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Think Tools slips into the red

Thinks Tools took a hit with its failed e-banking venture with Vontobel Keystone Archive

The software and consulting group, Think Tools, announced a net loss of SFr19.8 million ($11.57 million) for 2000 on Wednesday after taking on board SFr31.6 million in write-offs and provisions for the failed e-bank project with the private bank, Vontobel.

The company said it expected to return to profit in the second quarter of 2001 and forecast a substantial net profit for the year as a whole.

Think Tools has faced severe problems due to Vontobel’s cancellation of its e-project, y-o-u bank. The failure of the venture led to the dismissal of several senior managers at Vontobel and a revision of its profit figures for last year.

Think Tools also proposed management changes on Wednesday. It named Jack Schmuckli as its new chairman and said four members of the board were to step down.

Think Tools shares have lost more than 80 per cent of their value since the beginning of the year.

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