Option (EURONEXT Brussels: OPTI; OTC: OPNVY), a global leader in wireless connectivity, security and experience, today announces that the Board of Directors has revised its plans with regards to the strengthening of the Company-s working capital. As previously announced in the financial notification issued on October 10, 2012, the Company is looking to raise cash in order to secure its going concern. In addition, the Company continued to be focused on the further reduction of its costs basis and on the diversification of the sales- and marketing efforts. The actions taken in the last quarter of 2012 have contributed to lower the cash burn resulting in a cash position of 3,2 million EUR by the end of December 2012.
Following discussions with interested parties the Board has decided to raise the amount of the investment to minimum 9 million EUR via the issue of a convertible bond. The combination of such investment with further cost reductions and the projected sales of the new products should allow the Company to return to profitability towards the end of 2013.
A number of parties, including Jan Callewaert, founder and CEO of the Company, have expressed their intention to participate in the transaction. It is the Boards- expectation that the transaction will be concluded during the first quarter of 2013. More details about the transaction will be described in a report of the Board of Directors drafted in accordance with section 583 of the Code of Companies. This report will be made available at a later stage.
In addition, the Company came to an agreement with Mondo NV, controlled by Jan Callewaert, on a mid term loan facility up to a maximum amount of 5 million EUR, in order to bridge potential cash requirements until the completion of the transaction.
Option will provide more details on the financing efforts as soon as specific information is available.
Option, the wireless technology company, is a leading innovator in the design, development and manufacture of 3G HSUPA, HSDPA, UMTS, EDGE, and WLAN technology products for wireless connectivity solutions. Option has established an impressive reputation for creating exciting products that enhance the performance and functionality of wireless communications. Option is headquartered in Leuven, Belgium. The company also has Research & Development in Belgium (Leuven), Germany (Augsburg) and an ISO 9001 production engineering and logistics facility in Ireland (Cork). Option maintains offices in Europe, US, Greater China and Japan. For more information please visit www.option.com.
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