LEUVEN, BELGIUM--(Marketwire - Jan 24, 2013) -
07.00 - Option (EURONEXT Brussels: OPTI;
OTC: OPNVY), a global leader in wireless connectivity, security and
today announces that the Board of Directors has revised its plans with
to the strengthening of the Company's working capital. As previously
in the financial notification issued on October 10, 2012, the Company is
to raise cash in order to secure its going concern. In addition, the
continued to be focused on the further reduction of its costs basis and
diversification of the sales- and marketing efforts. The actions taken in
last quarter of 2012 have contributed to lower the cash burn resulting in a
position of 3,2 million EUR by the end of December 2012.
Following discussions with interested parties the Board has decided to
amount of the investment to minimum 9 million EUR via the issue of a
bond. The combination of such investment with further cost reductions
projected sales of the new products should allow the Company to
profitability towards the end of 2013.
A number of parties, including Jan Callewaert, founder and CEO of the
have expressed their intention to participate in the transaction. It
Boards' expectation that the transaction will be concluded during the
quarter of 2013. More details about the transaction will be described
report of the Board of Directors drafted in accordance with section 583
Code of Companies. This report will be made available at a later stage.
In addition, the Company came to an agreement with Mondo NV, controlled
Callewaert, on a mid term loan facility up to a maximum amount of 5 million
in order to bridge potential cash requirements until the completion
Option will provide more details on the financing efforts as soon as
information is available.
Option, the wireless technology company, is a leading innovator in the
development and manufacture of 3G HSUPA, HSDPA, UMTS, EDGE, and WLAN
products for wireless connectivity solutions. Option has
impressive reputation for creating exciting products that enhance
performance and functionality of wireless communications.
headquartered in Leuven, Belgium. The company also has Research &
Belgium (Leuven), Germany (Augsburg) and an ISO 9001 production
logistics facility in Ireland (Cork). Option maintains offices in
Greater China and Japan. For more information please visit www.option.com.
Copyright ©2013 OPTION. All rights reserved. All product and
herein may be (registered) trademarks or trade names.
Option financial notification:
Option financiële kennisgeving:
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Source: Option via Thomson Reuters ONE