The purchase price is approximately $2.5 million, of which $700,000 is an immediate cash payment and the balance is a $1.8 million 5-year debenture bearing 6 per cent interest.
Aldo Petersen, CEO of EuroTrust, said that the sale of Virus112 is the final step in the firm's plan to divest itself of all internet-related operations and focus instead on its Scandinavian media operations including the television production of the national soccer league in Denmark and Sweden,
Petersen pointed out that the sale of Virus112 was a logical continuation of this strategy, which has already seen EuroTrust sell off its PKI and hosting divisions.
"The financial strength we have gained from these transactions has allowed us to grow our Europe Visions operation into one of Northern Europe's largest live-event broadcasting companies in the first half of 2004," said Petersen.
Comendo promised to hire existing Virus112 employees. In addition, Comendo will enter into a 5-year lease for the portion of the facility owned by EuroTrust that is currently occupied by Virus 112.
EuroTrust owns a cable and satellite network in Denmark and is one of the largest providers of mobile television production services in Scandinavia.