WISeKey reconfirms repayment in full of its financial debt to ExWorks Capital (approximately $25 million)
ZUG, Switzerland - January 29, 2019 - WISeKey International Holding Ltd ("WISeKey") (WIHN.SW), a leading Swiss cybersecurity and IoT company, today anounced that upon completion of the QuoVadis TLS/SSL, PKI businesses to DigiCert, Inc., on January 16, 2019, it had, as previously announced on January 17, 2019, repaid in full all of its outstanding debt to ExWorks Capital (approximately $25 million). As a consequence, all of the WISeKey collateral provided as security for the ExWorks Capital debt had been released.
WISeKey has, after taking into account all expenses related to the QuoVadis transaction and the repayment of the ExWorks Capital debt, a total cash position of approximately USD 19 million. In addition, an amount of USD 4.5 million is held in an escrow account as collateral for potential claims of the purchaser under the agreement relating to the sale of QuoVadis. Its outstanding financial debt is currently limited to a USD 2.7 million convertible loan extended by a fund managed by Crede Capital Group and a USD 2.5 million short-term unsecured loan facility made available by a fund managed by Yorkville Advisors Global, LLC, each as previously announced.
Further to the completion of the QuoVadis sale, WISeKey intends to continue to invest in the growth of its core IoT business, to expand the WISeCoin and WISephone Blockchain portfolio, and further reinforce its position as a major player offering secured and trusted Blockchain architectures.
WISeKey (SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI and IoT respecting the Human as the Fulcrum of the Internet. WISeKey Microprocessors Secures the pervasive computing shaping today`s Internet of Everything. WISeKey IoT has an install base of over 1.5 billion microchips in virtually all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.). WISeKey is uniquely positioned to be at the edge of IoT as our semiconductors produce a huge amount of Big Data that, when analyzed with Artificial Intelligence (AI), can help industrial applications to predict the failure of their equipment before it happens.
Our technology is Trusted by the OISTE/WISeKey`s Swiss based cryptographic Root of Trust ("RoT") provides secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
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This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is or shall be relied on as, a promise or representation as to the future performance of WISeKey.
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Source: WISeKey International Holding SA via GlobeNewswire