Josab International AB acquires equity stake in the technology company Chromafora AB and begin negotiations on a pilot project in China
After a due diligence Josab International AB subscribed for 9 084 shares in Chromafora AB at the price 143 SEK / share. The parties have also signed a "Term Sheet" containing conditions related to the investment.
The parties have thru a signed "Term Sheet" agreed that after the transaction (i) initiate discussions on a pilot study in China, (ii) negotiate a commercial contract for the exclusive right for Josab to use Chromaforas technology in China, India, Southeast Asia and the Caribbean. The Parties also agreed that Josab intends to invest in any possible subsequent issue of new shares to strengthen the resources regarding the development of Chromaforas technology related to the agreed territory.
"This initial investment gives Chromafora increased opportunities to accelerate the commercialization of SELMEXT ™ and we plan in parallel to allocate resources from our side to build a sales model for the technology which is applicable to the markets where we intend to operate," says Andrej Setina, CEO Josab International AB. "We consider the technology as an innovative and a very interesting addition to our product portfolio, which is why we announced that we would gladly take a larger position in the company when the opportunity arises," Setina concludes.
The subscribed shares are part of a fully subscribed issue of 20,980 shares. Josab will after the acquisition hold 7.2% of the shares and the corresponding share of votes. Chromafora AB will through this transaction receive 1 299 012 SEK in cash contributions. The founders Henrik Rundgren (CEO), Martin Kullberg (CRO) and Gaston Lavén (COO) owns a total of 32.6% of the shares and voting rights. Other major shareholders in the company are Zentricity Holding AB, Almi Innovation Bridge AB and Ragn-Sells AB.
Stockholm 7th of May
For more information please contact:
CEO, Josab International AB
+46 70 537 06 67
CEO, Chromafora AB
+46 73 364 39 59
About Josab International AB
Josab International AB manufactures and sells ecological water treatment solutions based on, by the company patented, unique filter material Aqualite™. Josab International AB has today five fully owned daughter companies, Josab Hungary Kft, Josab East Africa Ltd, Josab India Pvt Ltd, Josab China Ecological Water Treatment Systems Co Ltd and JOSINT Financial Services AB.
About Chromafora AB
Chromafora is a privately held technology company that focuses on waste water and waste material treatment. Their unique technology, SELMEXT™, enables a selective heavy metal separation that lowers the overall cost for waste management as well enables recycling of purified materials.