COPENHAGEN, Denmark, April 30, 2001 (PRIMEZONE) -- Olicom A/S (OTCBB:OLCMF) ("Olicom" or "the Company") today announced a net loss for the first quarter of 2001 of 5.0 million Danish Kroner ("DKK"), or US$587,000, which was in line with previously-announced expectations. The loss per share was DKK 0.29, or US$0.03 per share. All amounts expressed in U.S. dollars are calculated at the March 31, 2001, rate of exchange between the U.S. dollar and the Danish krone.
As of March 31, 2000, Olicom had cash, cash equivalents and restricted cash of DKK 263.8 million, or US$31.1 million. Shareholders' equity at March 31, 2001, was DKK 236.1 million, or US$27.9 million, corresponding to DKK 13.57 per share or US$1.60 per share.
Both the operating results for the first quarter and the balance sheet at March 31, 2001, were in line with previously announced expectations for the year. The Company continues to maintain its previously announced expectations for the full fiscal year.
The most significant developments during the quarter for Olicom's portfolio companies were:
-- GoPinocchio ApS established a strategic alliance with IBM to
provide innovative, best-of-breed GoPinnochio and the European
Division of American MagneTek launched a Mobile Service
Management solution, which includes technology to enable support
technicians to correct errors and breakdowns in GSM and GPRS
telephone masts without the need to be physically present at the
energy stations that supply them.
-- Sifira A/S established a strategic alliance with the Danish
mobile phone operator Telmore regarding Internet accessible voice
services.
-- Transynergy A/S (formerly named Vizion Factory m-devices A/S)
employed Carsten Lind as its Chief Executive Officer. Carsten
Lind joins Transynergy from a position as CIO at Post Danmark,
the Danish national postal office.
-- Juize A/S, whose primary customer group is mobile internet
service providers, is in negotiations with additional customers,
but has been impacted by the generally cautious attitude on the
part of such providers with respect to new initiatives which
currently characterizes these providers.
No new investments were made during the first quarter of 2001, but Olicom is in the final stages of negotiation with potential investees and currently expects the number of portfolio companies to increase by one or two companies during the second quarter of 2001.
"Developments in the stock markets have not reduced our willingness to invest, but do, of course, impact the valuations that we place on the opportunities presented to us," said Boje Rinhart, President and Chief Executive Officer of Olicom. "Typically, we expect to hold our investments for three to five years, and our investment decisions are based on an evaluation of a candidate's abilities and business plan, rather than on movements in the stock markets."
Read the full release below: Attachment: http://reports.huginonline.com/818446/89222.pdf
About Olicom
Olicom initiates or participates in the development of new products and services that leverage leading-edge communications technologies, primarily with a focus on satisfying the needs of mobile data communication users. Business opportunities are identified both through Olicom'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 about Olicom is available from the Company's SEC filings or by contacting the Company directly. Information is also available on the Company's Web site at www.olicom.com.
Olicom is a registered trademark.
Except for historical information contained herein, the matters discussed in this news release may contain forward-looking statements that reflect the Company's current expectations and projections about its future results, performance, prospects and opportunities. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Among the risks, uncertainties and other factors that could cause results to differ are uncertain market conditions, the successful implementation of the Company's new strategic direction; the Company's need to continue to identify and acquire interests in suitable portfolio companies; intense competition among capital providers to acquire interests in technology companies; the dependence of the Company on the financial and operating success of the enterprises in which it invests or participates; and existing and future regulations affecting the Company's business, the businesses of its portfolio companies or technology generally. Further information may be found in Olicom's periodic filings with the U.S. 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, performance, prospects or opportunities to materially differ from those contained in the forward-looking statements.