S&T System Integration & Technology Distribution AG: Financing package secures future

Vienna (pta009/31.01.2011/10:50 UTC+1) S&T AG has agreed in principle with the banks on a financing package that secures the group's future. The package includes the extension of the maturity of the bonds originally due in 2011 by one year, the deferral of interest and the provision of resources in the amount needed for continuing business operations for the short and medium term. The agreement has initially been concluded for one year. "This agreement creates the financial conditions to implement the necessary restructuring measures to successfully conclude the discussions with investors, "says Michael Lanik, CRO and Speaker of the Management Board of S&T. "Due to high losses in the past, we expect a very low price at any capital increase. ", warned the Management Board against speculation.

As part of the comprehensive restructuring plan of S&T and the concentration on its core business areas in its core markets, S&T sells its subsidiaries in Ukraine and Moldova to a strategic investor. The purchase price is not disclosed. For its German subsidiary, for which closing had already been announced, after a thorough analysis of all options the path of bankruptcy has proven to be inevitable. However, no further sales or closings of subsidiaries are planned.

Furthermore, Andreas Frech resigned at his own request from the Supervisory Board and leaves the body with immediate effect.

The commitment to CEE remains unchanged. The position in these markets will be strengthened further in order to achieve renewed growth in these attractive markets. In Austria the already initiated restructuring will continue to create conditions for a successful future. "S&T Austria is a major IT services company with an excellent market position and outstanding employees," said Lanik, thus underscoring the important role of the Austrian market for the company.

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Emitter:	S&T System Integration & Technology Distribution AG Geiselbergstraße 17-19 1110 Wien Austria
Contact Person:	Mag. Michael Dvorak
Phone:	+43 1 367 80 88 1020
E-Mail:	michael.dvorak@snt-world.com
Website:	www.snt-world.com
ISIN(s):	AT0000905351 (Share)
Stock Exchange(s):	Vienna Stock Exchange (Official Trade)