UPA (Utanian Press Agency)
Release: January 18, 301 AP.

Savaj Netopik buys Jagged Blue

The multi-billion pund Savaj Netopik corporation, owned by James Angorit, has purchased Luka-based internet business "Jagged Blue" for an estimated Û13 million.

It is the first such purchase by Savaj Netopik, the brain-child of James Angorit, the millionaire Savaj businessman who entered politics by creating his own party, the Utani Progressive Party. Savaj Netopik is a multi-billion pund company specialising in the manufacturing and infrastructure sectors, though it has made several forays into other sectors, most notably forestry in Nystonia. This is, however, the first IT company or venture that Angorit's corporation has entered into.

The statement from the Office of Information (effectively a Shareholder information office, as the major shareholders are Angorit himself (83%) and his employees (14%)) said that the company is looking to "enter the digital age". Truth is, say business analysts, that Angorit, who is looking to expand the shareholder base later in the year, is seeking to make Savaj Netopik "look more attractive" by adding successful IT companies.

Jagged Blue is an internet service provider and consulting firm in Luka, with 112 employees, 80,000 ISP customers and 6,000 days of internet consulting last year. This raised revenues of 35.3 million, but the company also made a loss of Û3.2 million last year due to high imported telecommunication and technology costs.

Savaj Netopik takes 100% ownership of the company with a buy-out of the management owners.

©UPA, 301 AP.

©Mike Ham, 2001. All rights reserved. No reproduction without, at least, tacit approval. ;-)