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22.05.2018 08:55
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PR Newswire
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Update on Invuo's Financial Position
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PR Newswire
STOCKHOLM, May 22, 2018
STOCKHOLM, May 22, 2018 /PRNewswire/ -- In a press release dated May 17, 2018, Invuo Technologies AB ("Invuo") announced that uncertainties related to the previously announced transaction with AJ Group Holding AB ("AJ Group") had resulted in a situation where Invuo's liquidity had become critical. In the press release the Company also announced it would seek alternatives to funding through AJ Group.
As separately announced today, Invuo has agreed to sell assets related to Seamless Distribution Systems AB ("SDS"), for a total consideration of SEK 17.5 million. This injection of liquidity will allow Invuo to continue operations, and to invest in its two businesses, MeaWallet and eProducts.
With the agreement to sell the SDS assets, uncertainty related to Invuo's short-term liquidity position have been resolved. Based on the Company's current business plan, which includes an acceleration of signed orders this year by MeaWallet, as well as that eProducts delivers break-even profit performance this year, the Company expects to maintain sufficient liquidity to be able to self-fund its activities at least until year-end 2018.
An announcement related to the AJ Group transaction has been separately made today.
For further information, please contact:
John Longhurst
CEO
john.longhurst@invuo.com
+46-8-564-878-00
This information is such that Invuo Technologies AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 08.30 CEST on May 22, 2018.
About Invuo
Since 2001 Invuo has been providing its proprietary solutions and systems for mobile phone transactions. Invuo operates in two main business areas; mobile phone payment solutions provided through the brand MeaWallet™, and distribution of e-products. www.invuo.com
This information was brought to you by Cision http://news.cision.com
http://news.cision.com/invuo-technologies-ab/r/update-on-invuo-s-financial-position,c2526937
The following files are available for download:
| Press release (PDF) |
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