NeoNet Signs Final Acquisition Agreement to Acquire Lexit

9/9/2003 4:20 AM EST

NeoNet, an international agency brokerage providing efficient electronic
equity execution services for the institutional investor industry, today
announced that NeoNet, Lexit Financial Group, Inc. and shareholders
representing 68% of votes and capital in Lexit have signed the final
agreement for NeoNet's acquisition of Lexit Financial Group, Inc.'s in
accordance with the previously announced Letter of Intent.

The purchase consideration will consist of cash and newly issued shares
in NeoNet AB (publ). The cash portion of the purchase consideration
amounts to approximately USD 1.6 m. and the share part will consist of
approximately 8.2 million newly issued shares. Adjustment to the
purchase consideration regarding Lexit's earnings during the period
April 1 2003 to August 31 2003 will be made.

The acquisition is conditioned upon acceptance from the NASD (USA) and
FSA (UK) regarding change of ownership of Lexit Capital, LLC in the USA
and Lexit Capital UK Limited in the UK, respectively. This is expected
during September. Further, the acquisition is inter alia conditioned
upon shareholder approval from Lexit's shareholders. The acquisition is
expected to be completed in the latter part of September.

NeoNet estimates that initially, the yearly profit contribution (profit
after goodwill amortization, financial net and including cost synergies)
from the acquisition will amount to SEK 7 - 10 m. Goodwill arising from
the transaction is estimated to about SEK 60 m and is amortized over ten
years. The combined operations will have over 180 institutional clients
in 16 countries as well as considerable growth potential. For more
information see press release dated 19th June 2003.

"The acquisition of Lexit provides NeoNet with an excellent solution and
expertise for US trading, a larger client base for continued
international expansion and a very strong offering giving clients the
possibility to trade shares directly in approximately 80 percent of the
world's stock market capitalization," said Torvald Bohlin, CEO of
NeoNet.

"I am looking forward to joining NeoNet. The combined company benefits
our joint client base and positions NeoNet to compete more effectively
on a global scale," said Peter Kearns CEO of Lexit.

For further information, please contact:
Company contacts:
Torvald Bohlin
CEO of NeoNet
Tel. +46 70 623 62 60
 

NeoNet U.S. PR contact: NeoNet's U.K. PR-agency contact:

Damon Leavell, Stefanie Davidson/
Spring O'Brien Kelly O'Brien, Cognito
+1 973.267.8800 +44 20 7936 9058
   



Since inception in 1996 NeoNet has focused on efficient and neutral
agency brokerage. NeoNet provides the institutional investor industry
with execution services offering a single point of access to leading
equity marketplaces worldwide. Clients can execute orders using
electronic direct market access or through NeoNet's international
trading desk. NeoNet has offices in New York, London, Frankfurt and
Stockholm, is listed on the Stockholm Stock Exchange (ticker NEO), and
has clients in 14 countries globally.

www.neonet.biz