Shares of Novitech, a.s. Kosice will be floated on the parallel market of the Bratislava Stock Exchange (BCPB) from next week. Novitech will thus become the first Slovak consulting and IT company to go public. In the second quarter of 2003 it plans to enter stock exchange in Frankfurt, Germany, the company representatives told a news conference on Monday.

Novitech signed a one-year market-maker contract with brokerage firm Prva Paroplavebna. Thirty percent of the SKK 10 million issue will be publicly tradable on the BCPB. In order to increase the shares‘ public accessibility, shareholders set the par value of the a share SKK 1. Chairman of the board of directors Dusan Lukasik believes that the shares will double their value in the next three years.

In line with non-audited results, Novitech closed last year with total sales at SKK 126.1 million, exceeding the plan by SKK 800,000. Although the company grossed SKK 10 million less than planned in 2002, Mr. Lukasik evaluates last year as very successful. Failure to meet projected gross earnings was caused by higher than planned restructuring costs, amounting to SKK 6.4 million.

The company plans to increase its sales and earnings in 2003. The Novitech order book already contains contracts amounting to SKK 80 million for the next year that should bring sales of SKK 205 million. Novitech generates a high portion of sales from information system projects for the state administration.

Novitech, a.s. Kosice focuses on development and implementation of extensive information systems and project management. It was established in 1989 and now employs 140 highly qualified people working in its Kosice headquarters and specialized subsidiaries throughout Slovakia.