Published: 08:30 CET 31-10-2013 /Thomson Reuters /Source: Thin Film Electronics ASA /XOAS: THIN /ISIN: NO0010299068
Invesco funds invest additional $24 million in Thinfilm
Thinfilm Board authorizes early exercise of warrants; accelerates development to deliver printed electronics for the Internet of Everything
Oslo, 31 October 2013 – Thin Film Electronics ASA (OSE: THIN.OL) announced today that funds managed by Invesco Asset Management Limited (“Invesco” www.invesco.com) have agreed to acquire 46,666,666 shares in the Company at a subscription price of NOK 3.00 per share totaling NOK 140 million (USD $24 million). In October 2013, Invesco acquired 13% of the Company through a private placement of shares. The transaction announced today represents 10% of the Company.
The investment is pursuant to resolution at the Extraordinary General Meeting in the Company on 2 October 2013, in which Invesco received 46,666,666 warrants, each with an exercise price of NOK 3.00. At a Board meeting held after the close of trading on 30 October 2013, the Thinfilm Board of Directors approved a request by Invesco to exercise the warrants in advance of the expiration of the original 12-month lock-up period.
A listing prospectus was prepared in connection with the 2 October 2013 private placement towards Invesco and is available from the Thinfilm website. (www.thinfilm.no)
“Since Invesco’s original investment, we have seen intense international interest in Thinfilm. The investment announced today will provide a tremendous opportunity to deliver our vision for the Internet of Everything, in which printed electronic objects become part of the network through near-field wireless communication,” said Davor Sutija, CEO of Thinfilm.
The Company continues to build strategic partnerships to enable the use of printed electronics across a wide range of industries. Early commercial traction has been established with the 2013Q3 launch of a brand protection solution based on Thinfilm MemoryTM. Recently, Thinfilm also demonstrated the first fully stand-alone printed electronic system, integrating functions such as sensing and display in an inexpensive label. The addition of near-field RF communication for use with smart phones will enable an unprecedented array of services and solutions that connect data from a Thinfilm Smart Label to mobile and cloud-based applications.
ABOUT THIN FILM ELECTRONICS ASA
Thin Film Electronics ASA (Ticker: THIN.OL) is a leader in the development of Printed Electronics. The first to commercialize printed rewritable memory, Thinfilm is creating printed system products that will include memory, sensing, display and wireless communication-at a cost-per-functionality unmatched by any other electronic technology. Thinfilm’s roadmap of system products integrates technology from a strong and growing ecosystem of partners to enable the Internet of Things by bringing intelligence to disposable goods. Company headquarters are in Oslo, Norway, with product development in Linköping, Sweden, sales offices in San Francisco, USA, and Tokyo, Japan, and manufacturing in Pyongtaek, South Korea.