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Press release from TC TECH Sweden AB’s 2020 Annual General Meeting

TC TECH Sweden AB’s annual general meeting was held on 14 May 2020, at NetPort in Karlshamn, Sweden. 53,3% of all issued shares were represented at the AGM.

The AGM approved the income statement and the balance sheet for the company for the fiscal year 2019, and discharged the members of the Board and the CEO from liability for the fiscal year 2019. Further, in accordance with the proposal submitted by the Nomination Committee, the AGM resolved that the Board of Directors shall consist of five ordinary Board members without deputy members. The Board will concist of the following members up to the AGM 2021: Peter Mattisson (Chairman of the Board), Per-Anders Johansson, Cecilia Jinert Johansson, Anders Jemail and Magnus Lindvall. In according with the Nominating Committee’s proposal, the AGM resolved that the total fees paid to the Board, shall be 425 000 SEK, of which 125,000 shall be paid to the Chairman and SEK 75,000 shall be paid to each of those Board members elected by the AGM who are not employed by the company. It was unanimously resolved to authorize the Board to make a resolution to issue new shares. A maximum of 1,750,000 new shares may thus be issued in the period up to the AGM in 2021. Such share issue can be made with or without deviation from the current shareholders’ preferential rights. The share price shall be based on the market price at the time of the issue, with or without consideration taken to any possible market discount. The AGM unanimously resolved to approve a directed issue of a maximum of 250,000 warrants, with the right to subscribe for new shares in the Company. The right to subscribe for the warrants will be added, with deviation from the shareholders' preferential rights, CIMON Enterprise AB, 556545-6844, with the right and obligation to transfer the warrants to the Company. Oversubscription cannot occur. The warrants shall be issued free of charge. The warrants shall thereafter be transferred to key employees of the Company.

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TC TECH has published its interim report

TC TECH has today published its interim report for the period to March 31, 2019. 

In the first quarter of 2020, net sales amounted to 105 (864) TSEK, net profit/loss to  -7 407 (-8 534) TSEK and cash flow from operating activities to -7 342 (-6 676) TSEK.   Developments in the first quarter of 2020 · TC TECH Sweden AB (publ) announced that the company has received an order for an evaluation project of LGPs from a German sub-supplier in the automotive industry. This is TC TECH’s first inroad into the automotive industry. Developments after March 31[st], 2020 · TC TECH Sweden AB (publ) announced that the company currently has very limited possibilities to physically meet with customers and potential customers due to the Covid-19 pandemic. Instead, digital meetings are being frequently used. Testing activities for customers in Asia at TC TECH’s facility in Spånga are however ongoing. Other business operations are also, for the most part, continuing as planned with the exception of the mentioned limitations regarding marketing activities.

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TC TECH updates on effects of the Covid-19 pandemic and implemented measures to reduce operational costs

TC TECH Sweden AB (publ) announces that the company currently has very limited possibilities to physically meet with customers and potential customers due to the Covid-19 pandemic. Instead, digital meetings are being frequently used. Testing activities for customers in Asia at TC TECH’s facility in Spånga are however ongoing. Other business operations are also, for the most part, continuing as planned with the exception of the mentioned limitations regarding marketing activities.

“The uncertainty regarding how long the Covid-19 pandemic will continue to affect our operations has led us to reduce our operating costs, by among other measures implementing a short-term 40 % furlough of personnel. While these measures lower the company’s costs, we will be able to rapidly scale up our activities again when the situation normalises,” says TC TECH’s CEO Alexander Luiga. Overall, TC TECH’s assessment is that the current Covid-19 situation will mainly affect the company in the form of delays of expected orders from customers. The underlying interest in the company’s technology is expected to stay strong and continue to grow in all relevant market segments.

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TC TECH Sweden AB (publ) publishes its Summarized Financial Statements

TC TECH has today published its summarized financial statement report for the period January 1 to December 30, 2019

Net sales amounted to 4 358 (48) TSEK in the fourth quarter of 2019. Net profit/loss totalled -6 007 (-10 326) TSEK in the fourth quarter of the year. Cash flow from operating activities was -3 991 (-13 500) TSEK in the period from October 1[st][ ]to December 31[st] 2019. Net sales amounted to 14 193 (48) TSEK in the full year of 2019, while Net profit/loss totalled -27 640 (-32 365) TSEK in the full year 2019. Cash flow from operating activities was -22 181 (-26 498) TSEK in the full year 2019. Developments in the fourth quarter of 2019   · TC TECH Sweden AB (publ) has in October made a directed equity issue of 1 412 700 shares, based on the authorization granted by the AGM held on May 9th 2019. As a result of this resolution, the company’s share capital increased by SEK 113 016 and liquid funds by around SEK 19 million.   Developments after year-end 2019 · TC TECH Sweden AB (publ) announced that the company has received an order for an evaluation project of LGPs from a German sub-supplier in the automotive industry. This is TC TECH’s first inroad into the automotive industry.

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TC TECH receives evaluation project from a German company in the automotive industry

TC TECH Sweden AB (publ) announces that the company has received an order for an evaluation project of LGPs from a German sub-supplier in the automotive industry. This is TC TECH’s first inroad into the automotive industry.

The order clearly shows that the interest in TC TECH’s technology is now starting to increase in other segments in addition to manufacturing of LCD displays for mobile phones, tablets and laptops. “This is our first project for a customer in the automotive industry, for which we will receive a payment of 105 TSEK. If these tests turn out well, they could lead to equipment orders in this segment. This shows that our offering has an exciting potential in a global sector where advanced technology is becoming increasingly important,” says TC TECH’s CEO Alexander Luiga. The test series of LGPs for the customer’s evaluation project will be conducted in TC TECH’s cleanroom in the company’s facilities in Stockholm.

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IR contact

Tommy Nee
CFO
Tel: +46(0)706 19 57 63
E-mail: tommy.nee@tctech.se

Certified Adviser

TC TECH has appointed Arctic Securities AS as its Certified Adviser.

Arctic Securities AS, Sweden bransch
Biblioteksgatan 8
SE-111 46 STOCKHOLM
Tel: +46(0)8 446 860 80
Web: arctic.com/secse/en

IR-kontakt

Tommy Nee
CFO
Tel: +46(0)706 19 57 63
E-mail: tommy.nee@tctech.se

Certified Adviser

Bolaget har utsett Arctic Securities AS, filial Sverige till Certified Adviser.

Arctic Securities AS, filial Sverige
Biblioteksgatan 8
111 46 STOCKHOLM
Tel: +46(0)8 446 860 80
Web: www.arctic.com/secse/