Hiddn Solutions ASA - Quarterly Report – Q1 2017
Enclosed please find Hiddn Solutions ASA’s report for the 1st quarter 2017. The 1st quarter report and Company updates will be presented today, Tuesday 30 May 2017 at 0900 CET in the Company's office at Nedre Vollgate 4, 6th floor.
The Q1 presentation will be published on Hiddn’s homepage (www.hiddnsolutions.com).
Highlights from Q1 and subsequent events:
- Successful completion of rights issue
At the beginning of 2017, Hiddn successfully completed a rights issue which was oversubscribed by approximately 50 %. A total of 24,116,564 new shares were issued yielding gross proceeds of NOK 69.7 million. The rights issue provided the Company with sufficient funds to pursues an expansive business development plan focused on growing Hiddn’s capabilities within sales and marketing as well as to further its R&D efforts.
- Capitalising on R&D efforts - launch of encrypted USB drive product
Hiddn is currently prototyping an external USB hard drive with built-in hardware encryption. This USB drive will offer large storage capacity and fast transfer rates coupled with a high degree of data security delivered in a small form factor cabinet. The USB drive will be bootable; i.e. allow for an independent operating system to be installed on the drive itself, allowing the unit to operate independently of the operating system in the computer it is connected to. Hiddn expects to complete delivery of the initial units during the second half of 2017.
- Expanding direct sales platform by acquisition of Finn Clausen Sikkerhetssystemer AS
As communicated in investor presentations and prospectus/information memorandum, Hiddn is focused on expanding its sales and distribution platform. On 16 May 2017 the Company’s general meeting approved the acquisition of Finn Clausen Sikkerhetssystemer AS (“FCS”). This acquisition represents a significant expansion of Hiddn’s direct sale capabilities as well as existing commercial relationships with relevant customers, especially within the defence, government, and public authority segments.
- New CEO appointed - Carl Espen Wollebekk
Carl Espen Wollebekk has been appointed as the new CEO of Hiddn Solutions ASA effective from 1 June 2017. Mr. Wollebekk brings operating and leadership experience from the ICT industry, expertise in financial management and global business perspective to Hiddn. His experience base will allow Hiddn to pursue broader strategic opportunities going forward.
For further information, please contact CEO Tore Viana-Rønningen on telephone +47 911 08 693
Oslo, 30 May 2017
Hiddn Solutions ASA
About Hiddn Solutions ASA
Hiddn Solutions ASA is a public limited company situated in Oslo, Norway, listed on the Oslo Stock Exchange under the ticker HIDDN. The Company’s operating activities are reported through the subsidiaries Hiddn Security AS and Hiddn Solutions AS (together named “Hiddn”).
Hiddn is supplying impenetrable proprietary hardware-based authentication and encryption products to military, governmental, institutional, and corporate clients with further potential to scale into the retail market by building on and benefiting from the experience and competence of the management and employees in Hiddn.
Tags: