UNQUOTE

GERMANY - Dr Neuhaus Techno Nord exits EUTEX holding

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Following the listing of EUTEX on the Entry Standard of the Frankfurt Stock Exchange in December 2005, Dr Neuhaus Techno Nord has exited its remaining stake in the company. The strategic investor is an undisclosed Russian company operating in the field of telecommunications. The buyer has agreed to purchase 523,085 shares outstanding from funds advised by Dr Neuhaus Techno Nord. Following the transaction the buyer will hold an 18.7% stake in the international wholesaler for network to network telephone minutes.

Dr Neuhaus Techno Nord invested EUR 2m of early-stage funding in Eutex in early 2001 in return for a 40% stake in the company. In November 2002, Dr Neuhaus and AVIDA were joined by NIB Norddeutsche Innovations und Beteiligungsgesellschaft and Ventegis Capital in a € 7.8m round of expansion funding for the company. Dr Neuhaus remained the largest stakeholder in the company following this round of funding. Eutex has grown its turnover from EUR 18m in 2002 to € 106m in 2004. The company listed on the Entry Standard of the Frankfurt Stock Exchange on 8 December 2005.
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