TC TECH updates on effects of the Covid-19 pandemic and implemented measures to reduce operational costs
TC TECH Sweden AB (publ) announces that the company currently has very limited possibilities to physically meet with customers and potential customers due to the Covid-19 pandemic. Instead, digital meetings are being frequently used. Testing activities for customers in Asia at TC TECH’s facility in Spånga are however ongoing. Other business operations are also, for the most part, continuing as planned with the exception of the mentioned limitations regarding marketing activities.
“The uncertainty regarding how long the Covid-19 pandemic will continue to affect our operations has led us to reduce our operating costs, by among other measures implementing a short-term 40 % furlough of personnel. While these measures lower the company’s costs, we will be able to rapidly scale up our activities again when the situation normalises,” says TC TECH’s CEO Alexander Luiga.
Overall, TC TECH’s assessment is that the current Covid-19 situation will mainly affect the company in the form of delays of expected orders from customers. The underlying interest in the company’s technology is expected to stay strong and continue to grow in all relevant market segments.
For further information, please contact:
Alexander Luiga, C.E.O., TC TECH Sweden AB (publ)
Tel: +46 (0)8-788 08 01
Email: alexander.luiga@tctech.se
www.tctech.se
This information was submitted for publication through the agency of the contact person set out above, at 8.00 C.E.T. on April 20th 2020.
About TC TECH
TC TECH develops, manufactures and sells systems used for the replication of nano-structures in polymer products. The company’s business operations are based on an IPR-protected induction technology developed by TC TECH’s own R & D team. The technology makes it possible to heat and cool different kinds of material – in very short time, and with very high precision. The technology is well suited for polymers, and the company has chosen Light Guide Plates (LGP) as its initial focus. LGP is an acrylic panel that directs and diffuses the light emitted from the light source behind the display. TC TECH’s system makes it possible to produce displays that are thinner, refracts light more efficiently while at the same time reducing energy consumption.
The TC TECH share is listed on Nasdaq First North Growth Market.
Arctic Securities is the company's Certified Adviser, email: certifiedadviser@arctic.com, tel: +46 844 68 61 00.