Heliospectra has no Deficiency of Capital

(GOTHENBURG, Sweden/SAN FRANCISCO, CA, October 24th, 2016) – The Board of Directors of Heliospectra states that no actual deficiency of capital exists either per September 30, 2016, before or during the time remaining until the issue. Thus, the prospects for continued operation has not at any time during the period been able to have been questioned.

Prior to preparing the upcoming quarterly report, the Board of Directors had suspected that the company’s equity is less than half of the registered share capital.

As a precaution, the Board immediately initiated the process of establishing a balance sheet review, in accordance with the Swedish Companies Act, Chapter 25 § 13.

The Board confirmed that the equity per September 30, 2016, is not less than half of the registered share capital according to the balance sheet, which was also reviewed by the auditor.

In October 2016, the company’s main owners 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.

The Board of Directors conclude that any actual capital deficiency does not exist either per September 30, 2016, nor before or during the time remaining until the issue. Therefore, the prospects for continued operation has not at any time during the period been able to have been questioned.

The company has called a general meeting on November 8th, 2016 where the question of the rights issue of approximately SEK 91 million will be handled. The rights issue is underwritten by one of Heliospectra’s shareholders and the three largest shareholders have undertaken subscription commitments. Decisions on the rights issue will strengthen Heliospectra balance sheet.

October 24, 2016