The Fantastic Corporation

euro adhoc: The Fantastic Corporation
Annual & Special Corporate Meetings
Fantastic will focus on U.S. market (E)

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Fantastic will focus on U.S. market

Zug, Switzerland - July 4, 2003 - The board of the Fantastic Corporation in Zug (Prime Standard Frankfurt: FAN) today decided to concentrate the company’s future operations exclusively on the U.S. market. Research and development, customer support as well as sales and marketing are already based in San Mateo in the United States. The management and board consider this to be the best approach to implement the strategic focus on the US eCDN-Market as announced in February 2003.

Fantastic already introduced its new eCDN strategy earlier this year and since then consequently optimized its product portfolio for this market and reduced its operational costs through restructuring. After the restructuring that was announced on June 13, 2003 and the shift to the U.S. are completed, the number of employees will be 16 in total. Thus, this last restructuring will affect primarily the head office in Zug.

The company goals for the first half of the 2003 were partially reached. During the first quarter 2003 operational expenses were reduced by 41.5 percent compared to the fourth quarter 2002. The leading industry analyst Gartner Inc. confirmed that Fantastic’s efforts are internationally recognized by placing the company in its Magic Quadrant for eCDN. Nevertheless, revenues remained below expectations.  

As a consequence of the shift of business to the U.S. Alain D. Bandle, CEO and member of the board, will hand over the management responsibilities to the U.S. and remain as CEO until the end of September 2003. Andreas Emmenegger, CFO, will remain at the company’s service until the end of September 2003. Simon Johnson, vice president sales, will hand over his role to U.S. based Soeren Lindkvist at the end of July 2003.

"This shift of the company’s business to the U.S. reflects the consequent implementation of the eCDN strategy I designed," says Alain D. Bandle. "The market evolves mainly in the U.S., therefore we will strengthen our sales efforts by hiring two additional sales managers."

After October 1, 2003, Peter Ohnemus, chairman and co-founder of the Fantastic Corporation, will act as interim CEO of the company. He will be supported by two employees for finance, communications and investor relations tasks.

Considering the company’s financial situation, the board is analyzing possible alternatives for the future of the Fantastic Corporation.

end of announcement            euro adhoc 04.07.2003

Further inquiry note: Herr Steinacher Dominik

Branche: Software
ISIN:      CH0008310515
WKN:        924382
Index:    Nemax All Share
Börsen:  Frankfurter Wertpapierbörse / regulated dealing
              Niedersächsische Börse zu Hannover / free trade
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Hamburger Wertpapierbörse / free trade
              Bremer Wertpapierbörse (BWB) / free trade
              Börse Düsseldorf / free trade
              Baden-Württembergische Wertpapierbörse / free trade

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