Vensafe AS held a general meeting today where the existing share capital was written down to zero. Simultaneously they completed a private placement towards PSI Group ASA of MNOK 1 which makes Vensafe AS a fully owned subsidiary of PSI Group ASA. In addition to the capital contribution, PSI Group ASA aquires the company's debt and liabilities totaling MNOK 15.
Vensafe AS is an ambitious Norwegian technology company, founded in 1998, which develops and markets automated sales solutions small and valuable goods exposed for theft in retail. The company's products streamline store operations, reduce shrinkage and theft and help reduce working capital on a number of high value products.
Vensafe AS is headquartered in Moss and has subsidiaries in Germany and Belgium.
At the end of 2013 Vensafe has delivered and installed more than 5300 product vending machines in Scandinavia, Germany and Belgium. Annual service revenues from these installations account for just less than MNOK 20. Total revenue in 2013, including new sales of systems, was MNOK 62.
The financial results in Vensafe AS have in recent years been very weak. Equity at the end of 2013 was negative by MNOK 6.8. Former shareholders, directors and management of the company have therefore decided to let Vensafe be developed by PSI Group. It has been invested more than MNOK 100 in Vensafe's technology since 1998. The company is in an exciting phase with fully developed products and technology solutions. The business will now be trimmed and focused on further internationalization. At the same time, sales and service resources on the home market in Norway and Sweden will strengthened in collaboration with PSI's business area PSI Retail.
PSI Group knows Vensafe well from a long term collaboration in Sweden, where the subsidiary PSI Antonson AB, which is part of the business area PSI Retail, has marketed and carried out service and support on Vensafe since 2012.
This transaction complements PSI Group ASA's existing portfolio targeting retailers and will lead to a further strengthening of PSI Group ASA's role as a major player in value added solutions aimed at retail and specialty stores.
"PSI Group ASA has CashGuard and SQS Security in its technology portfolio. CashGuard realized a growth of more than 40 per cent in 2013 to MNOK 127. Our technology portfolio will significantly strengthen by this transaction. CashGuard / Vensafe appeal to the same customer segments with their innovative technology solutions that increases the profitability of the retailers ", says CEO of PSI Group ASA, Jørgen Waaler.
"The business combination will lead to synergies in sales, marketing, development, production and management. At the same time we will invest in further development in Vensafe." concludes Waaler.
For further information, please contact:
Jørgen Waaler, CEO PSI Group ASA, Phone: +47 9059 0010
About PSI Group:
PSI Group's mission: Driving Retailers' profitability by providing innovative integrated Technology Solutions enabling store owners to perform to their full potential.
PSI Group, a public company listed at Oslo Stock Exchange, has it's headquarter at Rælingen, close to Oslo, with a total staff of approximately 340 in Scandinavia and Europe.
For further information: www.psigroup.no
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.