LEUVEN, BELGIUM--(Marketwire - Jan 24, 2013) -
07.00 - Option (EURONEXT Brussels: OPTI;OTC: OPNVY), a global leader in wireless connectivity, security andexperience,today announces that the Board of Directors has revised its plans withregardsto the strengthening of the Company's working capital. As previouslyannouncedin the financial notification issued on October 10, 2012, the Company islookingto raise cash in order to secure its going concern. In addition, theCompanycontinued to be focused on the further reduction of its costs basis andon thediversification of the sales- and marketing efforts. The actions taken inthelast quarter of 2012 have contributed to lower the cash burn resulting in acashposition of 3,2 million EUR by the end of December 2012.
Following discussions with interested parties the Board has decided toraise theamount of the investment to minimum 9 million EUR via the issue of aconvertiblebond. The combination of such investment with further cost reductionsand theprojected sales of the new products should allow the Company toreturn toprofitability towards the end of 2013.
A number of parties, including Jan Callewaert, founder and CEO of theCompany,have expressed their intention to participate in the transaction. Itis theBoards' expectation that the transaction will be concluded during thefirstquarter of 2013. More details about the transaction will be describedin areport of the Board of Directors drafted in accordance with section 583of theCode of Companies. This report will be made available at a later stage.
In addition, the Company came to an agreement with Mondo NV, controlledby JanCallewaert, on a mid term loan facility up to a maximum amount of 5 millionEUR,in order to bridge potential cash requirements until the completionof thetransaction.
Option will provide more details on the financing efforts as soon asspecificinformation is available.
Option, the wireless technology company, is a leading innovator in thedesign,development and manufacture of 3G HSUPA, HSDPA, UMTS, EDGE, and WLANtechnologyproducts for wireless connectivity solutions. Option hasestablished animpressive reputation for creating exciting products that enhancetheperformance and functionality of wireless communications.Option isheadquartered in Leuven, Belgium. The company also has Research &Development inBelgium (Leuven), Germany (Augsburg) and an ISO 9001 productionengineering andlogistics facility in Ireland (Cork). Option maintains offices inEurope, US,Greater China and Japan. For more information please visit www.option.com.
Copyright ©2013 OPTION. All rights reserved. All product andcompany namesherein may be (registered) trademarks or trade names.
Option financial notification:http://hugin.info/133962/R/1672639/544067.pdf
Option financiële kennisgeving:http://hugin.info/133962/R/1672639/544069.pdf
This announcement is distributed by Thomson Reuters on behalf ofThomson 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
- Investment & Company Information
Founder and CEO
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