Euroweb Acquires Navigator Group, a Hungary-Based IT Services Firm, for $10 Million
October 07 2005 - 10:21AM
Business Wire
Euroweb International Corp. (Euroweb) (Nasdaq:EWEB), today is proud
to announce that Euroweb and Euroweb Hungary Rt. (Euroweb Hungary),
a wholly owned subsidiary of Euroweb, completed the USD$10,000,000
acquisition of 100% of Navigator Group (Navigator), a Hungary-based
provider of IT outsourcing, applications development, and IT
consulting services. Navigator was acquired from Marivaux
Investments Limited and Graeton Holdings Limited. Further
information on Navigator and details of the acquisition can be
located in the Form 8-K's that have been filed with the SEC. Csaba
Toro, Chief Executive Officer of Euroweb International Corp., said,
"We are very pleased that the acquisition of Navigator was
completed on such a timely basis. We believe this acquisition may
be a key element in our future plans to redirect our company into
new markets. Navigator will serve as our platform into the vast
world of IT services, and we intend to aggressively seek additional
opportunities in this industry." Moshe Schnapp, President of
Euroweb International Corp., commented, "The decision to acquire
Navigator is a step toward implementing our strategy as stated by
Csaba. This is a fresh new market for Euroweb. We see great
opportunities to expand this first major landmark deal into the IT
sector and see this acquisition of Navigator as a significant
milestone for our company and our shareholders. Euroweb intends to
be a major player in the consolidation of the IT industry in
Hungary." For more information about the Company go to:
www.euroweb-international.com. About Euroweb Euroweb International
owns and operates Internet Services Providers and value added
services in Hungary and Romania through its wholly owned
subsidiaries Euroweb Hungary Rt. and Euroweb Romania S.A. Euroweb's
common stock is traded on the Nasdaq SmallCap Market under the
symbol "EWEB". "SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 This press release contains
forward-looking statements that involve risks and uncertainties.
The statements in this Release are forward-looking statements that
are made pursuant to safe harbor provision of the Private
Securities Litigation Reform Act of 1995. Actual results, events
and performance could vary materially from those contemplated by
these forward-looking statements. These statements involve known
and unknown risks and uncertainties, which may cause Euroweb
International Corp's actual results in future periods to differ
materially from results expressed or implied by forward-looking
statements. These risks and uncertainties include, among other
things, product demand and market competition. You should
independently investigate and fully understand all risks before
making investment decisions.
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