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Prevas expands in Stockholm, signs Letter of Intent on acquisition of Avantel

PRESS RELEASE

2006-05-09
Prevas, leading developer and supplier of embedded systems in the Nordic Region, has signed a Letter of Intent for the acquisition of Avantel AB. Avantel provides specialist competence within embedded systems on the Stockholm market. Acquisition of Avantel will further strengthen Prevas´ position on the rapidly expanding market for embedded systems.
 
Today´s rapid technological development means that products all around us are controlled by computers - e.g. mobile telephones, home electronics, cars and aeroplanes. Such products do not resemble computers, but they contain many microprocessors which run even more strings of program code. They are called embedded computer systems and the market for embedded systems is in strong growth.
 
Avantel´s ability to successfully drive product development from idea to profitable product, and the company´s solid competence within electronic construction, embedded systems, microprocessor technology and an unusually good understanding of durability and construction of secure systems will increase Prevas´ specialist competence within the development of intelligent products.
 
Avantel has extensive experience of sectors with very high standards, such as medical technology, aerospace and consumer products with customers such as Electrolux, PacketFront, SciBase and others.
 
“Acquisition of Avantel will accelerate our expansion in Stockholm within embedded systems", says Anders Englund, MD of Prevas.
 
“Our ambition to supply world class product development will be strengthened by Prevas´ broad technical competence and successful project execution", says Maria Månsson, MD and one of the main shareholders of Avantel. “Merging with Prevas means accelerated growth for Avantel", concludes Månsson.
 
The transaction is scheduled to be completed by the end of June after Due Diligence. The completed acquisition will have a positive effect on Prevas´ results for 2006.

Contacts
Anders Englund, CEO Prevas AB
Tel: +46 8-726 40 56, Mobile: 070-620 96 59
E-mail: anders.englund@prevas.se    

Maria Månsson, MD Avantel AB
Tel: +46 8-644 14 00, Mobile: +46 70-864 43 99
E-mail: mm@avantel.se

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