LEUVEN – Belgium – July 3, 2015 – Following the continued review by the statutory auditor of the Company of the cash position of the Company and its continuity, the Board of Directors has further deliberated in this respect and resolved to inform the market about the reasons why the continuity can, in its opinion, be maintained. The Company therefore wishes to provide the market with an update in relation to its financial situation and possible strategic options.
In the first half year the Company active in the pioneering market of IoT (Internet of Things) faced postponed sales and as a consequence important orders shifted to the second half of the year. However the Company’s partners maintain their outlook for 2015. Although the second quarter was stronger than the first, this has resulted in a half year turnover that is well below the company’s own expectations.
Through rigorous cash management the Company has been able to keep its cash position under control thanks to the bridge financing (as announced on April 21, 2015), by accelerating customer payments, by optimizing the supply chain and by further reducing the operational costs.
To further improve the Company’s cash position, to ensure and improve the Company’s market position and to secure future growth, the Company started up confidential discussions in order to engage with a number of financial and industrial partners.