COPENHAGEN, Denmark and DALLAS, May 15, 2000 (PRIMEZONE) -- Olicom A/S (OTCBB:OLCMF), whose common shares trade in the Over-The-Counter Market in the United States and on the Copenhagen Stock Exchange, today announced that it has provided financing to the Danish start-up company Juize A/S, which has established and operates the WAP site "Juize.com". As a result of this transaction Olicom has acquired 22 percent of the outstanding capital stock in Juize A/S along with a short-term option to increase its ownership to 42 percent. On a fully diluted basis, Olicom's ownership percentages are 17 percent and 35 percent, respectively.
Partly based on proprietary applications Juize, which commences operations in Denmark today, will offer information, m-commerce and entertainment services to users of WAP enabled handsets. Juize also plans to launch novel services based on SMS technology. Juize expects to expand its operations to more European countries within 6-12 months.
"I am very happy to have won the backing of Olicom as our prime source of venture capital", said Britt Selchau, chief executive officer of Juize. "Olicom's approach of offering not just money but also to actively support us in addressing a wide range of business and practical issues is extremely valuable to a young company as ours".
"Britt and her team have impressed us by their creativity, dedication and ability to execute their plan so far. I am happy to see Juize as the first tangible initiative under Olicom's new strategy", said Boje Rinhart, Olicom's chief executive officer, who will become chairman of Juize's board of directors.
About Olicom
Olicom initiates or participates in the development of new products and services, which leverage leading edge technology primarily with a focus on satisfying the needs of mobile data communication users. Business opportunities are identified both through the Company's internal research and through the solicitation of ventures with start-up companies, which are offered seed and venture financing and access to the Company's established business network and infrastructure. More information on Olicom is available from the Company's SEC filings or by contacting the Company directly. See Olicom news on its Web site at www.olicom.com.
About Juize
Juize A/S operates the dynamic and interactive WAP site Juize.com, where both individual users and communities are offered personalized relevant and entertaining services. Juize develops on an ongoing basis new unique services and plans to launch Juize.com outside Denmark during the next 12 months. See Juize news on its Web site at www.juize.com or visit the WAP site wap.juize.com. Olicom and Juize are registered trademarks.
Except for historical information contained herein, the matters discussed in this news release may contain forward-looking statements, involving risks and uncertainties that may cause actual results to differ materially. Further information may be found in Olicom's periodic filings with the US Securities and Exchange Commission (SEC), including the most recent reports on Form 20-F and 6-K, which identify important risk factors related to the Company's business that could cause actual results to materially differ from those contained in the forward-looking statements.
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CONTACT: Boje Rinhart, CEO
Olicom A/S
+45 (45) 27 00 00
Britt Selchau, CEO
Juize A/S
+45 (45) 27 00 59