Swedish high-tech company Anoto Group AB agrees to negotiate debt with US company Livescribe Inc

Nordic Business Report, Jan 8, 2009

NORDIC BUSINESS REPORT-8 January 2009-Swedish high-tech company Anoto Group AB agrees to negotiate debt with US company Livescribe Inc(C)1994-2009 M2 COMMUNICATIONS LTD http://www.m2.com

Swedish high-tech company Anoto Group AB (OMX Stockholm:ANOT) said on Wednesday (7 January) that it is in settlement negotiations regarding an unpaid debt from the US company Livescribe Inc.

The debt relates to Livescribe's acquisition of Anoto Group's US business unit Content and Applications in early 2007. As part of the terms, Livescribe was to pay Anoto Group USD2.5m by the end of 2008, but due to a delayed product launch and other difficulties, Livescribe has asked to be allowed to postpone the payment.

"Negotiations have started and a settlement is expected within a few weeks," Anoto Group said.

Anoto Group, headquartered in Lund, Sweden, develops digital pen and paper technology enabling the fast transmission of handwritten text into a digital format. The company has some 110 employees in Sweden, the US and Japan, and reported a turnover of SEK169m in 2007.

One British pound (GBP) is worth approximately 1.45 US dollars (USD). One British pound (GBP) is worth approximately 11.33 Swedish kronor (SEK).

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