation is divided into three business sectors; FormPipe, Sign On Form Archive, Sign On Form Hotel and form design. Sign On has 64 employees and its head office is in Danderyd.
FormPipe
FormPipe is an in-house developed program that enable companies, local authorities and government bodies to receive information via the Internet in a secure manner. For instance a local authority will be able to receive a planning application from a company or an individual. As things are the applicant has to phone and request a form that has to be filled in, signed and then returned to the authority who have to record the matter and keep the application. With FormPipe the applicant can fill in the information directly over the Internet and return the application with a digital signature to the council which in turn receives the contents automatically and stores the application electronically. The service is available 24 hours a day. The applicant receives an acknowledgement that the item has been received and the council is able to identify directly who sent in the application. This saves both sender and recipient a lot of time and money.
Sign On Form Archive
Sign On Forms Archive is a service that companies can subscribe to annually. The archive contains a good 4,500 contract templates, forms and 'everything' for the office. Rather than a company organising its own internal templates, everything is available over the Internet at any time. The archive contains, for example: templates for board minutes, travel expenses, contracts of employment and notifications of changes to the Patent and Registration Office. There are also documents for private use such as tenancy agreements for apartments or contracts for the sale of cars. All the documents are in Word format which means that users can save the completed documents. During the present quarter Sign On and Confederation of Swedish Enterprise have jointly designed a number of new documents relating to labour legislation, something every business needs.
Sign On Form Hotel and Form Design
Sign On Form Hotel is a service that enables companies, local authorities and government bodies to publish their own forms for internal use and communication with their clients. Sign On designs electronic forms and sees that they are always available on the Internet. All a company has to do is organise a link with its own home page, Sign On takes care of the rest. It couldn't be simpler and the company receives a complete archive with forms and templates which results in savings in time, personnel and space.
Summary of Important Events During the Quarter
-- In March Sign On's board decided to make a rights issue in May in
order to provide the company with 33.5 MSEK when fully subscribed
(37.0 MSEK before issue costs). The new share issue is intended to
meet the Stockholm Stock Exchange's financing requirements and to
safeguard the continued marketing of Sign On's services and
products in Sweden and internationally.
-- Sign On and Posten Sverige AB signed an agreement for both
companies to market services and products jointly. Posten will
establish a new service based on FormPipe so that companies, local
authorities and government bodies can receive documents and
information from their clients.
-- At the start of the year, Sign On made a directed new issue
(equal to 5.6 MSEK) to Posten which also had the option of
increasing its stake to a full 10%. Posten came to the conclusion
that a direct holding in Sign On was not the best route to
cooperation and consequently decided not to acquire the remainder
and will also be disposing of its existing shares in Sign On.
-- Sign On signed an agreement with the City of Stockholm that means
that over the next three years the latter will pay at least 2.0
MSEK for the use of FormPipe. The annual revenue increases by SEK
100 thousand for each unit that joins. In total around 50
different units that can begin using FormPipe.
-- In January Sign On handed over the operation of Sign On Form
Archive and Sign On Form Hotel to EDS, the world's second largest
IT company. This offers us reliable operation with the opportunity
for gradual expansion.
-- At the end of January the Swedish Customs launched the 'Virtual
Customs Office' with Sign On as a subcontractor providing a form
hotel with forms in both Word and PDF formats.
-- Sign On has signed agreements with over 30 newspapers and web-
portals for the retail sale of contract templates to consumers
e.g. tenancy agreements, contracts of sale for cars or boats.
-- New form projects with, amongst others, JP Nordiska,
Oresundskraft, Bravida, Vin & Sprit and Stockholm Public Transport
Authority.
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