InCoax Networks AB reviews its costs as a result of the Covid-19 pandemic and changes the dates for the annual general meeting and publication of the annual report
InCoax Networks AB (”InCoax” or the ”Company”) has initiated a review of its costs as a result of the ongoing Covid-19 pandemic. Primarily, the Company intends to implement cost saving measures in the form of agreements with its employees regarding so called “short-time work” (Sw. korttidsarbete). In order to be able to focus on ongoing measures, the annual general meeting is postponed to June 30, 2020 and the publication of the annual report for 2019 is postponed to May 15, 2020.
InCoax recognizes that the ongoing Covid-19 pandemic has affected the Company’s customers, especially within hospitality and smaller operators, and that the customers’ tendency to place orders have decreased. In order to meet the reduced demand, the Company has initiated work to reduce the Company's costs. As a result, InCoax will initiate negotiations with its employees in order to enter into agreements regarding so called “short-time work”. InCoax is evaluating which impact the Covid-19 pandemic will have on the Company’s business and previously announced financial targets, and will return with an update as soon as possible.
In order to be able to focus on ongoing measures, InCoax has resolved to postpone the annual general meeting to June 30, 2020 (previously intended date for the annual general meeting was May 15, 2020). As a result of the change, the annual report for 2019 will be published on May 15, 2020 (previously intended date for publication was April 3, 2020).
This information is such information as InCoax Networks AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 20:00 CET on April 2, 2020.
For more information:
Jörgen Ekengren, CEO, InCoax Networks AB
jorgen.ekengren @incoax.com
+46 73 899 5552
About In:xtnd
In:xtnd is EASY to install as it uses the existing coax cable infrastructure for fiber access extension. Its plug-in Access modems allows for tenant’s self installment. It may be rolled out in stages and ensures minimal operational disturbances. In:xtnd is FAST, allowing 2.5 Gbps data traffic on each channel, almost as fast upstream as downstream (symmetrical). Using existing cable infrastructure makes in:xtnd the SMART and environmentally friendly choice. Fast and easy deployment allows for higher subscriber uptake with short time to revenue.
About InCoax Networks AB
InCoax Networks AB (publ) is innovating the future of broadband access. In:xtnd™ provides the next-generation smart and sustainable networking solutions to the world’s leading telecom and broadband service providers. For additional information about how we are saving the world from complicated, visit www.incoax.com. Augment Partners AB, tel. +46 8-505 651 72 info@augment.se, is acting as the company’s Certified Adviser.