Spirt Avert announces its results for the 2007 financial year

Spirt Avert AG (SWX: SPA) announces today its financial results for 2007. The results reflect the systematic restructuring of the company. In the proceeding reporting period, the wholly-owned subsidiary, mindset AG, was established. The goal of mindset is the development and production of a new concept in personal transport – the Zero-Emission Vehicle. Taken together, liquid funds and marketable securities amount to CHF 14.2 million as of 31 December 2007.

Round-up / Overview of the year 2007

With the restructuring of the company, Spirt Avert AG raised CHF 20.7 million in new capital. The offer price per bearer share was CHF 20.00. The key personnel at Spirt Avert has many years of experience in the area of lightweight electric vehicles and their drive systems. A sharp rise in oil prices, the public concern over CO₂ emissions – as well as the paradigm shift in the automotive sector – all provided the impetus for the founding of the wholly-owned subsidiary, mindset AG. Spirt Avert AG was also able to secure the services of one of the most internationally-successful automotive designers, Mr. Murat Günak. Since August 2007, the conception, design and advance development of the Zero Emission Vehicle have all made rapid progress. Despite the ambitious schedule, the team was able, shortly before Christmas 2007, to produce the first 1:1 model of the vehicle.
Following the launch of mindset’s industrial activity, the remaining subsidiary from the Nextrom Holding company in Shanghai was closed. The operating loss in China was CHF 1.4 million.

The operating loss totalled CHF 8.9 million in 2007. The development costs for the mindset vehicle project (CHF 2.1 million) were not capitalized. Liquid funds and marketable securities amounted to CHF 14.2 million as of 31 December 2007.

Important Developments after the Financial Year

By the end of January 2008, the 1:1 models of the interior and exterior of the vehicle were presented to the public. A driveable test vehicle is currently undergoing preliminary trials. At the start of March 2008, mindset was also able to attract a further talent from the automotive industry with the appointment of Mr. David M. Wilkie as dedicated specialist for the car’s interior design (design director at Stile Bertone, Torino).

Forecast for the Year 2008

As already stated, negotiations with strategic partners are under way. The aim is to take advantage of the over-capacity in the automotive sector and to integrate and contract production partners for the mindset. Ridable prototypes, which will form the basis for the production vehicle, are expected in summer 2008.

The annual report will be available for download as of 11 April 2008 under:
http://www.spirtavert.ch/investor_relation

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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