Icon Medialab Expands in Asia

LONDON (03/28/2000) - Swedish Internet services provider Icon Medialab International AB is extending its reach into the Asia-pacific region through a new US$70 million organization dedicated to creating a network of e-business specialists in the region.

The new business unit, to be called Icon Medialab Asia, will be financed by strategic investors and partners, as well as by Icon Medialab itself, which will take a 25 percent equity stake. Icon Medialab Asia will be led by the company's cofounder Johan Stael von Holstein. Headquarters for the region will be in Hong Kong and Singapore, adding to the company's existing presence in Kuala Lumpur, the company said in a statement today.

The company will initiate projects throughout the region immediately, with plans to operate in ten key markets in Asia and Australia by the end of 2001.

Icon Medialab said it would announce the other board members and investors upon the closing of the financial transaction next month. The company will also have an extra shareholders' meeting next month to formalize the details of its investment in the network of e-business specialists.

Icon Medialab provides professional Internet services in 13 countries for clients including Fujitsu Ltd., Motorola Inc., Sony Corp. and Telia AB.

Icon Medialab, in Stockholm, can be reached at +46-8-588 990 00, or on the Web at http://www.iconmedialab.se/.

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