Seamless confirms annual savings in excess of 25 MSEK

Following the Q2 report announcement related to up-coming activities to reduce cash burn, Seamless is pleased to confirm that identified and executed actions will result in annual savings in excess of Sek25m instead of previously announced Sek15m.

The savings, which will have full effect from Q1 2018, will be associated with operating expenses of around Sek11.5m which will be charged in Q3 2017 (Sek7m), Q4 2017 (Sek4m) and Q1 2018 (Sek0.5m).

Management will continue to address the Company's structure in a way that will enable successful delivery of our growth strategy, and also reduce additional expenditures in non-critical areas.
   

For further information, please contact:

Martin Schedin, CFO, martin.schedin@seamless.se , +46 8 564 878 00

Martin N. Larsson, Head of Treasury/IR, martin.larsson@seqr.com , +46 8 564 878 00
   

This information is information that Seamless Distribution 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 CET 08:50 on September 29, 2017.

About Seqr

Seqr is the standard way to pay. Developed by Seamless, Seqr is the safe, fast and easy way to pay by mobile. The only thing the user needs is the Seqr app to scan a QR code or tap on the NFC terminal. Globally, over 30 million contactless card terminals now accept Seqr. The low investment and transaction fees for merchants and among others ensure that Seqr is the most widely used mobile payment solution in Europe. www.seqr.com

About Seamless

Since 2001 Seamless has been providing its proprietary solutions and systems for mobile phone transactions. Seamless operates in two main business areas; mobile phone payment solutions (provided through the brands SEQR©and MeaWallet™) and distribution of e-products. www.seamless.se

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About Us

Seamless is a global mobile payments company that provides electronic top-up systems and mobile payment services for mobile operators, distributors, retailers and consumers. Founded in 2001 and active in 35 countries, Seamless handles more than 5.3 billion transactions annually through 675,000 active sales outlets. Seamless has four main business areas: 1. Seamless Distribution Systems: Platform enabling digital distribution for Service Providers2. Seamless eProducts: Technology provider for distribution of physical and electronic products3. Seqr: Mobile Payment Platform4. MeaWallet: Provider of Host Card Emulation (HCE) and tokenization platform Seamless is truly an international company with customers all over the world. Our ambition is to be close to our customers, therefore, we have global sales, support and operations in Sweden, India, UAE, Pakistan, Ecuador, Belgium and Ghana, etc.In the last decade, we emerged as a trusted supplier and partner with technical excellence, business knowledge and commercially viable solutions. Our customers and long standing partnerships hold testimony to the quality of our product offerings and the efficiency of our services. As we move into the future, we aspire to continue exploring new grounds in mobile technology and introduce path-breaking products.

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