HELIOSPECTRA HAS NO DEFICIENCY OF CAPITAL
The Board of Directors of Heliospectra states that no actual deficiency of
capital exists either per September 30, 2016, before or during the time
remaining until the issue. Thus, the prospects for continued operation has not
at any time during the period been able to have been questioned.
Prior to preparing the upcoming quarterly report, the Board of Directors had
suspected that the companys equity is less than half of the registered share
capital.
As a precaution, the Board immediately initiated the process of establishing a
balance sheet review, in accordance with the Swedish Companies Act, Chapter 25
13.
The Board confirmed that the equity per September 30, 2016, is not less than
half of the registered share capital according to the balance sheet, which was
also reviewed by the auditor.
In October 2016, the companys main owners guaranteed to secure the equity
capital as so that the equity would at no point amount to less than the
registered share capital. The guarantees are valid until the previously
announced rights issue which is fully underwritten by one of the major
shareholder.
The Board of Directors conclude that any actual capital deficiency does not
exist either per September 30, 2016, nor before or during the time remaining
until the issue. Therefore, the prospects for continued operation has not at
any time during the period been able to have been questioned.
The company has called a general meeting on November 8th, 2016 where the
question of the rights issue of approximately SEK 91 million will be handled.
The rights issue is underwritten by one of Heliospectras shareholders and the
three largest shareholders have undertaken subscription commitments. Decisions
on the rights issue will strengthen Heliospectra balance sheet.
Join the Heliospectra Conversation
Read more at www.heliospectra.com/blog http://www.heliospectra.com/blog
Follow @Heliospectra https://twitter.com/heliospectra on Twitter
Like Heliospectra on Facebook at www.facebook.com/Heliospectra
https://www.facebook.com/pages/Heliospectra-AB/812775078782162
GOTHENBURG, Sweden/SAN FRANCISCO, CA, October 24th, 2016
Investor Relations:
Staffan Hillberg, CEO of Heliospectra | +46 (0)708 36 59 44
staffan.hillberg@heliospectra.com mailto:staffan.hillberg@heliospectra.com
Michael Swartz, Senior Analyst | Viridian Capital Advisors, LLC | +1
212-333-0257 |
mswartz@viridianca.com mailto:mswartz@viridianca.com
G&W is Heliospectras Certified Advisor for Nasdaq First North -
www.gwkapital.se http://www.gwkapital.se
www.heliospectra.com http://www.heliospectra.com
This information is information that Heliospectra AB (publ) is obliged to make
public pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the contact person set out
above, at 09:00 CET on October 24, 2016.
The following documents can be retrieved from beQuoted
Heliospectra Pressrelease 2016-10-24 English.pdf -
http://www.bequoted.com/beQPress/download.asp?Id=18862
About Heliospectra AB
Heliospectra AB (publ) (OTCQB: HLSPY, FIRSTNORTH: HELIO) (www.heliospectra.com
http://www.heliospectra.com ) specializes in intelligent lighting technology
for plant research and greenhouse cultivation. The Companys lighting system
provides an effective and durable technology for cultivating greenhouse and
indoor plants by combining several different groups of versatile light emitting
diodes (LEDs) with optics, remote sensing techniques, and a robust heat
dissipation solution. This proprietary setup gives growers the ability to
control the intensity and wavelengths of the light emitted, creating a spectrum
specifically adjusted to different plant species and growth stages to better
facilitate photosynthesis. The complete, highly-engineered lamp produces crops
that look better, taste better, and have a longer shelf-life than those grown
under HID lamps. The technology not only reduces energy consumption by up to
50%, but also helps stimulate growth characteristics and improve plant quality.
Other benefits include reduced light pollution, lower mercury use due to the
avoidance of traditional HID/HPS bulbs, and less HVAC investment and monthly
expense requirements.
Heliospectra products are based on in-depth knowledge in plant physiology and
photosynthesis along with a unique way to utilize modern LED technology. After
six years of development in Sweden, the company has now begun to expand into
the international market. The company has raised more than $ 21 million in
capital and has received more than $2.6 million through academic scholarships
and grants. It has also received numerous awards for its forward thinking
technology. Principal owners: Weland Steel www.welandstal.se
http://www.welandstal.se , Swedish Industrial Fund www.industrifonden.se
http://www.industrifonden.se , Midroc www.midroc.se http://www.midroc.se ,
Avanza Pension www.avanza.se http://www.avanza.se .
Forward-Looking Statements
The statements in this press release constitute forward-looking statements
within the meaning of federal securities laws. Such statements are based on our
current beliefs and expectations and are inherently subject to significant
business, economic and competitive uncertainties and contingencies, many of
which are beyond our control. In addition, such forward-looking statements are
subject to assumptions with respect to future business strategies and decisions
that are subject to change. Potential risks and uncertainties include, but are
not limited to, technical advances in the industry as well as political and
economic conditions present within the industry. We do not take any obligation
to update any forward-looking statement to reflect events or developments after
a forward-looking statement was made.
