STOCKHOLM, May 17, 2018 /PRNewswire/ -- Following Invuo Technologies AB ("Invuo") market communication on 30 April, 2018 regarding the status of the expected investment by AJ Group Holdings Ltd ("AJ Group"), to purchase 20m new shares, and loans in Seamless Distribution Systems AB held by Invuo (representing a total investment of 52 mSek), we regret to inform the market that further delays have occurred in the transfer of funds.
Management and the Board consider that it is now a high risk that sufficient funds from the AJ Group investment to continue operations might not be available to Invuo in a reasonable timeframe. Additionally, information from AJ Group recently received by Invuo, indicates that AJ Group may seek to make the undertaking agreement, executed in March 2018, conditional of new requirements, not part of the already executed undertaking. This new information has forced Management and the Board to reassess the probability of actually receiving funds according to the terms set forth in the undertaking agreement.
Primarily as a result of the delays related to the expected investment by AJ Group, Invuo's liquidity position has become critical. Management and the Board will utilise all available avenues to seek alternative funding, in order to provide liquidity to allow operations to continue.
For further information, please contact:
This information is such that Invuo Technologies AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 08:50 on May 17, 2018.
Since 2001 Invuo has been providing its proprietary solutions and systems for mobile phone transactions. Invuo operates in two main business areas; mobile phone payment solutions provided through the brand MeaWallet™, and distribution of e-products. www.invuo.com
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SOURCE Invuo Technologies AB