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Electronics Production | May 30, 2011

Note: 'Faster to sell than to liquidate'

To sell Note Tauragé UAB is faster and more cost effective than to liquidate the company. That is the gist of things, as Note settles its activities in Tauragé (Lithuania).
Henrik Nygren, CFO of Note, told evertiq in an interview "that it is a matter of Note getting a chance to quickly and cost effectively implement the final phase of the programs launched last year".

"What has happened is that - during last year - we launched a program in which the activities in Tauragé basically ceases. Since then, the company has not had any direct employees."

In a press release Note announced that Note Tauragé UAB will be sold to the CEO, Virginijus Liepis. His employment with Note ceases during 2Q/2011.

"To sell is an option, to liquidate another. The former means that we can expedite the judicial processes", said Henrik Nygren.

Virginijus Liepis acquires only the company and former manufacturing building. The equipment was moved to other Note facilities during the Q1/2011. "We have already moved out the equipment we had in the property. The building is basically an empty shell", Henrik Nygren concludes.

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