Westend ICT Oyj - Company Announcement

Westend ICT Plc Stock Exchange Release December 31, 2010, at 13:50 Finnish time

Westend ICT Plc Stock Exchange Release December 31, 2010, at 13:50 Finnish time



WESTEND ICT PLC FINANCIAL STATEMENTS 2010 -CORRECTION

The merger of Westend ICT Plc and Innofactor Software Oy (former Innofactor Oy)
as an exchange of shares has taken place. The new shares issued in the share
issue decided by the Extraordinary General Meeting of Westend ICT Plc on
December 27, 2010, were registered in the Trade Register today. As a result of
this, a significant change has taken place in the ownership of Westend ICT Plc.
The ownership of Innofactor Software Oy has been transferred to Westend ICT
Plc. 

As this exchange of shares is a reverse acquisition according to the IFRS 3
standard, it changes the structure of the Westend ICT Plc group's financial
statements for the financial period of January 1-December 31, 2010. The group
financial statements will be drawn up for the company that is the judicial
buyer, Westend ICT Plc (Innofactor Plc after the name change), but the
continuity of the group financial statements concerns the financial statements
of the Innofactor Software Oy group (former Innofactor Oy group), which is the
buyer from the point of view of bookkeeping. So the profit and loss statement
and the balance sheet of the group financial statements for January 1-December
31, 2010, will be formed as follows: 

-       the profit and loss statement in accordance with the Innofactor
Software Oy group up to the acquisition date, December 27, 2010, 

-       for the period of December 27-31, 2010, the profit and loss statement
combines the results of the Innofactor Software Oy and Westend ICT Plc groups, 

-       the balance sheet of December 31, 2010, combines the balance sheets of
the Innofactor Software Oy and Westend ICT Plc groups. 

Thus, the company corrects the information given in the earlier stock exchange
release, dated on December 3, 2010, which stated that the financial reports for
the combined business would be made as of January 1, 2011. 

Espoo, December 31, 2010



WESTEND ICT PLC



Sami Ensio

CEO



Additional information:CEO Sami EnsioTel. +358 (0) 50 5842029                  
                                                    sami.ensio@innofactor.com 

Distribution:

NASDAQ OMX Helsinki

Main media

www.westendict.com