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Connect Group announces for 2012 additional profits of EUR 4.5 mio

Connect Group NV (Euronext Brussels: CONN), supplier of the technological industry, announces its 2012 results will be EUR 4.5 million higher as a result of the "earn-out" clause in the contract of sale concluded in late 2009 for its Automation division. The net result for 2012 will increase by EUR 4.5 million.

On December 13th, Connect Group NV announced that profit over 2012 would grow with the amount to at least EUR 3.7 million as a result of the "earn-out" clause in the contract of sale concluded in late 2009 for its Automation division. Alongside the fixed selling price of EUR 2 million, this contract provided for an additional variable portion of the purchase price equal to 50 percent of the division's adjusted accumulated profits for the period 2010 to 2012. The amount ended up to be EUR 4.5 million, or EUR 800,000 more than the announced EUR 3.7 million.

The final settlement and payment, which was due to take place by the end of 2013, has been done by 31/12/2012.

By the end of 2012, the Connect Group's cash position boosts by EUR 6.5 million.

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