- Closure of US Subsidiary

On 17 March, Crimsonwing plc announced that following a strategic review of its international operations, the Company decided to close down its North American subsidiary, Crimsonwing LLC, with effect from April 2009. The Directors commented that the subsidiary had a successful and profitable period over the last 18 months during which it delivered a number of Microsoft Dynamics projects to various clients.

The Directors explained that after analysing the investment required to further grow Crimsonwing LLC, they concluded that the return to shareholders would be greater by concentrating efforts into the Group’s UK and Dutch markets. The Crimsonwing LLC team, namely the Managing Director and other key staff, will be relocated back to Europe by May 2009. The expertise of the North-American team will aid the Group to take advantage of the significant opportunities present in the UK and Dutch markets.

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