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Anders Lönner to be appointed board member of TC TECH Sweden AB (publ)

TC TECH has today announced that an extraordinary shareholders’ meeting will be held on 20 September, whereby Anders Lönner will be elected board member of TC TECH. A notice convening the meeting was issued through announcement in the Swedish Official Gazette today, as well as on the company’s website (in Swedish only).

In connection with the equity issue made on 15 August, Anders Lönner became TC TECH’s second-largest shareholder. The company’s nominating committee has therefore submitted a proposal that Anders Lönner be appointed board member, an appointment that he has accepted. From 1999 to 2013, Anders Lönner was C.E.O. of Meda, a pharmaceutical company the success of which is strongly linked to Lönner’s achievements. In 2012, Anders Lönner was appointed ”Entrepreneur of the year” by EY (former Ernst & Young).  From 2014 onwards, Anders Lönner is the executive chairman of Karo Pharma AB. ”Anders Lönner has unique experience from, and know-how about, how to successfully establish and develop high-tech companies in globally competitive market areas. Thus, it is a privilege for TC TECH to benefit from Anders’ commitment not only as major shareholder, but also as a board member of TC TECH”, says Peter Mattisson, chairman of the board. 

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TC TECH makes equity issue worth SEK 13.3 million

TC TECH’s Board of Directors has decided to make a directed equity issue of 650 000 shares, based on the authorization granted by the AGM held on 26 May 2016. As a result of this resolution, the company’s share capital will increase by SEK 52 thousand and liquid funds by SEK 13.3 million. 

The major part of the share issue, 500 000 shares, will be subscribed for by Anders Lönner who thereby becomes TC TECH’s second-largest shareholder (the majority shareholder being CIMON Enterprise AB). The remaining 150 000 shares are subscribed for by Länsförsäkringar Kalmar län. The subscription price will be SEK 20.50 per share, based on the VWAP in the period 1 – 12 August 2016 (SEK 21.55) reduced by 4.9 per cent. The share issue makes an exception from the preferential right of TC TECH’s current shareholders; the purpose being to liaise with longterm, strong, key partners. The company is now given access not only to additional operating capital, but in particular to valuable commercial expertise that will contribute to TC TECH’s continued development. ”Anders Lönner and Länsförsäkringar Kalmar län joining the group of major shareholders is certainly a confirmation of the market’s interest in our technology and faith in the company’s future”, says Peter Mattisson, Chairman of the Board of TC TECH. 

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TC TECH Sweden AB (publ) publishes its Interim Report as of 31 March 2016

Net sales amounted to 0 (0) TSEK in the first quarter of 2016, while net profit/loss totalled -6 343 (-1 168) TSEK in the same period.  Cash flow from operating activities was -6 966 (-128) TSEK in the period from 1 January to 31 March 2016.

Since year-end, TC TECH has hired additional key employees in the areas of installation, service and process technology in view of the planned expansion on the Asian market.   The company has signed agreement for the delivery of a production system to a customer in Taiwan, for production evaluation. The agreement provides valuable opportunities for TC TECH to build further knowhow about customer demands and technical specifications, at the same time as its validates the market’s interest in TC TECH’s technology.

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TC TECH has signed delivery agreement for a production system to Taiwan

TC TECH has now signed an agreement for one more system to be delivered to Taiwan, initially for trial runs.  Shipment is to be commenced immediately. 

According to the agreement signed, TC TECH commits to adjust and tailor the system in line with customer specifications, on site in Taiwan.  After a certain evaluation period in full-scale production and conditional upon approval by the customer, the customer has the option to either acquire or rent the production system. ”The framework of this agreement is of great benefit for TC TECH, in view of the stage of market establishment we have now reached”, says C.E.O. Peter Mattisson. ”Not only is the delivery agreement a validation of the market’s interest in our technology, but it also provides valuable opportunities for us to build further knowhow about customer demands and technical specifications while at the same time refining our system in a proper production environment.” 

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Alexander Luiga to be appointed C.E.O. of TC TECH Sweden AB (publ)

In the recently published invitation to the Annual General Meeting of TC TECH, the Nomination Committee proposes that TC TECH’s current C.E.O. Peter Mattisson be elected Chairman of the Board by the AGM scheduled for 26 May 2016. In connection therewith, the current deputy C.E.O. Alexander Luiga will be appointed C.E.O. of TC TECH. 

Alexander Luiga, born 1965, has comprehensive experience from business operations in Asia. Luiga has, for example, spent eight years in Beijing (China), and during the all in all 16 years Luiga worked in Asia he was also active in Japan, Korea and Taiwan. Most of this time Luiga specialised in the area of Telecom; hardware as well as software. Before joining TC TECH, Luiga worked for the Efore Group where he was on the Management Team. Luiga was the E.V.P. of Business Area Telecom from 2010 onwards. ”The pending change is a natural step in TC TECH’s development”, says Peter Mattisson, current C.E.O. ”We made a very successful listing of TC TECH on Nasdaq First North; we have fortified and fine-tuned our organisation – now it’s time for us to focus on securing a position on the Asian market. Alexander’s skills and experiences are exactly what TC TECH needs to achieve this goal”. Assuming that the AGM votes in accordance with the proposal, Per-Anders Johansson leaves his current position as Chairman of the Board but remains on the Board to ascertain TC TECH’s continued access to valuable know-how and experience. Peter Mattisson will remain in charge of TC TECH’s investor relations.

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

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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/