Nilar gives an update on the company's financial situation
INSIDER INFORMATION: The Board of Directors of Nilar International AB (publ) ("Nilar" or the "Company") presented on August 11, 2023 an updated business plan, new operational and financial goals and information on a review of the Company's financing options. The company has a significant need for financing over the coming years to achieve the goals set out in the business plan. Nilar has worked with the Company's financing to ensure and establish a long-term financing solution that improves the Company's financial structure and position. The Board's assessment after the completed review, which is still ongoing, is that the prospects for finding a long-term financing solution are extremely limited. In addition, the Company has a short-term liquidity need for which a solution has not yet been materialized. As part of the Board's strategic review, it also includes evaluating other alternatives such as strategic partnership or sale of the Company. Although there are, and have been, intensive discussions with potential investors, there is no concrete alternative solution in this part either. The Board of Directors announces, due to the above, that a review will also be carried out, which concerns the winding down of all, or parts of, the business.
The Board continues to work continuously to find alternative solutions for the Company's continued operation. However, the company has a significant short-term liquidity need to be able to fulfill its obligations where there is currently no financing solution. At present, however, there has been no reason to draw up a control balance sheet. If a short-term financing solution cannot be achieved in the near future, the Company will have to suspend the review and take immediate measures which may involve winding down all or part of the business. As a natural consequence of the above, it is the Board's assessment that the new business plan and the financial targets announced on August 11, 2023 will not be met.
The Board will inform the market as soon as there is new information to share.
For more information, please contact:
Gunnar Wieslander, chairman of the board Nilar International AB (publ)
gunnar.wieslander@nilar.com
070-755 15 70
This information is information that Nilar International AB (publ) is obliged to make public pursuant to the (EU) 596/2014 Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at the time stated by the Company's news distributor Cision at publication of this press release.
About Nilar:
Swedish-based Nilar International AB develops and manufactures batteries that are part of stationary energy storage systems. With better energy storage, society can support the increasingly stressed electricity grid by bridging imbalances between energy production and demand, especially important as the share of renewable energy sources increases. Nilar's battery technology is based on nickel metal hydride (NiMH) electrochemistry with a water-based electrolyte, which provides higher safety while allowing the components to be recycled and reused. Nilar has its headquarters in Gävle and since 2012 all batteries have been developed and produced in the production facility in Gävle, which is powered by 100% renewable energy.
The Nilar share is listed on the Nasdaq First North Premier Growth Market under the ticker NILAR. FNCA Sweden is Certified Adviser. For more information see www.nilar.com.