LUND, Sweden, June 30, 2003 (PRIMEZONE) -- Anoto Group (Other OTC:AOTOF) implements a cash issue totalling SEK 144 million directed at two of Anoto's strategic partners, Logitech International S.A. and Hitachi Maxell. Logitech invests about SEK 121 million, resulting in a 10.2 % stake in Anoto Group. Hitachi Maxell invests about SEK 23 million, resulting in a 2.0 % stake in Anoto Group.
The new share issue will be implemented in two steps. The Board has decided on a share issue of 11 million shares in accordance with the Board's authorisation by the Annual General Meeting on May 15, 2003. In addition, the Board has decided to issue an additional 3.3 million shares, subject to approval by an Extraordinary General Meeting. An Extraordinary General Meeting will be held on July 17, 2003 to obtain authorisation for the new issue. The new issue is a natural continuation of the previously advised collaborations between Anoto and Logitech and Hitachi Maxell. These ownerships reinforce the strategic relationship formed for the purpose of business and technology development of the Logitech(R) iotm Digital Pen and the digital pen & paper platform and the Hitachi Maxell digital pen.
"Logitech and Hitachi Maxell are two of our most important partners and we are delighted about the continued confidence in our company and technology and about the long-term collaboration regarding development of business opportunities enabled by the Anoto functionality. With this issue the co-operation between Logitech, Hitachi Maxell and Anoto is further strengthened and opportunities for closer and even more distinct future relationships are created," said Orjan Johansson, CEO, Anoto Group AB.
"The market for the io Digital Pen shows tremendous potential. Despite all the advances in digital technology, a pen continues to be the preferred input method for a wide range of business processes, especially note-taking and filling out forms. With this technology, we marry the elegance and simplicity of the pen with the speed and convenience of working with digital information. And in doing so, we are at the forefront of an entirely new high-growth segment of the PC industry," said David Henry, Senior Vice President, Logitech.
"Hitachi Maxell has strong confidence in the bright prospects of the Anoto digital pen functionality. By applying this new technology not only to personal computers and enterprise systems, but also to cellular phone communication, it will have an enormous impact on the IT society. Establishing a tighter business relationship with Anoto as one of the Anoto partners, we would like to make a significant contribution towards the development of the Digital Pen Society," said Mr. Yoshihiro Senzai, Vice President and Executive Officer, Hitachi Maxell, Ltd.
The issue price corresponds to the average closing price during 20 days of trading, up until June 27, 2003. The investment by Logitech and Hitachi Maxell will result in a dilution of 12,1% of the share capital and voting rights. At the EGM a group of shareholders will also propose that David Henry, Senior Vice President of Logitech, join the Board of Directors of Anoto Group.
Revised outlook
Anoto Group furthermore revises the previously communicated point of time for positive cash flow.
"The Company presently estimates that this will not be achieved before the turn of the year, the reason being continued uncertainty regarding C Technologies' delivery's of ASIC-chips," said Orjan Johansson.
The Company will communicate the new estimated time for positive cash flow in the semi-annual report August 19th.
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