IVISYS announces interim report for the third quarter of 2015

Press release

IVISYS AB
Ticker: IVISYS
556998-4981
15 November 2015

IVISYS today publishes the interim report for the third quarter (2015-07-01 –
2015-09-30) / first nine months of 2015 (2015-01-01 – 2015-09-30).

Summary of Q3 interim report

– Revenue for the period was 0 kSEK
– Operating income was -1 820 kSEK
– Earnings per share were -0.27 SEK
– The equity ratio was 94 %

IVISYS AB was formed on 16 December 2014, thus it is not possible to show the
third quarter 2014 interim report for comparison.
Definitions
– Earnings per share: Earnings of the period divided by 6 740 000 shares as of
30 September 2015.
– Equity ratio: Equity divided by total assets.

Important events during the third quarter of 2015

– On 4 August 2015, IVISYS announced that the company had entered into a mutual
referral partnership with Scape Technologies, a provider of bin-picking
solutions. The partnership is a two-way agreement and initially covers Germany
and Sweden.

– On 13 August 2015, IVISYS announced that Holger Kämpfer had taken up the
position as Installation Manager, with responsibility for installing IVISYS’
systems for customers in Europe.

– At the end of September, it was announced that IVISYS and Scape Technologies
would jointly exhibit at the Elmia trade fair in Jönköping in November. The
companies would present the outcome of a joint development project – an
integrated bin-picking and inspection robot.

Important events after the end of the period

– 1 October 2015, IVISYS added sales manager Giulio de Muro to the company’s
sales team. Giulio has extensive experience with international B2B sales.

– On 3 November 2015, IVISYS announced that the company was granted an official
patent by the US Patent and Trademark Office

– From 11 – 13 November 2015, IVISYS participated in the Elmia Subcontractor
trade fair in Jönköping, Sweden.

IVISYS CEO Jakob Kesje’s comments

‘The third quarter of 2015 has passed and I would like to take this opportunity
to sum up the main achievements during the quarter and up until today.

As a young company, we continuously strive to develop our company in an
appropriate manner, so we position ourselves in the best way possible in order
to achieve long-term growth. Therefore, one of our current main priorities is to
make sure we achieve the right product-market fit, another is to protect the
company’s intangible assets. Since the previous quarter, we have made
significant progress in both of these areas.

In September, we were pleased to announce that we together with our
collaboration partner Scape Technologies would jointly exhibit at the Elmia
Subcontractor trade fair in Jönköping. At the trade fair, which ran from 10 – 13
November, we showcased the outcome of our mutual development project—a bin
-picking robot, with the product name IVISYS Robo Inspect, which can transfer an
object from point A to point B and concurrently during this process inspect if
the object has been assembled correctly etc. The interest in IVISYS Robo Inspect
at the fair was substantial and attracted much attention from the visitors. By
adding the IVISYS Robo Inspect to our product portfolio, we now stand in an even
stronger position when we approach potential customers, since IVISYS Robo
Inspect can replace both manual quality control and manual handling of objects.
In parallel to our development of IVISYS Robo Inspect, we have continued the
process regarding verifying that our other solutions meet the exact needs of the
market. We do this by gradually increasing our dialogue with relevant potential
customers and submitting project proposals. Currently, we are talks with a range
of potential customers regarding numerous projects, in various phases. One
example of this is our delivery and installation of a complete vision system for
quality assurance of a surface treatment process of metal coils for a company in
Southern Denmark.

Concerning protection our intangible assets, we passed yet another important
milestone since the previous quarter, when the US Patent and Trademark Office
approved our patent application regarding our unique ‘Method and Device for
Finding Nearest Neighbor’. The patent covers a unique and extremely fast way of
searching in large image databases, which – of course – is valuable also in many
other fields of image processing than the area focused on by IVISYS today. This
patent alone has a significant value on its own. We are pleased that this, our
second US patent, also passed the application process without any remarks from
the authorities. The seamless approval of both of our patens in the country of
the world’s leading economy underlines our technology’s high degree of novelty
and is encouraging regarding our efforts to achieve protection of our intangible
assets in other parts of the world.

Besides our focus on improving our product range and protecting our intellectual
property, we have continued adding relevant staff to our team. During the
quarter, which has passed, we have had the pleasure of expanding our team with
Holger Kämpfer, who is our new Installation Manager. Holger was hired in August
and his main task is to provide IVISYS customers with support regarding
commissioning and installation of inspection systems. Holger has several years
of experience from within the industry and fits in well with our organization.
During October, we also welcomed sales manager Giulio de Muro to our sales team.
Giulio has extensive experience with international sales and is focusing on
business development in the Benelux countries.

Looking forward, we will continue to pursue our long-term objectives. When we
have received a sufficient amount of feedback from the market, conforming that
our product offering is matching the range of application areas in demand, we
will gradually increase our focus on scaling the business. As we have previously
announced, we expect this path of development to lead to IVISYS reaching break
-even in 2016. We are progressing as planned and we expect a bright future for
IVISYS!’

Jakob Kesje
CEO, IVISYS AB

Complete interim report for the third quarter of 2015

IVISYS’s full interim report for third quarter/the first nine months is
available on the company’s website (only in
Swedish): ivisys.com/investor/financial-reports

Certified Adviser

Sedermera Fondkommission is Certified Adviser to IVISYS.

For more information, please contact:

Jakob Kesje, CEO IVISYS AB
Phone: +45 20 22 60 10
E-mail: jk@ivisys.com

About IVISYS

IVISYS AB was formed on 16 December 2014. The company provides independent
vision system solutions for quality control and offers “plug-and-play” solutions
with an easy installation process. IVISYS delivers complete solutions with
cameras, lighting, hardware and software. The solutions perform quality
inspections at high speed and allow multiple control points in a single
inspection. IVISYS’ solutions are easily adapted to various products and
variations and is invariant to product positioning. Settings can be adjusted by
the customer’s own staff according to their demands.