The purchase price paid is US $30,000,000, reduced by the amount of any debt held in Euroweb Hungary and Euroweb Romania including USD $6,000,000 payable to Commerzbank. Shareholders holding a majority of the Euroweb's outstanding shares of common stock approved the sale of Euroweb Hungary and Euroweb Romania at the special meeting held to vote on such matter on May 15, 2006.
Csaba Tor, the CEO of Euroweb, stated "this has been the culmination of our strategy that was first developed in 2002 pursuant to which we commenced evaluating various businesses across industries that included merging with companies, the disposition of its operating units, a sale of a significant amount of its assets or any combination of these items, which program was implemented commencing 2004 with the disposition of our assets in the Czech Republic and Slovakia. With the sale of our assets in Hungary and Romania we believe we are now positioned to redeploy capital to acquire additional assets in other as-yet unidentified industries that hold potential for profitability."
