Vaahto Group Plc Oyj - Company Announcement

VAAHTO GROUP PLC OYJ´S SUBSIDIARY VAPATE OY FILES FOR BANKRUPTCY

Helsinki, Finland, 2014-10-29 15:00 CET (GLOBE NEWSWIRE) -- 
VAAHTO GROUP PLC OYJ       STOCK EXCHANGE RELEASE   29.10.2014 at 16:00



VAAHTO GROUP PLC OYJ´S SUBSIDIARY VAPATE OY FILES FOR BANKRUPTCY

Vapate Oy (former Vaahto Paper Technology Ltd), subsidiary of Vaahto Group, has
filed for bankruptcy on 29 October 2014. 

As part of the Vaahto Group's strategy, focusing on Process Technology, Vapate
Oy has sold all its unprofitable business related to pulp, paper and board
industry solutions during years 2013 and 2014. Therefore, company doesn't have
employees or operative business anymore. 

The Board of Directors of the Vapate Oy has stated that the liabilities of the
company are greater than its assets and the company is no longer able to meet
its obligations. 

The loans of Vapate Oy mature in the bankruptcy. The parent company has secured
loans for the financiers of the company. Negotiations with financiers have
already begun on how to arrange the securities of the parent in such a way that
the group's continuing operations does not become endangered due to the
securities. 



In Lahti 29.10.2014

VAAHTO GROUP PLC OYJ

The Board of Directors




         For further information:
         Chairman of the Board Reijo Järvinen, Vaahto Group Plc Oyj, tel. +358
400715968 
         CEO Toivo Karppanen, Vaahto Group Plc Oyj, tel. +358 405001957