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PEN cancels company restructuring and are filing for bankruptcy.

PEN Concept Group AB (”PEN” or  ”the Company”) announces that the Board today decided to cancel the company restructuring for PEN and are filing for bankruptcy. The bankruptcy decision is based on total loss of sales and is attributable to the effects of the impact of COVID-19 (Corona virus) in the business.Corporate restructuring was initiated for PEN Concept Group AB March 23 2020,  The board has carefully analyzed the Company and the Group´s future sales opportunities and the economic development. The Board considers that there is a total loss of sales for the current fiscal year.

PEN's subsidiaries cancel corporate restructuring and apply for bankruptcy

PEN Concept Group AB ("PEN" or "The Company") announces that the Board of Directors of the Company today decided to cancel the corporate restructuring of the subsidiaries PEN Interiör AB and PEN Products AB and apply for bankruptcy. The bankruptcy decision is based on total loss of sales and is attributable to the effects of the COVID-19 (corona virus) impact on the business.PEN's subsidiaries PEN Interiör AB and PEN Products AB have, since March 23, 2020, undergone corporate restructuring. The Board has carefully analyzed the future sales opportunities of the subsidiaries and their

The Chairman of the Board sells shares due to over-lending of securities credit

Chairman of the Board Robert Wu through related companies Oboya Holding HK Ltd has previously held a securities credit with a credit institution. The securities loan that was issued was intended for subscription in a previous preferential mission.   PEN Concept Group AB applied for corporate restructuring on March 23, 2020 and as a result of the corporate restructuring, the credit institution conducted forced sales of the Chairman of the Board's PEN shares to adjust the over-lending of securities credit. The transactions took place without Robert Wu's consent, but only after the

Majority owner Oboya Holding HK Ltd sells 6,250,000 shares in Pen Concept Group AB for personal financial reasons

Oboya Holding HK Ltd owner Robert Wu comments “In connection with the rights issue in Pen Concept Group AB, Oboya Holding HK Ltd took out a securities credit in order to enable subscription in Pen Concept Group's issue. My ownership in Pen Concept Group AB, through Oboya Holding HK Ltd, is one of my larger shareholdings and assets. Therefore, I choose to divest part of my shareholding partly to be able to repay the securities credit and partly to increase free float in the share. I would like to point out that this sale is purely for personal financial reasons. My view of Pen Concept Group

PEN rebuilds and delivers restaurant interior to McDonald's Sweden

Through its subsidiary PEN Interiör AB, PEN Concept Group AB (PENCON, Spotlight Stock Market) has received an order for renovation of a McDonald's restaurant in Sweden. The order includes project management, construction, manufacture, delivery and installation of furniture and furnishings according to McDonald's concept. Delivery will take place during the second quarter, 2020. The total order value amounts to approximately SEK 2 million.

PEN designs, manufactures and assembles product displays for the world's largest manufacturer of marine electronics, Navico

PEN Concept Group AB (PENCON, Spot Light Stock Market) supplies through its subsidiary PEN Interiör AB, product displays to the world’s largest manufacturer of marine electronics, Navico. Product displays are designed, manufactured and assembled for a variety of markets. The total order value for PEN amounts to approx. SEK 0.75 million. Navico is investing heavily in a whole new concept for Northern Europe. Magnus Hjorth, CEO of PEN Concept Group AB, explains: "We are very pleased to be involved in developing and manufacturing Navico's new product displays to roll out in Europe".

PEN rebuilds and delivers restaurant decor to McDonalds Sweden.

PEN Concept Group AB (PENCON, Spotlight Stock Market) has, through its subsidiary PEN Interiör AB, commissioned a total contract and extension of McDonalds restaurant in Sweden. The order includes project management, construction, manufacturing, delivery and mounting of furniture and furnishings according to McDonals conecpt. Delivery will be made during quarters one and two, 2020. The total order value amounts to approx. SEK 7 million. Magnus Hjorth, CEO of PEN Concept Group AB, explains:”We are continuing our collaboration with McDonalds and taking greater responsibility by managing

PEN Conpect Group AB: Amendment: PEN designs, manufactures and assembles 8 stands for Stockholm Furniture & Light Fair February 4-8.

Earlier today, February 7, 2020, a press release was incorrectly published referring to the Market Abuse Regulation (MAR). The information in the press release is regulatory but not of a MAR nature. The full press release, without reference to MAR, can be found below.PEN Concept Group AB (PENCON, Spotlight Stock Market) supplies, through the subsidiary PEN Interiör AB, a total of 8 exhibition stands at the Stockholm Furniture & Light Fair 4th to 8th February 2020. These are designed, manufactured and installed for multiple different customers. The total order value for PEN amounts to

PEN designs, manufactures and assembles 8 stands for Stockholm Furniture & Light Fair February 4-8.

PEN Concept Group AB (PENCON, Spotlight Stock Market) supplies, through the subsidiary PEN Interiör AB, a total of 8 exhibition stands at the Stockholm Furniture & Light Fair 4th to 8th February 2020. These are designed, manufactured and installed for multiple different customers. The total order value for PEN amounts to approximately SEK 2.0 million. Stockholm Furniture & Light Fair is the world's leading event for Scandinavian design. Magnus Hjorth, CEO of PEN Concept Group AB, explains:"It is with great pleasure that I find that we continue to gain the trust of our customers and

PEN has completed several stands for the ISM fair in Cologne.

PEN Concept Group AB (PENCON, Spot Light Stock Market) have, through the subsidiary PEN Interiör AB, completed a total of 13 stands during the ISM fair in Cologne, Germany. ISM fair is the largest fair in the world for sweets and snacks. The trade show stands have been designed, manufactured and assembled according to customers' wishes. Overall order value amounts to SEK 1.0 million. Magnus Hjorth, CEO PEN Concept Group AB, explains:"It is with great pleasure that I find that we continue to gain our customers confidence and that we establish our position as a total supplier in the fair,

PEN has received an order for a new design concept and furniture to restaurant Smak in Falun.

PEN Concept Group AB (PENCON, Spotlight Stock Market) has, through its subsidiary PEN Products AB, received orders for restaurant furniture for restaurant Smak in Falun, which will change to a new interior design concept in quarter one. PEN has been responsible for both design proposals and product selection for the new concept. The customer already operates several restaurants in Falun and this restaurant will be a good complement to the rest. Delivery will take place during quarter one 2020. The total order value amounts to approximately SEK 0.4 million. Magnus Hjorth, CEO of PEN

PEN design, manufacture and assemble one stand to the international furniture and interior fair in Cologne (IMM cologne)

PEN Concept Group AB (PENCON, Spot Light Stock Market) will, through the subsidiary PEN Interiör AB, deliver one stand to the international furniture and interior fair in Cologne 13-19 January 2020. Total order value is about 0,6 MSEK. IMM- Cologne is the leading furniture and interior fair in Europe. Magnus Hjorth, CEO PEN Concept Group AB, explains:“We continue to grow with our customers abroad, which pleases and challenges us. With great enthusiasm, we can help our customer to strengthen their brand at one of the most important trade fairs in Europe. At the IMM-Cologne, the entire

PEN has received orders for stainless steel interiors for two new projects through Astra Zeneca and Emtunga Solutions.

PEN Concept Group AB (PENCON, Spotlight Stock Market) has, through its subsidiary PEN Products AB, received orders for stainless steel products for two new projects at Astra Zeneca and Emtunga Solutions. To Astra Zeneca, it mainly concerns the supply of stainless steel trolleys and to Emtunga Solutions stainless kitchen equipment. Delivery will take place during Q1 2020. The total order value amounts to approximately SEK 0.6 million.

PEN has received a restaurant order for a new restaurant concept through Harry & Son I Helsingborg AB

PEN Concept Group AB (PENCON, Spot Light Stock Market) has through its subsidiary PEN Products AB received a restaurant order for a new restaurant concept that opens during Q1. The customer runs the current business through the concept of "Harrys" and has been doing that for 23 years. The new business will also be run in the same premises, and a new name and logos will be presented shortly. Delivery will take place in Q1 2020. Total order value amounts to approx. 0,6 MSEK.

PEN received two orders of complete restaurant interior and construction to McDonalds in Sweden.

PEN Concept Group AB (PENCON, Spot Light Stock Market) has, through its subsidiary PEN Interiör AB, received two orders of complete restaurant interior and construction work to McDonalds Sweden restaurants. The orders include project management, construction, manufacturing, delivery and installation of furniture and interior products. Delivery will take place from January to March 2020. The total order value amounts to approximately SEK 5 MSEK.

PEN design, manufactures and assembles 32 stands to  Elmia Subcontractor 12-15 november.

PEN Concept Group AB (PENCON, Spot Light Stock Market) will, through the subsidiary PEN Interiör AB, deliver a total of 32 stands to Elmia Subcontractor 12-15 November 2019. These will be designed, manufactured and assembled for multiple different customers. Total order value is about 2,0 MSEK. Elmia Subcontractor is the leading subcontractor fair in the north of Europe. Magnus Hjorth, CEO PEN Concept Group AB, explains: ”It is with great satisfaction I note that we continues to gain great confidence from our customers and that we consolidate our position as a supplier of exhibition

PEN received three orders of complete restaurant interior to an international restaurant chain.

PEN Concept Group AB (PENCON, Spotlight Stock Market) has, through its subsidiary PEN Interiör AB, received three orders of complete restaurant interior to an international restaurant chain. The orders include construction, manufacturing, delivery and installation of furniture and interior products. Delivery will take place from August to October 2019. The total order value amounts to approximately SEK 9 MSEK.

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