HIDDN - Hiddn Security AS, a 100% owned daughter company of Hiddn Solutions ASA, has entered a petition for bankruptcy proceedings with Oslo enforcement, bankruptcy and probate Court.
(Oslo, May 21 2019) Hiddn Solutions ASA (Hiddn, OSE: HIDDN)
Hiddn Solutions ASA and operating daughter companies in the group will continue its business and be operationally unaffected by this. The proposed business combination with Energos Group ASA will continue as planned and be proposed for the General Assembly in mid June 2019.
On Wednesday May 15 Hiddn Security AS had to report lower operating revenue for first quarter of 2019 and continued loss making. On that basis the Board of Directors announced a cost reduction program for the rest of 2019. Following the announcement, the Board of Directors and management in Hiddn has worked to get the cost reduction program in place. A new assessment of future sales and probabilities to find bases for a profit-making business, has also been performed. The conclusion from the assessment is that this would involve unacceptable risk and call for additional future funding. On this basis, the Board of Directors of Hiddn Solutions ASA has informed the Board of Directors of Hiddn Security AS, that they will not contribute with further funding to Hiddn Security AS.
The Board of Directors in Hiddn Security AS has made an evaluation of this new situation and has been looking for alternatives for Hiddn Security AS. Unfortunately, this has not been successful and consequently, the Board of Directors has made a resolution to enter a petition for bankruptcy proceedings with Oslo enforcement, bankruptcy and probate Court. The petition will be filed today, May 21, 2019.
For further information, please contact:
Carl Espen Wollebekk, CEO, telephone: + 47 930 55 505 /e-mail: email@example.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.