(GOTHENBURG, Sweden/SAN FRANCISCO, CA, October 28th, 2016) – Heliospectra AB (publ) (OTCQB: HLSPY, FIRSTNORTH: HELIO), a world leader in intelligent lighting technology for controlled environments horticulture, presents today their Interim Management Statement for January - September 2016.
Turnover and profit/loss January - September
Net turnover amounted to 16 189 (6 063) KSEK
Operating profit/loss amounted to -30 316 (-22 442) KSEK
Profit/loss after tax was -30 409 (-22 616) KSEK or -2 (-1) SEK per share
Januari – March
Redeye releases a Company Report on Heliospectra entitled “LED Lightning Strikes Growers”
Heliospectra (publ) receives a grant of 500,000 SEK for the development of energy & water-efficient plant cultivations in the Middle East
Heliospectra carries out high-level recruitment of leading industry manager in the United States, Caroline N Wells
Heliospectra receives an order worth 2.2MSEK from Washington State based grower
Heliospectra wins a new order in Canada worth 650,000 SEK
April – June
Scandinavian microalgae producer selects Heliospectra’s LX60 LED grow light system, the order is valued at 1,4MSEK
Heliospectra announces water-cooled LED light for commercial use – first application to be carried out in space
Heliospectra present new findings at the 8th International Symposium on Light in Horticulture
Heliospectra participate in GreenTech 2016, one of the largest horticulture exhibitions in the world
The Grove Nevada experiences exceptionally positive results by using Heliospectra’s LED grow lights
Heliospectra receives an order worth 4.6MSEK from a large international Agtech company
July – September
Heliospectra receives an order from a Cannabis grower in Alaska
Fortune 500 global AgTech company standardizes on Heliospectra technology
Events after the end of the period
Heliospectra are planning to carry out a fully underwritten rights issue of approx. 91 MSEK for further commercialization of the Company’s products and continued product development
Summons for extra Shareholder’s Meeting on November 8, 2016
Heliospectra’s board assessed whether or not the Company’s equity is less than half of the registered share capital by establishing a balance sheet review. The board have established that there is no deficiency of capital as per 2016-09-30, nor was there any before or during the time remaining until the issue. The prospects for continued operation have not been able be questioned at any time during the period.
The Company’s principal owners have guaranteed to secure the equity capital as so that the equity would at no point amount to less than the registered share capital. The guarantees are valid until the previously announced rights issue, which is fully underwritten by one of the major shareholder.
A Word From the CEO
Dear shareholders of Heliospectra AB (publ),
The market for medicinal plants continues to develop rapidly. On top of the 23 states in the US where growing medicinal cannabis has been legalized, another handful are set to rule on this decision in the near future. In Australia it will be implemented by November according to a recent ruling. We are observing a global trend. Turkey has recently ruled to legalize controlled production in 19 provinces. Earlier this year Macedonia legalized use for medicinal purposes. These types of discussions are going around many other European countries, where it is already possible to buy approved prescribed substances in pharmacies. We can see this same trend in Latin America, where Uruguay is one of the countries that has taken the lead.
There are a number of important driving forces behind Heliospectra’s technology. FAO recently stated that climate change related to farming is already considerable, while at the same time the demand for food will increase by at least 60% by 2050. We have a situation involving a growing population and increasing urbanization. To be able handle this situation the production methods need to be improved and concede to an increased level of automation. This also drives agricultural technology companies – who develop and sell seeds, pesticides and fertilizer – to invest in new technology. Furthermore, the actual production will have to take place closer to the consumer, which accelerates the growth of “city farming” and cuts down on logistical flows. We are counting on significant changes being made to the entire value chain in the years to come.
The company’s positive development continues. Compared to the same period last year we have increased our revenues by 160 %. We can also enjoy a testimony to the confidence our customers place in us when one of the world’s leading agricultural technology company places their fourth order for another 1.9 MSEK.
To continue to finance our expansion on the market, the company’s board has suggested a preferential rights issue of approx. 91MSEK, with the possibility of an over allocation of approx. 20MSEK. It is very positive that our principal owners support the company and have committed to subscribe, while also making sure that the entire rights issue is fully underwritten. The raised capital mainly relates to operating capital for sales and marketing, continued product development and to strengthen the balance sheet.
With rapidly growing markets, world leading products and strong principal owners backing us we can look positively to the future.
Staffan Hillberg, CEO
Heliospectra AB (publ)
For the full report: http://ir.heliospectra.com/en/financial-reports/