StepStone ASA has completed the sale of its operations in Portugal to the current management headed by the managing director, Jose Paulo Rodrigues. Under the arrangement StepStone will license use of its technology and brand and retain a minority interest in the Portuguese company. The intention to establish a franchise operation was announced in the Q4 FY2001 results on 28 February 2002.
Commenting on the sale Mr. Colin Tenwick, Chief Executive of StepStone, said that he was delighted at the successful conclusion to the negotiations. This is StepStone's first franchise operation and enables the company to continue its presence in Portugal. It also establishes a mechanism for reaching other Portuguese speaking markets worldwide and expanding the StepStone brand outside our existing markets.
StepStone has moved its results announcement for the quarter ending 31 March 2002 forward to Thursday 25 April 2002 (from Wednesday 15 May 2002 as previously announced). The Annual General Meeting of StepStone ASA will be held at 9.00 am on Wednesday 15 May 2002 at Hotel Clarion Royal Christiana, Oslo.
StepStone establishes Portuguese Franchise
Q1 results announcement to be on Thursday 25 April