Zeelands reverse takeover of Eirikuva has been completed

The marketing communications company Zeeland Oyj:s reverse takeover of Eirikuva Digital Images Oyj has today been completed as the new shares of the combined company have commenced trading on NASDAQ OMX First North in Helsinki. In the transaction, previous shareholders of Eirikuva Oyj recieved 10,3% of the shares of the combined company and the shareholders of Zeeland Oyj received 89,7% of the shares of the combined company.

Eirikuva will continue its operations within Zeeland in a separate business unit called “photo finishing services” utilizing its old brand. This unit will be managed by Eirikuvas previous CEO Merja-Ailama Mäkitalo, who will join Zeeland Oyj:s management team. The combined company will be led by Jari Tuovinen. More information on the acquisition (in Finnish), including the prospect of Zeeland Oyj, can be found on Zeeland Oyj:s new investor relations site at www.zeeland.fi/sijoittajat.

Zeeland Oyj





Comments on the transaction (from press release published on 31.1.2011):

Christoffer Häggblom, Partner of Rite Ventures: “Through this transaction Eirikuva gains a new owner, who can support Eirikuva’s business also in an operative level. We believe that Eirikuva can utilize Zeelands know-how to develop its business especially in its online operations.”

Jari Tuovinen, CEO of Zeeland: “In this transaction Zeeland gets its shares traded on NASDAQ OMX First North, something we believe to be very helpful in realizing our growth strategy. We also gain a very powerful brand in our “Adventures” unit and Rite Ventures, a strong expert on internet related businesses, will become a substantial minority owner of the new company”.

About Zeeland:
Zeeland Oyj is a fast growing Finnish marketing communications company specializing in digital media and digital marketing. It is listed on NASDAQ OMX First North and it operates two key business units: marketing communications (brand Zeeland) and photo finishing (brand Eirikuva). In 2010 Zeeland was estimated to be the fourth largest enterprise within marketing communications in Finland. It has approximately 150 employees in Helsinki, Turku, Lahti and Tallinn.