Euroweb International Corp., announced today the signing of the Share Purchase Agreement for the sale of its wholly-owned subsidiary Euroweb Czech Republic s.r.o. to Globix Communications Ltd. The purchase price to be paid to Euroweb is $500,000 in cash. The closing of the sale is expected within one week of the signing.
"We are pleased to announce the execution of the documents relating to the sale of Euroweb Czech Republic s.r.o.. This strategic decision has been a further step towards our more focused approach. By selling our operation in the Czech Republic, we are concentrating our efforts in the countries where Euroweb is considered to be a market leader. We believe the disposition of our Czech subsidiary will enable us to further increase our presence and market share in these countries, by allowing us to focus on the market consolidation through further acquisitions and mergers as well as by introducing new services," commented Csaba Toro.
Globix Communications Ltd. is 100% wholly-owned subsidiary of eTel Group Limited, a leading alternative telecommunication operator in Central Europe.
About Euroweb
Euroweb International owns and operates Internet Services Providers in Hungary, Romania and Slovakia through its wholly-owned subsidiaries Euroweb Hungary Rt., Euroweb Romania S.A. and Euroweb Slovakia a.s. Euroweb's common stock is traded on the Nasdaq SmallCap Market under the symbol "EWEB".
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this Release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause Euroweb International Corp's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.