24 Sep 2008
Spirt Avert announces interim results for first half 2008
Spirt Avert AG (SIX Swiss Exchange [previously SWX Swiss Exchange]: SPA) announces today its half-year results for 2008. The results reflect the steady continuation of the mindset project and the strategic focus, which will allow for the market launch of the zero-emission vehicle “mindset”. With the exception of the inactive Nextrom Ltda. Brazil (in liquidation), all former operating subsidiaries and holdings have been sold.
First half of 2008
The development milestones for the mindset project have been reached. Since January 2008, the first models of the vehicle have been presented to a number of specialists from the automotive world. Not only did the feedback we received confirm that the project is on the right track; we also learned through various test drives with an experimental vehicle that the performance of the electric drive and the production-ready energy storage far exceeds our expectations. In addition, the first prototype has been completed. It is now possible to experience hands-on both the exterior and the interior design – an important step to gather vital data for the further completion of the project until start of production.
The restructuring of the Spirt Avert Group was completed during the first half of the year. With the exception of one inactive subsidiary, all former subsidiaries and holdings have been sold. mindset ag is the only active operating subsidiary of Spirt Avert AG, with its current operational activities focused on the development of the new mindset zero-emission vehicle. Spirt Avert and mindset ag have until now not posted any operational revenues, which cannot be expected before July 2009.
The Spirt Avert Group recorded a net loss of CHF 6.3m for the first half of 2008. A large part can be attributed to external development expenses of CHF 3.4m. The year-over-year increase in personnel and other operational expenses is due to the ongoing development activities.
Outlook for second half 2008
The next important milestone in the mindset project is the realization of the first operational prototype by October 2008, which will exhibit all important characteristics of the production model. Furthermore, the securing of additional financing to guarantee the project’s continuation up to the start of production remains a priority.
For further information please contact:
Mr. Lorenzo Schmid, Chairman of the Board
Phone +41 41 368 98 38
lorenzo.schmid@mindsetholding.ch
About MINDSET HOLDING AG:
MINDSET HOLDING AG is the listed entity of mindset agmindset is a new type of automobile that sets itself apart – both technically and aesthetically – from conventional automotive concepts. Mindset is the first European electric vehicle that was designed fundamentally for everyday use. It stands out for its high level of energy efficiency. The development and marketing of the zero-local-emission-vehicle mindset constitutes the core activity of the company.
The market for a reliable, zero-emission-vehicle based on proven technology has been long documented and is being supported at government level. The pent-up demand from the public for a “politically-correct car” is enormous.
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