Aspiro drops subsidiaries

3 Dec 2002 at 09:52 GMT Marc van Impe

Swedish mobile application provider Aspiro has decided to wind up all its subsidiaries not necessary for the core business. The company has also sold its shares in LunarWorks. The board of directors has been reduced in number of members. Aspiro has decided to declare four subsidiaries bankrupt, in order to expedite liquidation and to entirely concentrate the company on development and sales of mobile applications. The subsidiaries are InfoCreator i Höganäs AB, Aspiro Development AB, Mgage Systems Finance AB (in liquidation) and Aspiro Advox AB (in liquidation). Today no business, which is supporting Aspiro's core business, is run in these subsidiaries. The decision does not influence any employees. Aspiro has also decided to sell its subsidiary Midab Data AB. Aspiro's affiliated company in the USA, Aspiro Inc. will be closed down. Aspiro's American customers will from now on be handled from Sweden and via an agent who is based in San Francisco. Aspiro has sold its shares in LunarWorks AB to members of the top management and present owners of LunarWorks. The shares fetched SEK 2 million, which constitutes an important contribution to Aspiro's liquidity under the present circumstances. Lars H. Bruzelius, Lars Jarnryd, France, and Fadi Pharaon, China, have resigned from the board of directors of Aspiro AB.