Ster-Projekt still set to expand despite losing Wonlok

IT services company Ster- Projekt has cancelled its planned equity increase after losing the battle for Wonlok, a banking applications software house now being taken over by Softbank. Despite the fiasco, Ster-Projekt still intends to expand its capital group. The company has announced it is holding talks with two potential acquisition targets, both small niche firms, and expects to clinch the deal within a month. Ster-Projekt would finance the takeover with its own capital, in cash and marketable securities. The company would not disclose any details concerning the two unnamed entities revealing only that one of them generates annual revenues of zl. 2 million - zl. 3 million. According to the company's chairman, Piotr Smolski, the firm foresees a sales rise for 2003 of around 20%, to zl. 400 million - an ambitious goal given that its current backlog of orders stands at about zl. 180 million. (Parkiet, p. 6) J.K.