LYCOS EUROPE MAKES DECISION TO CLOSE ARMENIAN SUBSIDIARY

YER EVAN, NOVEMBER 28, NOYAN TAPAN. The management of Lycos Europe
company, an international leader of Internet technologies, has made a
decison to close its Armenian subsidiary – Lycos Armenia, but has
announced neither the date of the closure not reasons for it. NT was
informed by Lycos Armenia that about 200 people currently work at the
subsidiary. Lycos Armenia was founded in 2002 when Armenian company
Brience was purchased and renamed. It is now one of the largest
enterpises of Armenian IT sector. The company has no arrears of
employees’ wages.

According to Lycos Europe’s website – , the net
profit of Lycos Europe made 44.1 million euros in January-September
2008, exceeding by 100% the index of the same period of 2007. The
company operates in 8 European countries.