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Westend ICT Plc Financial Statements 2010 - correction

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31.12.2010 00:00

Westend ICT Plc Stock Exchange Release December 31, 2010, at 13:50 Finnish time


The merger of Westend ICT Plc and Innofactor Software Oy (former Innofactor Oy) as an exchange of shares has taken place. The new shares issued in the share issue decided by the Extraordinary General Meeting of Westend ICT Plc on December 27, 2010, were registered in the Trade Register today. As a result of this, a significant change has taken place in the ownership of Westend ICT Plc. The ownership of Innofactor Software Oy has been transferred to Westend ICT Plc.

As this exchange of shares is a reverse acquisition according to the IFRS 3 standard, it changes the structure of the Westend ICT Plc group's financial statements for the financial period of January 1–December 31, 2010. The group financial statements will be drawn up for the company that is the judicial buyer, Westend ICT Plc (Innofactor Plc after the name change), but the continuity of the group financial statements concerns the financial statements of the Innofactor Software Oy group (former Innofactor Oy group), which is the buyer from the point of view of bookkeeping. So the profit and loss statement and the balance sheet of the group financial statements for January 1–December 31, 2010, will be formed as follows:

- the profit and loss statement in accordance with the Innofactor Software Oy group up to the acquisition date, December 27, 2010,

-for the period of December 27–31, 2010, the profit and loss statement combines the results of the Innofactor Software Oy and Westend ICT Plc groups,

-the balance sheet of December 31, 2010, combines the balance sheets of the Innofactor Software Oy and Westend ICT Plc groups.

Thus, the company corrects the information given in the earlier stock exchange release, dated on December 3, 2010, which stated that the financial reports for the combined business would be made as of January 1, 2011.


Espoo, December 31, 2010

Westend ICT Plc
Sami Ensio
CEO


Additional information:
CEO Sami Ensio
Tel. +358 (0) 50 584 2029
sami.ensio@innofactor.com


Distribution:
NASDAQ OMX Helsinki
Main media
www.westendict.com