AS XXL.EE

ANNOUNCEMENT

 

ADDITIONAL INFORMATION ABOUT CO-OPERATION AGREEMENT CONCLUDED 

BETWEEN XXL.EE AND INFOPISTE OY

 

On 26.01.2000 AS XXL.EE Group and Infopiste OY concluded an 

agreement for establishment of joint venture, where AS XXL.EE will 

own 49% and Infopiste Oy 51% stake. The new company's share capital 

volume is EEK 400 000.

 

The new joint venture will create, develop and administrate the 

Estonian city-portal. The goal of the joint venture is to realize 

the strategies of Infopiste Oy in the Baltic countries and Eastern 

Europe, a part of the company's general strategic goal to become a 

leading portal developer in Europe. The current ownership structure 

in the joint venture was decided based on Infopiste's need to 

consolidate its holdings in subsidiaries for the planned share 

issue. The shareholders have agreed to make all substantial 

decisions based on consensus.

 

The company's main field of activity is the development and 

administration of a vertical city-portal, to be mainly directed to 

tourists visiting Tallinn. Portal is focused on production of 

content; it will be published on internet as well as in 

WAP-environment. The new portal will be launched by the first half 

of the current year. XXL.EE's current portal (www.xxl.ee) will be 

fully integrated into the new city-portal. OÜ Internetivärav, the 

administrator of the current portal, will be liquidated.

 

XXL.EE will gain international experience and business model for 

operating within a larger structure from strategic co-operation 

with Infopiste, also the right to use Infopiste trademark and 

access to Infopiste's IT-solutions. The new company's ownership 

structure will also provide better financing possibilities. XXL.EE 

will conduct a share issue worth at least EEK 20 million in March 

or April of the current year. 

 

After conclusion of strategic co-operation agreement with 

Infopiste, XXL.EE Group will focus on development of the portal and 

digital media projects (solutions, consultations). The Estonian 

computer selling company and IT-services provider AS PCT Arvutid 

will be sold within the next months;  SIA PCT Riga will be also 

sold or liquidated.

 

 

Arho Anttila

Chief Executive

XXL.EE 

arho@xxl.ee 

+372 628 3601

 

<a href='http://www.infopiste.fi' target='_blank'>http://www.infopiste.fi</a>

<a href='http://group.xxl.ee' target='_blank'>http://group.xxl.ee</a>