STOCKHOLM, Sweden, April 5, 2002 (PRIMEZONE) -- In his address, at the PartnerTech AB (publ) Annual General Meeting, CEO Mikael Jonson declared that the company experienced weak demand in the first few months of 2002. He also informed the meeting that the integration of recently acquired Vellinge Electronics has got a good start and is expected to further strengthen PartnerTech's competitiveness.
Hans Ahlinder, Andrejs Cakste, Gunnar Ekdahl, Mikael Jonson and Patrik Tigerschiold were reelected as members of the Board. Johan Siberg, former Executive Vice President of Ericsson, was elected to the Board for the first time. Mr. Siberg replaced Sonny Lindquist, who left the Board after five years of service. The statutory Board meeting following the Annual General Meeting chose Mr. Ekdahl as chairman and Mr. Siberg as vice-chairman.
In accordance with the Board's proposal, the PartnerTech AB (publ) Annual General Meeting voted that no dividend be distributed for 2001. The meeting authorized the Board to reach a decision on an issue of new shares in order to provide the company with additional capital or to enable acquisitions. The authorization is limited to no more than 750,000 shares with a par value of SEK five (5.00) each.
In accordance with a proposal of the Board, the Annual General Meeting voted to initiate a stock-option program intended for certain categories of employees. The program will run for three years, and the redemption price will be SEK 70.30. If fully subscribed, the program will comprise 346,580 options.
The members of the Board and President were discharged from liability with respect to 2001.
PartnerTech AB develops and manufactures electronics and mechatronics products under contract for leading growth companies, primarily in the telecom infrastructure, IT/mechatronics, and medical equipment segments. With some 1,150 employees, the company is quoted on the O list of the Stockholm Stock Exchange.
Upcoming interim reports:
Report for January-March - Tuesday, April 23, 2002 Report for January-June - Thursday, July 18, 2002 Report for January-September - Wednesday, October 23, 2002
This information was brought to you by Waymaker http://www.waymaker.net