euro adhoc: The Fantastic Corporation / Layoffs & Downsizing / Fantastic Closes its Daughter Company FirmNET AG (E)
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Fantastic Closes its Daughter Company FirmNET AG
Zug, Switzerland - May 28, 2003 - The Fantastic Corporation (Prime Standard Frankfurt: FAN), a provider of software products that optimize data distribution within corporate networks, today announced the closing of its 100% daughter company FirmNET AG. Fantastic takes this measure in order to further lower operational costs in Europe.
After analyzing several alternatives the company decided to close FirmNET in agreement with the new strategy and the disappointing results of FirmNET. In February 2003 Fantastic had announced that it has shifted its focus solely toward the market of enterprise Content Delivery Networks (eCDN), with a special emphasis on the United States. All of the nine FirmNET employees will be made redundant.
Further inquiry note:
Herr Steinacher Dominik Tel: +41(0)41 728 8888 FAX: +41(0)41 728 8900 Email: info@fantastic.com
end of announcement euro adhoc 28.05.2003
--------------------------------------------------
Disclosure announcement transmitted by euro adhoc.
The issuer is responsible for the content of this announcement. --------------------------------------------------
Fantastic Closes its Daughter Company FirmNET AG
Zug, Switzerland - May 28, 2003 - The Fantastic Corporation (Prime Standard Frankfurt: FAN), a provider of software products that optimize data distribution within corporate networks, today announced the closing of its 100% daughter company FirmNET AG. Fantastic takes this measure in order to further lower operational costs in Europe.
After analyzing several alternatives the company decided to close FirmNET in agreement with the new strategy and the disappointing results of FirmNET. In February 2003 Fantastic had announced that it has shifted its focus solely toward the market of enterprise Content Delivery Networks (eCDN), with a special emphasis on the United States. All of the nine FirmNET employees will be made redundant.
Further inquiry note:
Herr Steinacher Dominik Tel: +41(0)41 728 8888 FAX: +41(0)41 728 8900 Email: info@fantastic.com
end of announcement euro adhoc 28.05.2003
