EuroTrust A/S today announced it has completed and finalized the sale of its wholly owned subsidiary EuroTrust NetVaulting A/S to the successful Danis...

EuroTrust A/S today announced it has completed and finalized the sale of its wholly owned subsidiary EuroTrust NetVaulting A/S to the successful Danish IT-company Munk IT A/S. None of the parties wish to announce the agreed price. EuroTrust NetVaulting has marketed its core product of installing, maintaining and supplying remote back up solutions since EuroTrust acquired the company in August 2001. Among the many subscribing costumers is a range of large Danish companies and municipalities who can look forward to working with a strong and competent partner. Munk IT has proven very sustainable as the company has organically grown at a steady pace since it was established in 1993 and even during the crisis of the IT sector. Munk IT offers a wide range of IT related services within infrastructure, application software and operation systems.

The market of remote back up services is expected to grow considerably within the coming years and as a result the competence and costumers held by EuroTrust Netvaulting are sought after resources. Therefore the management of EuroTrust has decided to take in the value of EuroTrust Netvaulting due the favorable agreement with Munk IT. "EuroTrust NetVaulting is one the longest existing remote back up businesses in Denmark and has many high profile costumers in a market that is set to boom", said EuroTrust Chief Operating Officer Brian Mertz Pedersen. "This potential is recognized by Munk IT and I am very pleased that our sales agreement reflects this."

As part of the agreement Munk IT acquires all exiting costumers, various hardware facilities and members of the staff. Munk IT intents to perform business activities from its head office in Odense, Denmark. "Entering the market of remote backup has been a long term priority of Munk IT", said Munk IT managing director Kenneth Drud. "EuroTrust Netvaulting is an excellent match of our requirements and competence as we already have comprehensive experience with the sort of customers held by Netvaulting." Even though the agreed price is confidential, it is official that the payment also is settled through a seven year earn out arrangement. This provides both parties with benefits for Munk IT and EuroTrust gains a share of the expected boom of the market.


About Munk IT A/S
Munk IT A/S is a highly successful company delivering IT related services ranging from single assignments to full-scale outsourcing of IT infrastructures and administrations. Munk IT has grown to more than 140 employees in just 10 years and has offices in three larger cities in Denmark. Among the costumers are large and medium size private companies and public authorities in Denmark.

For more information on Munk IT, please visit www.munk-it.dk

About EuroTrust A/S
Formed in 1986, EuroTrust (Nasdaq ADS: EURO) is the largest Affiliate of VeriSign Inc. worldwide and the leading provider of trusted PKI-infrastructure services to Web sites, enterprises, electronic commerce service providers and individuals throughout Europe., direct sales force, and reseller partners in Europe. EuroTrust operates in Denmark, Sweden, Norway, Finland, Austria, Switzerland, and Italy.

For more information on EuroTrust, please visit www.eurotrust.dk