Option

Brussels : OPTI


October 10, 2012 01:10 ET

Option: Financial notification

LEUVEN, BELGIUM--(Marketwire - Oct 10, 2012) - Option (EURONEXT: OPTI; OTC: OPNVY), a global player in wireless connectivity, security and experience, today announces that the Board of Directors is looking at different options to strengthen its working capital via a cash injection of a minimum amount of 5 million euro before year end, in order to secure the prospect of regaining profitability and sustainable growth in the near term.

The Company continues to be faced with the risks and uncertainties described in the interim financial report of the Board of Directors for the first six months of 2012. Since then, the cash position of the Company has been further impacted by the build-up of inventory and the longer sales cycles for the new products.

Option continues to look at reducing its cost-base by further rightsizing its operations and focusing its sales and marketing efforts in a very dynamic market environment.

Option has been transforming its entire business since the beginning of 2011 towards end-to-end solutions for businesses and consumers, away from the plain vanilla products for mobile network operators.

The investments of the last 20 months have resulted in a new line of products and services focused on vertical markets such as automotive and wireless security & surveillance. Today the Company announced yet another new product, CloudGate, aimed at the buoying M2M market in the US.

In order to address these different vertical markets, the Company wants to develop its brand name, add and support sales channels in North-Americas, China and Europe and build up appropriate stock levels to support these channels.

The Company will also open an e-commerce shop by the end of October, in time for the traditionally end-of season buying period.

Option will provide more details about the financing round when specific information is available.

ABOUT OPTION

Option is a global player in wireless connectivity, security and experience. Option enhances the performance, functionality and usability of wireless communications through a portfolio of 3G, 4G HSPA/LTE and WLAN connectivity solutions. The company works with mobile operators, OEMs, retailers and enterprise customers to create compelling products that enable new connected and secure services. Option is headquartered in Belgium, with further R&D facilities in Germany and an ISO 9001 production engineering and logistics facility in Ireland. Option maintains offices in Europe, the US, Greater China, Japan and Australia. More at www.option.com

Copyright ©2012 OPTION. All rights reserved. All product and company names herein may be (registered) trademarks or trade names.

Financial notification:

http://hugin.info/133962/R/1647882/531276.pdf

Financiële kennisgeving:

http://hugin.info/133962/R/1647882/531277.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Option via Thomson Reuters ONE

[HUG#1647882]

Contact Information

  • FOR MORE INFORMATION PLEASE CONTACT
    Jan Callewaert, Founder & CEO
    Jan Smits, CFO
    Gaston Geenslaan 14
    B-3001 Leuven, Belgium
    Tel: +32 (0) 16 31 74 11
    Fax: +32 (0) 16 31 74 90
    E-mail: Email Contact