AudioDev AB considers issuing of new shares
AudioDev, a global market-leading supplier of testing equipment for optical media, has implemented a cost-savings programme in order to adapt its operations to current global business trends. However, due to a weak start of sales during the current year the company now also sees a need for strengthening its liquidity.
As a result of the global recession the company has experienced a sharp decrease of its sales of testing equipment for optical media during the year’s first five months compared to the corresponding period last year. The financial climate has had a direct negative impact on the expected growth of the company’s Blu-ray-market where important customers have been forced to postpone their investments. Even though AudioDev continues to be confident that the BD-format will show good and profitable growth, the demand for the company’s products is not expected to really take off until 2010. For that reason, AudioDev AB needs to secure the access to liquidity and the Board now explores the possibilities of issuing new shares. The company is still upbeat about the opportunities provided by the thin film metrology market, where manufacturers of flat panel displays, solar cells and OLED-lightening are considered as primary target groups. The information presented here is such that AudioDev AB (publ) is required to make public under the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was released for publication on June 5 2009 at 15.15 CET.