BRAIN FORCE announces sale of investment in SolveDirect


Today, BRAIN FORCE HOLDING AG (Vienna Stock Exchange: BFC, Reuters: BFCG) has signed an agreement for the sale of its investment in SolveDirect, Vienna.

Subject to the fulfillment of the conditions stated in the Share Transfer Agreement, the proceeds from the sale of Brain Force’s shares (less transaction expenses) will be approximately 8,5 Mio Euro.From today’s perspective, the sale will have a positive impact on the Group’s results and on cash and cash equivalents in the third quarter of the current fiscal year 2012/2013.

Since the conclusion of an investment contract with a financial investor in the fiscal year 2009/2010 the shares in SolveDirect held by BRAIN FORCE have been included in the consolidated financial statements as associate using the equity method.