This press release may not be announced, published or distributed, directly or
indirectly in the United States, Canada, Japan, New Zealand, South Africa or
Australia
·
The Board of Directors of Precise Biometrics (“Precise Biometrics”) has decided
to propose the AGM on April 23, 2013 to decide to undertake a rights issue with
preferential rights for Precise Biometrics’ shareholders of approximately SEK 55
million.
·
The rights issue is implemented to finance increased working capital due to new
orders, develop Tactivo™ through increased resources for production, product
development and sales and marketing efforts worldwide.The rights issue is
guaranteed up to a level of 70% of the rights issue, approximately SEK 38,5
million.
·
The terms and conditions for the rights issue, including the subscription price
and ratio basis, will be established and announced on April 29, 2013.
·
Provided that the AGM on April 23, 2013 resolves the rights issue in accordance
with the Board of Directors’ proposal, the subscription period will run from May
10 – 24, 2013.
Precise Biometrics has started off 2013 very strongly.
Both of its two business areas have won milestone orders which will form the
basis of the coming years.
The business area IAM won a contract of providing the Company’s fingerprint
algorithms for one of the largest providers of financial information in the
world based in the US. This is a significant testament to the quality and
performance of the license business. As such the Company considers Precise
Biometrics very well positioned for the very large market which lies ahead, when
fingerprint sensors will become standard components in all SmartPhones and
Tablets starting already in 2013.
The other important milestone was that one of the largest Mobile Operators in
the US placed an initial order of 5,000 Tactivos as part of a sales drive
towards their Government and Enterprise customers. The Company’s expectations
are that new forthcoming policies will require US Government employees and
Contractors to use card readers when accessing information, mail etc. from their
mobile devices.
In light of these positive developments and considering that Precise Biometrics
repaid the credit facility in January and no longer have any debt, the Company
wishes to ensure that it has sufficient working capital available to continue to
build upon and pace the current momentum.
"In 2012, we launched our product line Tactivo™, the world's first mobile shell
with built-in fingerprint and smart card readers. The launch of Tactivo is a
breakthrough for Precise Biometrics on the large market for smartphones and
tablets. The products enable a significant increase in security in the use of
mobile units and have been received with great interest in the market.
This has resulted in initial orders from companies and governments in the
international market. Furthermore, a number of civil and military authorities in
the U.S. initiated pilot projects based on Tactivo, which will lead to more
orders in the future. The order from one of the largest mobile operators in
March confirms the strong interest that exists for Tactivo.
Based on this, we have made additional investments in product development
Tactivo for Android. We have to make sure that we cover the biggest mobile
platforms, teamed with Sony Mobile. Thus represents Tactivo the new and powerful
business area as we have expected, in addition to our licensing activities we
engaged in the business area IAM.
The business area IAM has had a strong start to 2013 with the prestigious order
from a leading US-based provider of financial information services. With the
order, we expect the business area IAM going to take advantage of the ongoing
initiatives in the mobile sector where fingerprint sensors are built into
smartphones and tablets.
To maintain the high tempo and have a strong working capital that promotes the
positive development we have therefore decided to propose a rights issue with
preferential rights for Precise Biometrics’ shareholders in the spring of 2013.
" , says Thomas Marschall, CEO at Precise Biometrics.
BACKGROUND AND RATIONALE
In May 2012, Precise Biometrics launched the new product range Tactivo™, the
world's first mobile shell with built-in fingerprint and smart card reader
designed for smartphones and tablets. Precise Biometrics establishment in the
market for smart devices occurs at a time when biometrics is implemented as part
of the product range of manufacturers of smart devices. An example of this is
the public bid that Apple placed in 2012 on AuthenTec, a provider of fingerprint
and biometrics solutions. Through Apple's certification of the product series
Tactivo, Precise Biometrics launched Tactivo for iPhone and iPad globally. The
Company has announced several Tactivo-related collaborations and partnerships,
such as with HID Global, Good Technology, Intercede and Sogeti. This means that
Precise Biometrics with each partner can deliver secure mobile authentication to
governments and businesses worldwide. In 2012, the Company received its first
Tactivo-order from a vehicle manufacturer. Precise Biometrics also received
Tactivo orders from two suppliers of software, Thursby Software Systems, plus an
additional operator.
In the business area IAM, the Company has been selected by a leading provider of
financial information services. The US-based customer has chosen Precise
Biometrics as its new provider of fingerprint algorithms. The customer intends
to improve the performance of existing and future fingerprint supported devices
using Precise Biometrics' technology. Precise Biometrics has announced that one
of the largest mobile operators start selling Tactivo. The mobile operator has
placed an initial order for 5,000 Tactivo deliveries in March. The proceeds of
approximately SEK 55 million before issue expenses will fund new orders
involving increased working capital, develop Tactivo through increased resources
for production, product development and sales and marketing efforts worldwide.
TERMS AND CONDITIONS FOR THE RIGHTS ISSUE
The Board of Directors of Precise Biometrics has on March 21, 2013 decided to
propose the AGM on April 23, 2013 to decide to undertake a rights issue with
preferential rights for Precise Biometrics’ shareholders of approximately SEK 55
million. Current shareholders have preferential right to subscribe new shares in
relation to shares held at the record day May 7, 2013. The subscription period
runs from May 10 - 24, 2013, following decision of the AGM on April 23, 2013.
Shares that are not subscribed for on basis of subscription rights should
primarily be allocated to those who have subscribed for shares on basis of
subscription rights, pro rata in relation to their subscription on the basis of
subscription rights, secondarily to those who have declared their interest to
subscribe for shares without subscription rights, pro rata in relation to their
declared interest and thirdly, as agreed, to guarantors.
GUARANTEES
Precise Biometrics has received guarantees from external investors to subscribe
for additional shares to secure that the rights issue is subscribed up to a
subscription level of at least 70%, approximately an amount of SEK 38,5 million.
The guarantors have agreed to subscribe for the difference between 70% of the
rights issue and the amount subscribed (with and without subscription rights).
PRELIMINARY TIMETABLE FOR THE RIGHTS ISSUE
AGM in Precise Biometrics April 23, 2013
The subscription price and ratio basis April 29, 2013
will be determined on
Prospectus is published Around April 29, 2013
Last day of trading in the share with May 2, 2013
right to participate in the new issue
First day of trading in the share May 3, 2013
without right to participate in the new
issue
Record day for participation in the new May 7, 2013
issue of shares
Subscription period for the rights May 10-24, 2013
issue
Trading in subscription rights May 10-21 2013
Trading in paid subscribed shares (BTA) May 10, 2013 until the share issue is
registered at the Swedish Companies
Registration Office
The result of the rights issue is Around May 31, 2013
publicized
Please also refer to Precise Biometrics notice of the AGM, published separately,
and the future prospectus for the rights issue.
FINANCIAL ADVISOR
Remium Nordic AB is acting as financial adviser to Precise Biometrics in
conjunction with the rights issue.
IMPORTANT INFORMATION
The publication or distribution of this press release may in certain
jurisdictions be subject to restriction by law, and persons in the jurisdictions
where this press release has been published or distributed should inform
themselves of and follow such legal restrictions.
This press release may not be made public, published or distributed, either
directly or indirectly in the United States, Canada, Japan, New Zealand, South
Africa, Australia or any other country where such procedures are subject in full
or in part to legal restrictions. Nor may the information in this press release
may not be communicated, reproduced or presented in any way that is in conflict
with such restrictions. Failure to follow this instruction may involve a breach
of the United States Securities Act from 1933 ("Securities Act") or applicable
laws in other jurisdictions.
This press release does not contain or constitute an invitation or offer to
acquire, subscribe to or otherwise trade with shares, subscription rights or
other securities in Precise Biometrics. The invitation to the persons concerned
to subscribe to shares in Precise Biometrics will only take place through the
Prospectus that Precise Biometrics intends to publish, and this Prospectus will
contain financial statements and other information on Precise Biometrics’ board
of directors and auditors.
Neither the subscription rights, paid subscribed shares or the new shares will
be registered in accordance with the Securities Act or any other act in Canada,
and may not be transferred or offered for sale in the United States or Canada,
or to persons domiciled there, or on behalf of such persons, other than in such
exceptional cases where registering in accordance with the Securities Act or
other act in Canada is not required.
This press release may contain forward-looking statements. When used in this
press release, words such as “evaluate”, “expect” and “intend” are intended to
identify forward-looking statements. They may involve risks and uncertainties,
including product demand and market acceptance, the effect of economic
conditions, the impact of competitive products and pricing, foreign currency
exchange rates and other risks. These forward-looking statements reflect the
views of the management as of the date made with respect to future events and
are subject to risks and uncertainties. All of these forward-looking statements
are based on estimates and assumptions made by the management and are believed
to be reasonable, though are inherently uncertain and difficult to predict.
Actual results or experience could differ materially from the forward-looking
statements. Precise Biometrics disclaims any intention or obligation to update
these forward-looking statements.
Precise Biometrics AB (publ) may be required to disclose the information
provided herein pursuant to the Securities Markets Act. The information was
submitted for publication at 08.30 on March 22, 2013.
FOR FURTHER INFORMATION, PLEASE CONTACT
Thomas Marschall, President and CEO, Precise Biometrics AB
Telephone; +46 46 31 11 10 or +46 734 35 11 10, E-mail;
thomas.marschall@precisebiometrics.com
Patrik Norberg, CFO, Precise Biometrics AB
Telephone; +46 46 31 11 47 or +46 734 35 11 47, E-mail;
patrik.norberg@precisebiometrics.com
Precise Biometrics is a market-leading provider of solutions for fingerprint
recognition to prove people's identities. With top-of-the-line expertise in
fingerprint verification, Precise Biometrics offers fast, accurate and secure
authentication of a person.
The technology adds value to ID, enterprise and bank cards as well as access to
mobile solutions, computers and networks. Precise Biometrics serves business and
government organizations throughout the world and its technology is licensed to
close to 160 million users.
For more information, please visit www.precisebiometrics.com
PRECISE BIOMETRICS ANNOUNCES RIGHTS ISSUE OF ABOUT SEK 55 MILLION
| Source: Precise Biometrics AB
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