Sale of security business
Nio Inc. has completed the sale of its security
business, ref. announcement on January 2, 2013. The
buyer has conducted a due diligence of the security
business and the board has approved the agreement.
The transaction will be effective as of December 31,
The security business has not been profitable in
recent years, and generated less than two percent of
Nio's revenues. A disposal of the business unit is
in line with the Company's transformation process,
and will avoid further negative effects on earnings
As a result of the divestment of the security
business, Mr. Bjarne Støtvig will resign as board
member in Nio Inc. with effect as of today. Mr.
Støtvig has served as board member for Nio since
2008, and has been mainly involved with the security
business. The remaining board members wish to express
their deep appreciation of Mr. Støtvig's contribution
to the Company.
For more information, please contact: Brian Palm
Svaneeng Mertz, CEO, Tel: +45 2390 3300.
About Nio Inc.
Nio Inc. has two primary business areas; internet
auctions and online gaming. Nio owns and operates
Internet auction sites which offers an unique and
entertaining way to shop on the Internet, and the
gaming site Panda365.com. Nio Inc. is a US company
with more than 150 employees with its headquarter in
Oslo, Norway. Nio is listed on the Oslo Stock
Exchange (ticker: NIO).