Irisity AB (publ) provides an update on the current situation with respect of COVID-19
In view of the general uncertainty and measures put in place by authorities around the world to reduce the spread of COVID-19 and their impact on the global economy, Irisity is closely monitoring developments and is prepared to take measures to reduce the risk of the company's continued operation and expansion being long-term affected.
Travel restrictions, cancellations of meetings and general difficulties in conducting the sales process may affect demand for the company's products and services. The financial consequences are still difficult to estimate, but the company will continuously implement measures to limit such impact on company operations. The company currently intends to implement measures such as short-time work allowance and other general cost savings. Through these measures, we expect to maintain our strong and solid financial position to capitalize on the opportunities that exist in the market when countries and companies re-open.
For additional information:
Marcus Bäcklund, CEO
Telephone: +46 733 80 17 80
Erik Stenberg, CFO
Telephone: +46 761 74 05 92
This information is information that Irisity 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 above, at 08:00 CET on 30 March 2020.
Irisity AB (publ) is a leader in intelligent camera surveillance. With the help of AI and proactively working and self-learning algorithms, we upgrade both existing and new surveillance cameras and surveillance systems from passive to alarm units. With Irisity's SaaS solution, IRIS™ turns the attention to real sharp events rather than false alarms. Irisity's AI algorithms have high precision and can determine human activity at long distances in all lighting conditions right down to only ten pixels.
IRIS™ currently monitors a variety of application areas for hundreds of customers in Scandinavia and iinternationally. Including schools, nightly surveillance of the elderly in the home, parking, critical infrastructure and surveillance of different types of protection areas.
Irisity operates in a turbulent world where surveillance has undergone a shift from questionable integrity threats to obvious security factors. With an aggressive growth strategy in one of the world's largest and fastest growing industry segments, the company is investing in increased innovation pace and expanding the SaaS offering IRIS™ internationally.
Irisity AB (publ) is listed on Nasdaq First North under short name IRIS
The Irisity AB (publ) share IRIS is listed on Nasdaq First North Stockholm, Sweden
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