Spirt Avert announces its results for the 2008 financial year

Spirt Avert AG (SIX: SPA) announces today its results for the 2008 financial year. The development phase of the mindset project has been successfully completed and a driveable, roadworthy prototype has been created. The company is in intensive discussions over financing for the industrial production of the mindset and is presenting the investment case to the finance industry.

Details of the 2008 consolidated financial statements
The 2008 financial statements show a loss of CHF 11.6 million, CHF 7.0 million of which was invested directly in developing and carrying forward the mindset project. Liquid assets and short-term investments totalled CHF 2.8 million at year-end. The loss per bearer share amounts to CHF 3.24.

The development of the mindset electric vehicle until the start of production means no notable sales are expected before the first quarter of 2010. Until then, the company will continue to bear high development costs.

Review of the 2008 financial year
In the last year Spirt Avert AG focussed exclusively on running and financing mindest ag. As a result, the Group was able to enter into a strategic partnership with the German company con|energy ag in June 2008. con|energy is a leading service provider for the energy industry and supports the mindset project with a diverse platform for developing synergies between the electricity industry and the zero-emission electric car.

Another project milestone was reached in the second half of the year with the first driveable prototype. It was built in the factory of French company Heuliez SA, which as the third largest car manufacturer in France specialises in the homologation and production of niche vehicles.

A letter of intent to cooperate was also concluded with the German company A.T.U Auto-Teile-Unger Handels GmbH & Co. KG. This agreement with Germany’s largest independent car chain will give future mindset customers the option of service planning in Germany and in neighbouring countries. The achievement of these targets will enable the project plan for mindset to be continued and the focus to be maintained on the wholly-owned subsidiary of Spirt Avert AG.

As part of this realignment, the shareholdings in the direct and indirect subsidiaries NEX-MS Investment S.à.r.l, Nex-MS AG and Venture Capital Zentralschweiz AG were sold during the 2008 financial year. With the sale of Venture Capital Zentralschweiz AG and Nex-MS Investments S.à.r.l, the associated companies (Tecnostore AG, Excyton Excymer GmbH and Nex-MS Machinery Manufacturing Co. Ltd. in liquidation) are no longer part of the Spirt Avert Group.

Outlook for 2009
Spirt Avert AG is continuing to prepare itself for the industrial production and marketing of mindset. Various discussions are currently underway to secure the required financing. More information will be provided at the Annual General Meeting on 3 June 2009. The Board of Directors of Spirt Avert AG will submit a proposal at this year’s Annual General Meeting to rename the company as mindset holding ag, in order to create more transparency about the direction of the company (branding) on the capital market.

Bankhaus Sal. Oppenheim jr. & Cie. KGaA
As part of the planned capital increase to finance the series production and marketing of mindset, Spirt Avert has entered into a mandate agreement with Europe’s largest private bank, Sal. Oppenheim jr. & Cie. KGaA. Clients of Europe’s leading private bank will have the opportunity to meet the management and to see the vehicle for themselves. During the first round of capital financing, presentations will be made in major European financial centres up until the beginning of June 2009.

SAP AG: Electric car “Green Fleet”
SAP AG, based in Walldorf in Germany, together with MVV Energie AG, the University of Mannheim, the Institute for Applied Ecology and mindset ag, has launched an electric vehicle project as part of the development of fleet management systems. In addition to providing know-how, the plan is to supply mindset vehicles for the SAP fleet. The project, named “Green Fleet”, was rated positively in an initial evaluation by the development programme “Information and Communication Technology for Electric Mobility” of the German Federal Ministry for Industry and Technology.

Funding from the German state of Saxony-Anhalt
Spirt Avert received a letter of intent from the Ministry for Economy and Labour in Saxony-Anhalt to provide funds for the mindset project, dated 28 April 2009. For the government of Saxony-Anhalt, mindset represents a project of extraordinary importance for structural policy, and it is therefore prepared to support the implementation of mindset as much as possible by putting funds at its disposal.

Full Press Release (.pdf)

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 ag

mindset 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.

To change your user profile or to unsubscribe from our mailing list, please send an email to investor@mindsetholding.ch. For more information about MINDSET HOLDING AG and further press releases, please visit our website www.mindsetholding.ch. For more information about mindset ag, please visit our website www.mindset.ch.

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