Crunchfish writes down Blippit shares
Crunchfish Digital Cash is the future of payments and adds multiple benefits to banks and payment service, regardless of payment rail. Crunchfish sees potential in Blippit as an integral part of Digital Cash, but it does not warrant a dedicated team or focus. Crunchfish has therefore decided to write down the value of Blippit AB shares on Crunchfish’s balance sheet.
Blippit AB is a joint venture between Crunchfish AB and ClearOn AB. Blippit AB has exclusive rights until year-end 2023 to sell Blippit app terminal in relation to mobile payment apps to POS terminals. Blippit app terminal easily integrates into any kind of payment app and POS terminal and is an integrated part in the Crunchfish Digital Cash platform.
Crunchfish continues to see potential in Blippit, but mainly as an integral part of Crunchfish Digital Cash platform. Hence, sales of the Blippit app terminal will not have a dedicated focus going forward but be offered as an add-on product that integrate mobile apps with POS terminals. Crunchfish has therefore decided to make an extraordinary write-down of the share value of Blippit AB in Crunchfish balance sheet to zero. This has a one-time negative impact of SEK 7.6 million on Crunchfish’s Q4 2021 financials.
”We are very proud to have developed the world’s first app terminal, which now has become an integrated part of the Digital Cash platform. However, as we do not intend to focus on sales of Blippit app terminal specifically, we have decided to write down the value in Crunchfish’s books”, says Joachim Samuelsson, CEO of Crunchfish AB.
For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com
Erik Berggren, IR Manager
+46 726 01 16 73
This information was provided by the contact person above for publication on 16 February 2022 at 18:00 CET.
Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.
About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.
