Modified Statement from Auditors in the Annual Report for 2019
The company’s Auditors KPMG AB, have reported to Annual General Meeting in InCoax Networks AB a note of Significant uncertainty factors regarding the assumptions of going concern. The Auditors recommend that the general meeting of shareholders adopts the income statement and balance.
The Auditors note:
Significant uncertainty factors regarding the assumption of going concern
Without affecting our statements above, we would like to draw attention to the income statement and balance sheet in the annual report, which shows that the company reports a loss for the financial year. The Board of Directors' report states that the company has identified a risk that the company will not be able to receive adequate funding for the business. Such financing is not secured at the time of submission of the annual report. These conditions indicate that there is a significant uncertainty factor that can lead to significant doubts about the company's ability to continue operations.
The Management team and Board of Directors working are working on a plan to solve the going concern factor by seeking long term financing.
For more information:
Jörgen Ekengren, CEO, InCoax Networks AB
jorgen.ekengren@incoax.com
+46 73- 899 55 52
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. For more information about our products, visit inxtnd.com.
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. To keep updated on corporate information, visit incoax.com. Augment Partners AB, tel. +46 8-505 651 72 info@augment.se, is acting as the company’s Certified Adviser.