Interim report 2007

Spirt Avert AG successfully closes first capital increase and starts the development of a zero emission vehicle concept

Review

Capital increase
In March 2007, the company successfully completed a capital increase of CHF 20.7 million. These funds will be used to continue the development of the company by investing in small and mid caps with a preference for sustainability.

Industrial activity in Shanghai
During the first half of 2007 it became apparent that the size of the assembly plant in Shanghai, the sole remaining industrial activity dating back to the former Nextrom Holding, was suboptimal if it was to continue operating profitably in the future.

Following the substantial, yet insufficiently profitable increase in sales in 2006, it was decided that incoming orders would have to be more profitable from 2007 onwards. Inevitably, this led to a decline in sales. After sales of CHF 3.669 million in the first half of 2006, sales in the first half of 2007 reached only CHF 0.935 million. As a consequence, the foundations for continuing the last remaining industrial activity no longer existed. In July 2007, after considering all available options the company decided to cease industrial activities in China and to liquidate the local company over there.

Spirt Avert completed the first semester of 2007 with a consolidated loss of CHF 5.659 million, compared to a loss in the same period of 2006 of CHF 1.168 million.

Outlook

mindset.ag
Concerns about growing environmental problems, climate change or CO₂-emissions are in everybody’s mind. A whole raft of reasons are leading to rising oil prices, and large parts of the population (having ignored the problem over many decades) are now beginning to reconsider different forms of private mobility – i.e.: their own travel behaviour in their own automobile against the backdrop of rising fuel prices.

The key people at Spirt Avert AG have wide-ranging expertise when it comes to the construction of light electric vehicles (LEVs). Toll charges for private automobiles in major European cities such as London or Stockholm are increasingly putting the automotive industry under pressure to produce modern hybrid vehicles (Prius, Lexus, etc.) or even zero emission vehicles.

Spirt Avert AG has founded mindset.ag which is headed by the internationally acclaimed automobile designer Murat Günak. Mr. Günak previously held the position as Head of Design variously at Mercedes, Peugeot and the Volkswagen Group, before joining mindset at the beginning of July 2007.

Together with a team of proven specialists, a vehicle is being developed that is strongly design-oriented. Its appearance will be closer to that of a conventional car than to the familiar light electric vehicles currently available on the market. The distinguishing potential lies primarily in the engine concept (zero emission vehicle, battery technology) and in the rigorously lightweight construction.

In January 2008, a 1:1 model of the vehicle (including the interior design concept) will be presented to an audience of specialists, and potential industrial partnerships will be disclosed.

Interim Report 2007 (.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.

Contacts for investors

Would you like press releases sent to your e-mail or fax?
Subscribe >