B2B Integration Software Company TIE Holding N.V. (“TIE”) listed on the EuroNext Amsterdam Stock Exchange hereby announces that it has reached agreement to transfer to Mr. G. Tóth the loan of EUR 2.5 million that is outstanding with Delta Lloyd Bank. The debt will be converted into 5 million ordinary shares in TIE Holding NV at the current stock price of EUR 0.50. TIE also announces the publication of its Annual Report for the financial year 2003 (October 1, 2002 – September 30, 2003) that has been audited by Ernst & Young. It will be posted on the TIE corporate web site today. TIE is scheduled to hold its annual shareholders meeting on March 17, 2004 in Amsterdam.
The loan transfer was completed today and will in due course strengthen TIE’s equity with EUR 2.5 million. The placement will be done in the form of a Convertible Bond that will be converted, at TIE’s discretion, after February 2005. As part of the transaction, Delta Lloyd Bank will receive 500.000 options on ordinary shares TIE Holding NV, to be exercised within five years, at an exercise price of EUR 0.50.
Mr. G. Tóth is CEO of De Vries Robbé Groep NV (“DVRG”), but acted on his own behalf in this transaction. The intention is that in due course an amount of shares constituting at least 5% of the outstanding share capital of TIE will be transferred to DVRG. This to underline the strategic alliance between DVRG and TIE announced last week. DVRG and TIE will form a joint venture called “TIE Hungary KFT” to market TIE’s B2B Integration Software & Services in Hungary and Eastern Europe. Both companies believe there are many opportunities in this market, when a number of Eastern European countries join the European Union.
This transaction is significant for TIE, since it has been able to reduce its debt from EUR 4 million to EUR 1.5 million. The conversion rate of EUR 0.50 is favourable to TIE’s shareholders and reflects the turn-around that TIE has made in the last months. TIE plans to prepay its remaining debt before the end of the summer through the proceeds of shares to be placed on favourable terms.
The Annual Report will be posted on the web site today (http://www.TIEglobal.com) and is available in printed form at the Company Offices. The agenda for the Annual Shareholders Meeting will be published in the national press this week. The meeting will take place on Wednesday March 17, 2004 at 15:00h at the Company offices in Amsterdam (Schiphol-Rijk).
Dick Raman, CEO of TIE: “We believe that this transaction constitutes the final step in the turn-around of TIE. We are now financially stable and can fully concentrate on the business of TIE. The prospects are good as we see continued improvements in our markets.”
About TIE
TIE is an international B2B Integration software company, established in 1987 and listed on the EuroNext Amsterdam Stock Exchange in the NextEconomy Index. TIE provides state-of-the-art software tools and in-depth expertise to TIE subsidiaries and resellers all over the world. These local Solution Providers help companies to do business electronically in order to improve the efficiency and effectiveness of their business processes and to lower their costs. TIE's main solutions in the 'Enterprise Portal Framework' allow companies to integrate their back-office processes to those of their trading partners and to manage product information. Since the TIE solutions are based on years of EDI as well as XML experience, TIE customers can reap the benefit of true open trading. TIE has a broad customer base in the Netherlands, Belgium and the USA and is a major player in Europe, Latin America and Asia.
Further information:
TIE Holding N.V.
Dick Raman, President & CEO
Beech Avenue 180
1119 PS AMSTERDAM (Schiphol-Rijk)
The Netherlands
Tel: +31-20-658 99 03
Fax: +31-20-658 99 02
e-mail: info@TIEglobal.com
Web site: http://www.TIEglobal.com