Hiddn Solutions ASA has entered into binding agreement to acquire Energos Group AS
Reference is made to the stock exchange announcement by Hiddn Solutions ASA ("Hiddn" or the "Company") on 25 March 2019 regarding a potential business combination with Energos Group AS ("Energos") to add new business lines providing technology and solutions to the global renewable energy production industry. The Company has today entered into a binding agreement to acquire all outstanding shares in Energos (the "Transaction").
The Transaction is structured as an acquisition by the Company of 100% of the outstanding shares in Energos from current owners Daimyo AS, Macke Invest AS and Tempus Invest AS (together referred to as the "Sellers"). It is agreed that the Company's consideration for Energos shall be fully settled by issuance of consideration shares in the Company to the Sellers (the "Consideration Shares"). Following completion of the Transaction and issuance of the Consideration Shares, the Sellers will own approximately 78,5% of the shares in the Company on a fully diluted basis.
Completion of the Transaction is conditioned upon approval from the Company's general meeting, issuance of the Consideration Shares, change of the Company's name to "Energos ASA" as well as certain other customary closing conditions. It is contemplated that approval of the Transaction, issuance of the Consideration Shares and change of the Company's name will be proposed to the Company's annual general meeting in 2019, expected to be held mid-June 2019. Closing of the Transaction is scheduled to be carried out on the same date as the general meeting after the general meeting is adjourned.
A detailed stock exchange announcement including all information required pursuant to the continuing obligations of the Oslo Stock Exchange will be published as soon as possible and within start of stock exchange trading on Wednesday 22 May 2019 at latest.
For further information, please contact:
Carl Espen Wollebekk, CEO of Hiddn, telephone: + 47 930 55 505 /e-mail: firstname.lastname@example.org
About Hiddn Solutions ASA
Hiddn Solutions ASA is listed on the Oslo Stock Exchange under the ticker HIDDN. The company is offering impenetrable proprietary hardware-based authentication and encryption products with a superior level of security as well as a wider product suite addressing all market segments looking for solutions to ensure that sensitive information stays confidential and unavailable to unauthorized access. Based on Hiddn's unrivalled and proven position in the high-end encryption market, the company is implementing a strategy of adapting the proprietary technology to the high-volume markets to take advantage of the growing global security challenges and the arising regulatory requirements.
Hiddn has established a product offering that addresses all market segments from the high-end security clients to the retail market, as well as established partnerships with some of the most important sales and distribution partners in Europe. Hiddn sees significant growth opportunities and rising demand from customers and is well on its way to solidify its leading position in the growing market for secure data storage.
For more information, please visit: www.hiddn.no