OSLO, NORWAY – 07 January 2021 - The board of directors of Zwipe AS call for an Extraordinary General Meeting to be held on 28 January 2021 at 10:00 CET.
Please find enclosed the notice of the Extraordinary General Meeting.
Following the capital increase in September and November, the nomination committee and the board of directors (the "Board") in Zwipe have assessed the need for changes to the nomination committee, so that the new nomination committee may assess the need for changes to the board of directors prior to the annual general meeting in 2021.
As part of its work on proposing new candidates for election to the nomination committee, the nomination committee, consisting of Paal Raaholt, Magnus Berner and Jörgen Lantto, has been in contact with several key persons related to Zwipe. The nomination committee has been in contact with shareholders, in particular the new major shareholder Vasastaden, as well as previous major shareholder (and now second largest shareholder) Lars Windfeldt. The nomination committee has also been in contact with the Board and the company's management, prior to presenting their proposal to the Board.
Resulting from these contacts, the nomination committee proposes that a new nomination committee is elected, consisting of Niclas Eriksson (Vasastaden), Lars Windfeldt and Jörgen Lantto.
“On behalf of the Board of Directors of Zwipe, I welcome the fact that our new major shareholder Vasastaden, a renowned Swedish institutional investor, wishes to take an active role as member of Zwipe’s nomination committee through its Chairman, Niclas Eriksson. I also welcome that Lars Windfeldt, who has been a major shareholder for Zwipe since 2011, wishes to join the nomination committee as its Chairman. The fact that our two largest shareholders wish to invest their time and energy into supporting the company, besides their capital investments, is very encouraging” said Jörgen Lantto, chairman of the Board of Zwipe.
As a result of this, the Board decided to call for an Extraordinary General Meeting, and proposed the following agenda:
Opening of the general meeting by the chair of the Board. Registration of meeting shareholders
Election of a meeting chairperson and person to co-sign the minutes together with the chairperson
Approval of the notice and the agenda
Election of members to the nomination committee
Proposed decisions from the Board (extracts only, please see the attachments to the notice for the full proposals)
Matter no. 4: Election of members to the nomination committee
In accordance with the proposal from the nomination committee and the support from the board of directors, the Board propose the following new nomination committee is elected:
Niclas Eriksson
Lars Windfeldt
Jörgen Lantto
Further it is proposed that Lars Windfeldt is appointed as the chair of the nomination committee.
Notice of attendance, in person or by proxy, shall be given no later than 27 January 2021 at 16:00 CET. Shareholders are encouraged to register via the following link here.
Alternatively, the attached form may be sent by e-mail to genf@dnb.no, or regular post to DNB Bank ASA, Verdipapirservice, NO-0021 Oslo.
###
About Zwipe
Zwipe is pioneering the next generation contactless payments experience, providing biometric payment cards components and wearables technology that enable consumers to authorize transactions with their fingerprints without compromising their privacy. Together with an ecosystem of partners including global brands within digital security and financial services, Zwipe is "Making Convenience Safe & Secure" for banks, merchants and consumers. Zwipe's solutions address the hygiene and data theft pitfalls inherent in traditional authentication methods. Headquartered in Oslo, Norway, with a global presence, Zwipe is leading the next great shift in payments from contactless to contact free. To learn more, visit www.zwipe.com
For more information, please contact:
Lars Kristian Solheim, CFO
+47 991 661 35
This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Oslo Børs Merkur Market and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se, +46 (0)8528 00 399. The information was submitted for publication, through the agency of the contact person set out below, at 16:30 CET on 7 January 2021.
Season's Greetings from André Løvestam, CEO of Zwipe
OSLO, NORWAY - 23 DECEMBER 2020 - Zwipe is enjoying strong traction in the payments industry with solid operational and commercial progress this fall and early winter.
Leading stakeholders in the global payments industry are engaging with Zwipe because of our full dedication to biometric payment solutions, and our leading technology platform, Zwipe Pay ONE. To support our global efforts, we have recruited seasoned experts, both commercial and technical, from leading companies to accelerate our mission of bringing the next generation contactless payment solutions globally.
Acceleration in partnerships and issuer engagements
Our collaboration with TietoEVRY, a leader in payment services in the Nordics and Baltics, has already proven highly effective in accelerating commercialisation of Zwipe Pay ONE. Within weeks of our go-to-market agreement we jointly secured the first pilot on Zwipe Pay ONE with OP, the largest Financial Services Group in Finland. The bank aims to bring biometric payment cards to the market after the pilot. At the same time, many more dialogues with banks are ongoing, boding well for further commercialization in Europe and beyond.
Consolidating our global delivery footprint
We continued to leverage and expand our strong global partner network. In the last six weeks alone, we consolidated our position in the Middle East significantly, cementing and finalising our technology and go-to-market partnerships with three leading players in card payments, areeba, Inkript and VeriTech. Our partners have already started to put biometric payments on the agenda of leading issuers in the Middle East. We are also gaining momentum in other fast-moving regions. During the year, we also announced five new smart card manufacturing customers (in Asia, LATAM and Europe) and some first small orders.
Continuous progress equals de-risking
Monday 21 December, Zwipe and Idemia announced that the next generation biometric card secure chip they are co-investing in, has obtained the ICCN security certificate from EMVCo, as planned. Zwipe has worldwide exclusive rights to this disruptive single-chip biometric technology which, combined with our comprehensive biometric system on card offering and our deep technical and ecosystem expertise, is what makes Zwipe the natural “One Stop Shop” for all smart card manufacturers aiming to meet the soaring demand for a more convenient, truly contact free payment experience. The ICCN certification is one important step further in de-risking our solution towards the long awaited launch in 2021.
Looking ahead
In 2020 we have experienced increased interest in biometric payment cards with commercial activities picking up and first rollouts finally commencing on certified biometric card platforms. We look forward to more such rollouts during 2021 as the now mobilized ecosystem gains pace.
Market studies from the Nordics, the UK and the United States show strong demand from consumers for safer and more secure contact-free payments. A vast majority of consumers want their next payment cards to be biometric, and 1 in 2 is even prepared to pay a meaningful fee to the issuers for all the benefits that next generation cards deliver. We seem to face a broad, mass market demand, rather than a niche market demand only. Consequently, the long-term potential of the market for biometric payment cards (BPCs) seems to be much larger than previously anticipated. The recent ABI Research report on BPCs pointed to the likely long-term scenario that biometric payment cards will eventually take over from today’s contactless cards. In fact, I believe that biometrics will be as ubiquitous in payment cards towards the end of this decade as it is in mobile phones today.
We announced the first commitment for a pilot on Zwipe Pay ONE in 2020 and expect many more to come, laying the foundations for the first commercial deployments in 2021. While COVID-19 did cause some delays across some parts of our ecosystem, we also experienced an unprecedented acceleration in our engagements with issuers and card manufacturers in H2 2020. We are confident that our continuous progress and strategic go-to-market partnerships, as well as our technological leadership in biometric payment, are laying the foundation for a long journey of value creation for our customers, our shareholders and for society at large. We remain focused on securing important commercial wins going forward.
I would like to take the opportunity to thank each valued member of my outstanding team at Zwipe for their relentless efforts and to thank our customers, partners and shareholders for their immense faith in Zwipe.
On behalf of everyone at Zwipe, I wish you all safe and happy holidays. See you all in 2021!
Here is an overview of our recent major announcements:
Zwipe strengthens organization with top payments industry talents
Zwipe and VeriTech partner to deliver next generation contactless payments in Kuwait
Swedish consumer survey shows large interest in biometric payment cards in response to COVID-19
# # #
About Zwipe
Zwipe is pioneering the next generation contactless payments experience, providing biometric payment cards components and wearables technology that enable consumers to authorize transactions with their fingerprints without compromising their privacy. Together with an ecosystem of partners including global brands within digital security and financial services, Zwipe is "Making Convenience Safe & Secure" for banks, merchants and consumers. Zwipe's solutions address the hygiene and data theft pitfalls inherent in traditional authentication methods. Headquartered in Oslo, Norway, with a global presence, Zwipe is leading the next great shift in payments from contactless to contact free. To learn more, visit www.zwipe.com
For further information please contact: André Løvestam, CEO, +47 991 66 135 info@zwipe.com
OSLO, NORWAY AND COURBEVOIE, FRANCE – 21 December 2020 - IDEMIA, the global leader in Augmented Identity, has obtained, as planned, the ICCN security certificate from EMVCo, for the next generation biometric card secure chip, for which ZWIPE has secured worldwide distribution rights[1].This is a major step forward in delivering on our joint vision of an affordable biometric card for all.
In a context where global demand for contactless payments is booming, biometric cards are best placed to ensure secure, hygienic and convenient payments. The exclusive partnership and distribution agreement between IDEMIA and ZWIPE aims to promote biometric card as the reference for tomorrow’s contactless payments.
The ICCN[2] security certificate is a key milestone towards the next generation biometric card and confirms IDEMIA's outstanding expertise in the field of payments and biometrics. Our biometric payment chip complies with the most demanding performance and security criteria for a safe and convenient payment experience.
Ready-to-roll-out in the second half of 2021, the new generation biometric cards, FCODE Gen2 for IDEMIA, and the ZWIPE Pay ONE technology platform for ZWIPE, will deliver state-of-the art performance and security, as per market and schemes requirements. IDEMIA leverages its unique combination of payment, biometrics technologies and expertise to drive adoption, and accelerate market growth together with ZWIPE.
“With this new generation of biometric cards, we want to shape the future of payment and to offer an unparalleled and affordable technological experience, accessible to all. We are proud that IDEMIA's cutting-edge technology can deliver a new, more secure user experience to the market. Our ambition is to make biometric card a reality and more than ever, we are on the right track”, said Amanda Gourbault, IDEMIA’s Executive Vice-President Financial Institutions.
“The ICCN security certificate from EMVCo is an important step towards offering ZWIPE Pay ONE to our global customer network. This disruptive biometric technology platform, combined with our deep technical and market expertise, is what makes ZWIPE the natural One Stop Shop for all smart card manufacturers aiming to meet the soaring demand from issuers and consumers for a more convenient, truly contact free payment experience”, said André Løvestam, CEO of ZWIPE.
-END-
About ZWIPE
Zwipe is pioneering the next generation contactless payments experience, providing biometric payment cards components and wearables technology that enable consumers to authorize transactions with their fingerprints without compromising their privacy. Together with an ecosystem of partners including global brands within digital security and financial services, Zwipe is "Making Convenience Safe & Secure" for banks, merchants and consumers. Zwipe's solutions address the hygiene and data theft pitfalls inherent in traditional authentication methods. Headquartered in Oslo, Norway, with a global presence, Zwipe is leading the next great shift in payments from contactless to contact free.
To learn more, visit www.zwipe.com / Follow @zwipe on Twitter
For further information, please contact André Løvestam, CEO, +47 991 66 135 / ir@zwipe.com
About IDEMIA
IDEMIA, the global leader in Augmented Identity, provides a trusted environment enabling citizens and consumers alike to perform their daily critical activities (such as pay, connect and travel), in the physical as well as digital space.
Securing our identity has become mission critical in the world we live in today. By standing for Augmented Identity, an identity that ensures privacy and trust and guarantees secure, authenticated and verifiable transactions, we reinvent the way we think, produce, use and protect one of our greatest assets – our identity – whether for individuals or for objects, whenever and wherever security matters. We provide Augmented Identity for international clients from Financial, Telecom, Identity, Public Security and IoT sectors. With close to 15,000 employees around the world, IDEMIA serves clients in 180 countries.
For more information, visit www.idemia.com / Follow @IDEMIAGroup on Twitter
Press contact: Hanna Sebbah, idemia@havas.com /+33 (0) 6 63 73 30 30
[1] IDEMIA and ZWIPE partner to offer a disruptive biometric payments card platform, September 2019
[1]IDEMIA, ZWIPE and IDEX achieve key milestone towards next generation biometric card platform, April 2020
[2] ICCN: Integrated Circuit Certificate Number, a unique number that identifies the EMVCo compliance certificate for an IC
OSLO, NORWAY – 08 December 2020 – Zwipe, a leading biometric fintech company, is pleased to confirm that it has appointed John Goodale, formerly Senior Vice President, Sales Operations at TSYS International, as its new Chief Sales Officer, Andy Saines, formerly Sales Director at Giesecke + Devrient, as VP Key Accounts and Anders Bigseth, formerly PR Lead at Huawei Norway, as VP Marketing and Communications.
Mr. Goodale joins Zwipe in January 2021 after spending nearly two decades at TSYS, one of the world’s largest payments processors, serving in a variety of senior business development roles where his business acumen, coupled with his technical knowledge, has enabled him to develop compelling sales propositions and win new business across a broad portfolio of financial products and services all over the world. Mr. Goodale will lead Zwipe’s engagement and conversion efforts with smart card manufacturers, while also supporting engagement with issuers and selected go-to-market partners to further strengthen Zwipe’s position in the global biometric payments market.
Mr. Saines joins Zwipe from January 2021 from Giesecke + Devrient Mobile Security, one of the world’s largest card manufacturers, where he served for nearly five years as UK Sales Director. Before that, he spent 18 years at Entrust Datacard, of which the last 5 years were as EMEA Sales Director. He brings with him extensive smart card industry experience and deep knowledge of card issuance solutions. As VP of Key Accounts, Mr. Saines will be responsible for driving deeper relations and business with strategic accounts.
Mr. Bigseth joined Zwipe as of 1 December 2020 with an award-winning background in public relations and communications, serving in a variety of senior communication positions at DNB, Teller (formerly Visa Norway), Telia and most recently Huawei, where he led public relations efforts in Norway. As VP Marketing and Communications, Mr. Bigseth will utilize his extensive communications experience and media network to further Zwipe’s strong position within the fast-growing segment of next generation contactless payments.
“The biometric payments marketplace is evolving quickly, and we see a strong increase in the demand for Zwipe’s products and services globally. I am delighted that we have been able to attract such qualified and talented new team members from such prominent companies. This is a testament to our strong position and future outlook,” said André Løvestam, CEO of Zwipe.
###
OSLO, NORWAY and KUWAIT CITY, KUWAIT – 03 December 2020 – Biometric fintech company Zwipe and VeriTech, the leading payment and banking technology solutions provider in Kuwait, have partnered to address the growing demand for biometric payment solutions in Kuwait and across the Middle East.
VeriTech is the market leading provider of EMV payment card personalization, self-service kiosks, POS and Mobile NFC and Host Card Emulation to banks in Kuwait. Its vision is to be acknowledged as the trusted banking and payment distributor of leading next generation payment solutions across EMEA, whilst exceeding its partners and stakeholders’ expectations.
Speaking on the partnership Shakeel Khokhar, CEO of VeriTech, said “Kuwait has been a test bed and early adopter of innovative payment offerings for many years. Having seen firsthand other solutions in the market, we are excited to embrace Zwipe Pay ONE as our preferred biometric payment card product,” adding “the urgency with which issuers are demanding more contact-free payment alternatives is really driving interest and investment in this area with some of the largest banks in the region who we count as customers.”
Through this partnership, Zwipe will provide key components for the Zwipe Pay ONE biometric payments platform and take lead on providing advisory services directly to banks and card issuers focusing on user experience in close collaboration with VeriTech.
“This partnership is another big step forward for Zwipe in driving our continued expansion in the Middle East where we have a strong network of technology partners in place. Working closely with VeriTech, we will be harnessing both companies’ unique technology, product and market assets, including VeriTech’s close relationships with leading banks in Kuwait, to offer innovative biometric payment solutions” said André Løvestam, CEO of Zwipe.
###
OSLO, NORWAY– 23 November 2020 – Biometric fintech company Zwipe confirms that its Zwipe Pay ONE platform will be incorporated in the recently announced market pilot with TietoEVRY and OP Financial Group. OP is Finland’s largest financial services group offering banking, non-life insurance and wealth management services for over four million customers. TietoEVRY is the leading provider of software and digital banking services and a leader in card payment services in Nordic & Baltic region. Subject to a successful pilot, OP will consider launching biometric payment cards.
See announcement from TietoEVRY here.
Based on a disruptive single silicon payment platform, Zwipe Pay ONE is a first-of-its-kind solution delivering superior energy efficiency and excellent biometric performance at highly competitive prices.
###
This is information that Zwipe AS is obliged to make public pursuant to the Continuing obligations of companies admitted to trading on Oslo Børs Merkur Market, Nasdaq First North Growth Market and the EU Market Abuse Regulation. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se, +46 (0) 8528 00 399. The information was submitted for publication, through the agency of the contact person set out above, at 09:20 CET on 23 November 2020.
OSLO, NORWAY – 19 November 2020- The share capital increase of 1,000,000 new shares in Zwipe AS, as resolved by the board of the company on 28 October 2020, has today been registered in the Norwegian Register of Business Enterprises. The new share capital is NOK 3,290,657.60, and the new number of shares and votes is 32,906,576.
###
This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Oslo Børs Merkur Market and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se, +46 (0)8528 00 399. The information was submitted for publication, through the agency of the contact person set out below, at 10:00 CET on 19 November 2020.
OSLO, NORWAY – 29 October 2020 –
Reference is made to the stock exchange announcement from Zwipe AS dated 28 October 2020 regarding the final results of the subsequent offering, and the allocations of offer shares that were made to primary insiders.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act
###
About Zwipe
Zwipe is pioneering the next generation contactless payments experience, providing biometric payment cards and wearables that enable consumers to authorize transactions with their fingerprints without compromising their privacy. Together with an ecosystem of partners including global brands within digital security and financial services, Zwipe is "Making Convenience Safe & Secure" for banks, merchants and consumers. Zwipe's solutions address the hygiene and data theft pitfalls inherent in traditional authentication methods. Headquartered in Oslo, Norway, with a global presence, Zwipe is leading the next great shift in payments from contactless to contact free. To learn more, visit www.zwipe.com
For further information please contact: Lars Kristian Solheim, CFO, +47 991 66 135 ir@zwipe.com
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
OSLO, NORWAY – 28 October 2020 –
Reference is made to the stock exchange announcement from Zwipe AS ("Zwipe" or the "Company") dated 27 October 2020 with the preliminary results of the subsequent offering of up to one million new shares (the "Subsequent Offering"), each with a nominal value of NOK 0.10 and at a subscription price of NOK 15.00 (the "Offer Shares").
The subscription period for the Subsequent Offering expired on 27 October 2020 at 16:30 hours (CET). By the end of the subscription period, the Company had received valid subscriptions for 4,073,802 Offer Shares.
The board of directors of Zwipe has today resolved the allocation related to the Subsequent Offering in accordance with the allocation criteria presented in the prospectus dated 19 October 2020. A total of 740,736 Offer Shares were allocated based on subscription rights and a total of 259,264 Offer Shares were allocated based on over-subscriptions of 1,829, 982 new shares made by holders of subscription rights. No Offer Shares were allocated to subscriptions of 1,503,084 new shares made by investors without subscription rights.
Furthermore and in order to complete the Subsequent Offering, the board of directors has resolved the capital increase pertaining thereto, and hereunder resolved to increase the share capital with NOK 100,000 through issuing 1,000,000 new shares each with a nominal value of NOK 0.10 and at a subscription price of NOK 15 per share, giving gross proceeds of NOK 15 million. The resolution was made by the board of directors on basis of the authorization granted by the general meeting on 29 September 2020.
The following primary insiders or close associates of primary insiders have been allocated Offer Shares in the Share Issue.
The Company will on 29 October distribute allocation letters with payment information to all subscribers who have been allocated Offer Shares. The due date for payment is on or about 30 October 2020. Delivery of the Offer Shares is expected to take place on or about 6 November 2020, through the facilities of VPS and Euroclear. Trading in the Offer Shares on Merkur Market or Nasdaq First North Growth Market (as the case may be) is expected to commence on or about 6 November 2020. Arctic Securities AS acts as manager in the Subsequent Offering. Simonsen Vogt Wiig AS acts as Norwegian legal counsel to Zwipe and White & Case acts as Swedish legal counsel to Zwipe.
Zwipe AS is obliged to make this information public pursuant to the Continuing obligations of companies admitted to trading on Merkur Market and Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se, +46 (0) 8 528 00 399. The information was submitted for publication, through the agency of the contact person set out above, at 16:50 CET on 28 October 2020.
###
This release is issued for information purposes only, and this document is not an offer to sell or a solicitation of offers to purchase or subscribe for shares. Copies of this document may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which this is barred or prohibited by law. The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, in any jurisdiction in which such offer or solicitation would be unlawful absent registration, or an exemption from registration or qualification under the securities laws of any jurisdiction. This document is not for publication or distribution in, directly or indirectly, Australia, Canada, Japan, the United States or any other jurisdiction in which such release, publication or distribution would be unlawful, and it does not constitute an offer or invitation to subscribe for or purchase any securities in such countries or in any other jurisdiction. In particular, the document and the information contained herein should not be distributed or otherwise transmitted into the United States or to publications with a general circulation in the United States of America. This document is not an offer for sale of securities in the United States. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The Company does not intend to register any part of the offering in the United States or to conduct a public offering in the United States of the shares to which this document relates. The Managers are acting for the Company in connection with the Private Placement and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for providing advice in relation to the Private Placement or any transaction or arrangement referred to in this press release. This announcement and any materials distributed in connection with this announcement may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect Zwipe's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. This information is subject to a duty of disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act.
OSLO, NORWAY and CORPS, FRANCE – 21 November 2024 – OSE, one of France’s well known PCB assembly services provider, has chosen Zwipe to deploy Zwipe Access biometric access cards across their operations. This collaboration marks a significant milestone in delivering enhanced security to high-security environments.
OSE, headquartered in Corps, France, is known for its expertise in electronic board prototyping, testing, and lean manufacturing practices that emphasize quality and reliability. With a strong focus on innovative and flexible solutions, OSE has consistently positioned itself as a leader in the industry.
Caroline Guerin, OSE General Manager, commented on the partnership, saying, “Our commitment to protect our customers’ intellectual property aligns perfectly with Zwipe’s advanced biometric technology. The deployment of Zwipe Access cards on our premises allows us to provide a solution that ensures seamless integration and robust security for high-security environments.”
Zwipe Access cards offer a high level of security by conducting all fingerprint capture, extraction, and matching directly on the card. This ensures that sensitive biometric data never leaves the card, thereby providing optimal data privacy and security for users.
According to Robert Puskaric, President and CEO of Zwipe, “Innovation in security is paramount, especially in today’s fast-evolving landscape. With OSE as our partner, we are proud to support the deployment of Zwipe Access cards in France, reinforcing our commitment to delivering an additional layer of security in critical environments.”
About OSE
The company OSE, located in Corps en Isère (France), specializes in electronic boards from prototypes, pre-series and series industrializations to end and finished product. Its corporate culture promotes the development of the know-how of its employees in order to achieve a common objective: customer satisfaction. Our company has more than 130 employees, it is located in a 3000 m² building and controls all manufacturing processes (from the simplest to the most complex
To know more, visit www.ose.fr
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card technology for payment, physical and logical access control as well as identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway with a global presence.
To learn more, visit www.zwipe.com
OSLO, NORWAY – 19 NOVEMBER 2024 - Reference is made to the stock exchange announcement published by Zwipe AS (the "Company" or "Zwipe") earlier on 7 November 2024, regarding a contemplated rights issue in the Company, raising gross proceeds of approximately NOK 40 million (the "Rights Issue"). In relation thereto, the Board of Directors of Zwipe (the "Board") calls for an Extraordinary General Meeting (the "EGM") to be held on 3 December 2024 at 10:00 (CET). The general meeting will be held as a virtual meeting on Microsoft Teams.
Please find attached the notice to the EGM. The notice is also available on the Company's website, https://zwipe.com/investors.
The deadline for registration of attendance, proxies and advance voting for direct shareholders is 2 December 2024 at 16:00 hours (CET). Holders of nominee registered shares must register attendance, proxies and advance voting no later than within 29 November 2024 at 16:00 hours (CET). Shareholders are encouraged to register their notice of attendance and proxies via the link found here: https://zwipe.com/investors/general-meetings.
Alternatively, the attached notice of attendance and proxy forms may be sent by e-mail to genf@dnb.no, or by regular post to DNB Bank ASA, Registrar's Department, P.O.Box 1600 Sentrum, 0021 Oslo, Norway.
Shareholders who have not registered participation digitally, must also send an e-mail to ir@zwipe.com and will, thereafter, receive a link to the Teams meeting for the General Meeting.
The Board has proposed the following agenda:
1. Opening of the general meeting (non-voting)
2. Registration of attending shareholders and proxies (non-voting)
3. Election of Chair of the meeting and one person to co-sign the minutes.
4. Approval of the notice and the agenda
5. Rights issue
6. Board authorization to issue convertible loan
7. Issue of Warrants
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com
OSLO, NORWAY – 7 NOVEMBER 2024 - The board of directors (the "Board") of Zwipe AS ("Zwipe" or the "Company") has today, on 7 November 2024, resolved to propose that the Company carries out a new issue of units, consisting of shares and warrants, with preferential rights for existing shareholders raising gross proceeds of approximately NOK 39.7 million (the "Rights Issue"). The Rights Issue requires approval by the extraordinary general meeting of the Company expected to be held on 3 December 2024 (the "EGM") to be implemented. The notice of the EGM will be published in a separate press release.
Background and reason for the Rights Issue
Zwipe is a Norwegian biometric authentication technology company established in 2009, focused on developing and commercializing secure, fast, and easy-to-use biometric authentication solutions with broad applications across key verticals such as payments and access control.
Since the beginning of 2024, Zwipe has focused exclusively on Zwipe Access and continues to make considerable progress building their network of sales partners and establishing Zwipe as one of the leading solutions for biometric access control. Several major enterprises are currently evaluating Zwipes access control cards for potential deployment to enhance general security in their facilities and offices.
The Rights Issue is carried out in order to strengthen the Company's financial
position and to accelerate the commercialization of Zwipe’s biometric cards within access control. Zwipe has made substantial progress within the access control market, which the Company anticipates will translate to meaningful commercial traction and revenue in the coming quarters. With the company operating in a very cost-efficient manner, proceeds from the rights issue alongside available cash and possible additional cost saving measures are expected to support the Company throughout 2025 and in its transition to a phase of sustainable, long-term commercial success.
Key terms of the Rights Issue
The Board has today resolved to propose that the EGM resolves on the Rights Issue of 99,303,344 transferable subscription rights (the "Subscription Rights") with preferential rights for existing shareholders, whereby one Subscription Right gives the right to subscribe for four (4) units ("Unit"). Each Unit consists of (i) a new share in the Company, each with a nominal value of NOK 0.10, and (ii) a warrant of series T02 (the "Warrants") for a subscription price of NOK 0.10 per Unit. One Warrant give the right to subscribe for one ordinary share in the Company during the period beginning on 3 March 2025 and ending on 14 March 2025. The subscription price in the Rights Issue is NOK 0.10 per Unit on Euronext Growth Oslo and SEK 0.10 per Unit on Nasdaq First North Growth Market Sweden. The subscription price per share corresponds to the subscription price per Unit. Thus, the Warrants are issued free of charge. Upon full subscription, the Company will initially receive approximately NOK 39.7 million in gross proceeds. If Warrants are exercised, the Company will receive additional proceeds in March 2025.
The shareholders of the Company on 3 December 2024 (and being registered as such in the Norwegian Central Securities Depository, Euronext Securities Oslo, (the "VPS") as at the expiry of 5 December 2024 (the "Record Date") will be granted one (1) Subscription Right for each share registered as held by the shareholder as of the Record Date. One (1) Subscription Right is required to subscribe for four (4) Units. Each Unit consists of one (1) new share and one (1) Warrant.
Subscription of Units with or without preferential rights shall take place during the period beginning on 6 December 2024 and ending on 20 December 2024. Subscription Rights that are not exercised during the subscription period become invalid and lose their value. Trading in Subscription Rights takes place on Nasdaq First North Growth Market and Euronext Growth Oslo during the period beginning on 6 December 2024 and ending on 16 December 2024.
Pursuant to Section 10-4 of the Norwegian Private Limited Companies Act, the shareholders of the Company at the day of the EGM (as registered in the Company's shareholder register in VPS two trading days thereafter (the "EGM Record Date")), and who are not resident in a jurisdiction where such offering would be unlawful or, would (in jurisdictions other than Norway) require any prospectus, filing, registration or similar action, will be granted a preferential right to subscribe for and be allocated the new shares in proportion to the number of shares in the Company they own as of the EGM Record Date (the "Existing Shareholding"), and will receive Subscription Rights proportionate to their Existing Shareholding. The Company expects to apply for admission to trading of the Subscription Rights on Euronext Growth Oslo and Nasdaq First North Growth Market Stockholm.
Units will be allocated in the Rights Issue in accordance with the following criteria:
a) Allocation of Units shall be made according to granted or acquired transferable subscription rights which have been validly exercised during the subscription period.
b) Units not allocated pursuant to a) above, will be allocated to subscribers who have exercised their transferable subscription rights and oversubscribed. These subscribers will be allocated additional Units based on the amount of transferable subscription rights exercised by each subscriber. To the extent that pro rata allocation is not possible, the Company will determine the allocation by drawing lots.
One (1) Warrant entitles, during the period beginning on 3 March 2025 and ending on 14 March 2025, to subscription of one (1) new share in Zwipe at an exercise price of NOK 0.10.
There will from and including 7 November 2024 temporarily be imposed a block for repositioning of trading in the shares in the Company between Euronext Securities Oslo (VPS) and Euroclear Sweden AB until and including the Record Date. Full terms and conditions for the Rights Issue as well as other information about the Company will be described in the EU Growth Prospectus, which is expected to be published on or around 5 December 2024.
Robert Puskaric, CEO of Zwipe comments:
"Zwipe continues to see strong interest in bringing biometric access control cards to market globally. We feel confident that a number of the engagements and opportunities our partners are working with us on will result in commercial and operational deployments in a very short timeframe. The proceeds from the Rights Issue will give us more financial flexibility and enable us to execute on our commercial objectives for Zwipe Access. We are operating in an efficient and agile manner and proceeds from the Rights Issue should support us in achieving significant commercial traction and positioning the company for sustainable, profitable growth."
Change in share capital, number of shares and dilution
Based on the outstanding number of shares as of today, the share capital in the Company increases through the Rights Issue by a maximum of NOK 39,721,337.60, from NOK 9,930,334.40 to NOK 49,651,672.00, through the issuance of a maximum of 397,213,376 shares. The number of shares increases from 99,303,344 to a maximum of 496,516,720 shares. For existing shareholders who do not participate in the Rights Issue, this implies a dilution effect of 80.0 percent in the case of full subscription.
In the event that all outstanding Warrants issued in the Rights Issue are fully exercised for the subscription of new shares in Zwipe, the number of shares will increase by an additional 397,213,376 to a total of 893,730,096 shares and the share capital will increase by NOK 39,721,337.60 to a total of NOK 893,730,009.6.
Extraordinary general meeting
The Rights Issue requires the approval by the EGM expected to be held on [3 December] 2024 to be implemented. The notice of the EGM will be published in a separate press release.
Advisor
Zwipe has engaged Bergs Securities AB and Advokatfirmaet Schjødt AS as financial and legal advisors respectively in connection with the Rights Issue.
For further information contact:
Robert Puskaric, CEO of Zwipe
E-mail: ir@zwipe.com
This information is subject to the disclosure requirements in the Market Abuse
Regulation (EU 596/2014) and the Norwegian Securities Trading Act section 5-12,
and is information that Zwipe AS is obligated to make public pursuant to the
continuing obligations of companies admitted to trading on Euronext Growth Oslo
(Euronext Growth Oslo Rule Book - Part II) and on Nasdaq First North Growth
Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se.
The information was submitted for publication, through the agency of the contact
person set out below, at the date and time provided.
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer
future. We work with great passion across networks of international
organizations, industries and cultures to make convenience safe and secure. We
are pioneering next-generation biometric card and wearables technology for
payment and physical & logical access control and identification solutions. We
promise our customers and partners deep insight and frictionless solutions,
ensuring a seamless user experience with our innovative biometric products and
services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit http://www.zwipe.com
Important information
Publication, release or distribution of this press release may in certain jurisdictions be subject to legal restrictions and persons in the jurisdictions where this press release has been made public or distributed should be informed of and follow such legal restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer or solicitation to buy or subscribe for any securities in Zwipe in any jurisdiction, either from Zwipe or from anyone else.
This press release is not a prospectus according to the definition in Regulation (EU) 2017/1129 (the "Prospectus Regulation") and has not been approved by any regulatory authority in any jurisdiction. A prospectus will be prepared by the Company and published on the Company's website after the prospectus has been reviewed and approved by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen).
This press release does not constitute an offer or solicitation to buy or subscribe for securities in the United States. The securities mentioned herein may not be sold in the United States without registration, or without an exemption from registration, under the U.S. Securities Act from 1933 ("Securities Act"), and may not be offered or sold within the United States without being registered, covered by an exemption from, or part of a transaction that is not subject to the registration requirements according to the Securities Act. There is no intention to register any securities mentioned herein in the United States or to issue a public offering of such securities in the United States. The information in this press release may not be released, published, copied, reproduced or distributed, directly or indirectly, wholly or in part, in or to Australia, Belarus, Hong Kong, Japan, Canada, New Zealand, Russia, Switzerland, Singapore, South Africa, the United States or any other jurisdiction where the release, publication or distribution of this information would violate current rules or where such an action is subject to legal restrictions or would require additional registration or other measures beyond those that follow from Swedish and Norwegian law. Actions in contravention of this instruction may constitute a violation of applicable securities legislation.
Offers to the public will be permitted in Sweden and Norway from and including the date of approval of the prospectus by the competent authority in Sweden and the competent authority in Norway has been notified in accordance with the Prospectus Regulation, through to and including the end of the subscription period in the Rights Issue.
Forward-looking statements
This press release contains forward-looking statements related to the Company's intentions, estimates or expectations with regard to the Company's future results, financial position, liquidity, development, outlook, estimated growth, strategies and opportunities as well as the markets in which the Company is active. Forward-looking statements are statements that do not refer to historical facts and can be identified by the use of terms such as "believes," "expects," "anticipates," "intends," "estimates," "will," "may," "implies," "should," "could" and, in each case, their negative, or comparable terminology. The forward-looking statements in this press release are based on various assumptions, which in several cases are based on further assumptions. Although the Company believes that the assumptions reflected in these forward-looking statements are reasonable, there is no guarantee that they will occur or that they are correct. Since these assumptions are based on assumptions or estimates and involve risks and uncertainties, actual results or outcomes, for many different reasons, may differ materially from those what is stated in the forward-looking statements. Due to such risks, uncertainties, eventualities and other significant factors, actual events may differ materially from the expectations that expressly or implicitly are contained in this press release through the forward-looking statements. The Company does not guarantee that the assumptions which serve as a basis for the forward-looking statements in this press release are correct, and each reader of the press release should not rely on the forward-looking statements in this press release. The information, opinions and forward-looking statements that expressly or implicitly are stated herein are provided only as of the date of this press release and may change. Neither the Company nor any other party will review, update, confirm or publicly announce any revision of any forward-looking statement to reflect events that occur or circumstances that arise with respect to the contents of this press release, beyond what is required by law or Euronext Growth Oslo or Nasdaq First North Growth Market's rules for issuers.
OSLO, NORWAY, and WETZIKON, SWITZERLAND – 14th October 2024 – As part of the official launch of LEGIC neon on card Zwipe and LEGIC Identsystems are excited to announce the introduction of biometric cardholder verification on Zwipe Access for LEGIC-based access control systems. This enhancement, now available commercially, integrates Zwipe’s industry-leading biometric technology into the latest version of LEGIC’s neon application.
With LEGIC neon on card, organizations can now deploy smartcard-based access solutions that incorporate fingerprint authentication. This new feature ensures that Zwipe Access releases credentials only after successful on-card fingerprint verification, adding an extra layer of security while maintaining a seamless experience for users.
For end users, the process is simple and secure: by placing a finger on the card’s built-in sensor, the cardholder can easily unlock the credentials needed to gain access via an NFC reader. This eliminates the need for PINs or passwords, streamlining access control without compromising safety.
"We are delighted to bring multi-factor authentication to LEGIC neon-based cards," said Christoph Beckenbauer, General Manager at LEGIC Identsystems. “This product seamlessly extends biometric verification to smartcards, which was previously only available with LEGIC neon for smartphones.”
"LEGIC neon is a uniquely secure and flexible technology." Robert Puskaric, President and CEO of Zwipe, added, "We are proud that LEGIC has chosen to partner with us, leveraging our Zwipe Access platform to enhance the security of their application."
For over 30 years, Swiss-based LEGIC Identsystems has enabled companies from around the world to deploy solutions with demanding security requirements. Based on key management, trusted services and secure, contactless semiconductors, the LEGIC Security Platform provides end-to-end security for smartphone- and smartcard-based access, mobility, shared resource and industrial IoT applications.
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card technology for payment, physical and logical access control as well as identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway with a global presence.
For more information, visit: www.zwipe.com
OSLO, NORWAY – 07-Oct-2024 – One of the prominent global leaders in the pharmaceutical industry is currently testing Zwipe Access biometric cards, in collaboration with a trusted partner, with a view to potentially deploy these innovative cards in its operations.
Zwipe AS, a pioneer in biometric technology, offers Zwipe Access cards equipped with an advanced fingerprint sensor. This technology captures the cardholder’s fingerprint securely, delivering the highest level of security and privacy available in biometric systems. By ensuring that the biometric data never leaves the card, Zwipe Access provides an unparalleled safeguard against data breaches.
The global pharmaceutical company involved in this testing is dedicated to reimagining medicine, improving, and extending lives. With the deployment of Zwipe Access cards, the company aims to enhance security across its processes and operations.
Robert Puskaric, President and CEO of Zwipe, shared his thoughts on the potential deployment and said, “Securing individual identities is critical in today’s landscape of cyber and security threats. Biometric authentication offers a highly secure, reliable method for identity verification. Since biometric characteristics are unique to each person, Zwipe Access Cards prevents the risk of unauthorized access, all while providing a seamless and intuitive user experience."
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work passionately across networks of international organizations, industries, and cultures to make convenience safe and secure. We pioneer next-generation biometric card technology for payment, physical and logical access control, as well as identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, please visit http://www.zwipe.com/
OSLO, NORWAY – 30-Sept – 2024 – Zwipe, a global pioneer and leader in biometric technology for access control, identification, and payment solutions, announces that one of the world’s top digital music streaming service providers is currently testing Zwipe’s biometric access cards. This evaluation is part of a potential deployment of Zwipe’s technology across the company.
Zwipe is listed on the stock exchanges of Oslo and Stockholm and specializes in secure, biometric authentication technology for access control, identification, and payment solutions.
The global music streaming company aims at increasing security on its premises by evaluating and potentially adopting Zwipe Access cards. These biometric cards offer enhanced protection by ensuring that sensitive credentials are kept secure and can only be activated by the legitimate cardholder.
Zwipe Access is a card-based fingerprint dual-authentication solution designed for access control, fast and easy to deploy. With fingerprint capture, extraction, and comparison taking place entirely on the card itself, the biometric data never leaves the card. This provides heightened data privacy and security for users, significantly reducing the risk of security breaches, whether in the physical or digital world.
Robert Puskaric, President and CEO of Zwipe, commented on the potential partnership, stating: “Security and privacy concerns are growing everywhere. Adopting secure and reliable access control systems is essential in protecting people and facilities. Zwipe’s biometric technology offers a secure, fast, and intuitive authentication experience for access control. We are delighted to have such a global leader as potential customer.”
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries, and cultures to make convenience safe and secure. We are pioneering next-generation biometric card technology for payment, physical and logical access control, and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit www.zwipe.com
OSLO, NORWAY – 25-September – 2024 – A leading U.S.-based social media and IT company is currently testing Zwipe Access biometric cards via their strategic technology partner, mandated to assess and implement technology globally, considering the possible deployment of this cutting-edge solution across its facilities.
Zwipe AS, a widely recognized pioneer in biometric technology, has supplied these cards as part of a collaborative effort to enhance customer’s sites security.
Zwipe is listed on the stock exchanges of Oslo and Stockholm and specializes in secure, biometric authentication technology for access control, identification, and payment solutions.
The global technology giant aims at further strengthening its security protocols by evaluating and potentially adopting Zwipe Access cards. These biometric cards offer enhanced protection by ensuring that sensitive credentials are kept secure and can only be activated by the legitimate cardholder.
Zwipe Access is a card-based fingerprint dual-authentication solution designed for access control. With fingerprint capture, extraction, and comparison taking place entirely on the card itself, the biometric data never leaves the card. This provides heightened data privacy and security for users, significantly reducing the risk of security breaches, whether in the physical or digital world.
Speaking on this potential deployment, Robert Puskaric, President and CEO of Zwipe, said, “In today’s digital age, secured identity and authentication are more important than ever. We are immensely proud for a potential partnership with such a prominent global leader in the tech industry. The Zwipe Access biometric card offers an excellent solution for enhancing security through two-factor authentication, all without requiring lengthy and costly hardware upgrades, thus providing both increased protection and significant savings in capital expenditure.”
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work passionately across networks of international organizations, industries, and cultures to make convenience safe and secure. We pioneer next-generation biometric card technology for payment, physical and logical access control, as well as identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, please visit http://www.zwipe.com/
Significant events H1 2024
Focusing on identity and access management, Seriline, a Sweden-based company, has signed a distribution agreement with Zwipe that pioneers next generation biometric cards for physical & logical access control and identification solutions.
Plasticard - ZFT, one of the leading manufacturers for plastic cards, smart cards and ID media has partnered with Zwipe to distribute biometric access cards for Zwipe in Germany, Austria and Switzerland.
Ermes srl, one of the leaders in providing solutions for the identification and security of people, has signed a distribution agreement with Zwipe, a pioneer and world leader in the development of biometric technology on cards for identification and access control.
Zwipe announced the appointment of PCB & Security Europe S.L., headquartered in Barcelona, Spain, as its official distributor for Spain and Portugal. This strategic partnership expands Zwipe’s reach across Europe and positions the company to capitalize on the growing demand for secure and convenient biometric access solutions in the Iberian Peninsula.
Zwipe has teamed up with SCAP, the leading distributor of access control cards and readers in France, focusing on providing advanced security RFID solutions, to introduce the innovative “biometric system-on-card” to SCAP’s customers.
Tadera and Zwipe announce that the Zwipe Access Biometric Smart Card System has completed operational test and evaluation by National Safe Skies Alliance, Inc. (Safe Skies) at Richmond International Airport (RIC). The report concludes that the Zwipe access card is a highly secure and user-friendly solution that meets the needs of the airport.
In January, Zwipe announced a company restructuring and new strategic direction, increasing its focus on Zwipe Access and accelerating the commercialization of its biometric authentication technology in the access control market. As a result of the change in strategic focus, the company has initiated a restructuring process that is expected to reduce operational costs, particularly related to Zwipe Pay.
Significant events after the period
ZKTeco, a globally recognized leader in access control solutions, is proud to announce a partnership with Zwipe, a leader in biometric technology for cards used in identification, access control, and payment. Together, they aim to deliver cutting-edge, high-security access solutions in Europe.
Zwipe the market leader in Biometric Smart Card technology for biometric access card technology, has entered into a strategic partnership with ABC Security Access Systems, a prominent integrator specializing in physical security solutions. This collaboration aims to introduce Zwipe’s state-of-theart biometric smart card technology solutions to customers across the Canadian marketplace, focusing on key sectors such as retail, government, commercial and institutional.
Zwipe, the global leader in biometric payment and access cards, and AXYS, a specialist in integrating access control, video surveillance, intrusion detection, and other security technology solutions announce a strategic partnership. This collaboration aims to deliver the groundbreaking “biometric smartcard” technology solution to AXYS’s global customer base.
Message from the CEO
During the first half of the year, we have, alongside the execution of the restructuring program, focused on implementing the new strategy focusing on the access control market. We intensified our efforts to establish and develop strategic partnerships in our targeted regions that enhance our reach and credibility within the industry with good traction and response. Collaborations and the establishment of go-to-market partnerships with key players in the security and technology sectors are increasing both our market presence and growth potential and we have expanded our network of distributors and resellers, as well as system integrators and installation companies in all geographies.
In France, during the first quarter, we signed a distribution agreement with SCAP, a major distributor giving us access to many local system integrators and installers, and a large pool of potential French end user enterprises.
During the second quarter we have started to see our intense work paying off as we have been able to sign additional collaborations with, among others, Seriline, Plasticard and Ermes. Lately we also communicated agreements with AXYS, ABC Security Access Systems, ZKTeco Europe. Many of these partners operate and have strong foothold in multiple countries and regions giving us an even wider reach.
Today we have more than 60 distributors and system integration partners throughout North America and European counties we have selected to focus on. It also means we have continued to increase the number of distributed starter packs/ demo kits during the second quarter of the year, so our partners can approach an increased number of end user enterprises.
As we have stated before, we are primarily targeting three verticals. For the Airport, Power Plants and Data Centers we have developed specific value propositions that we are getting good response and traction on. The fourth area we are approaching is more generic in terms of government agencies, major tech companies and multinational enterprises in various sectors and verticals.
Three of our partners in North America are specialized in providing security solutions to data centers. This has so far resulted in that we are engaged in a tender process with a leading internet search company and that we have commenced testing for a top social network and software company. Biometric access cards and our solution have also been adopted by architects and solution providers in future tenders when building new data centers.
On the power plant vertical we have passed product tests and are under evaluation by a major nuclear plant in North America. We also under evaluation by a major energy company in the USA.
Unfortunately, the airport vertical has not yet shown the development we had expected given the positive outcome of the report by National Safe Skies Alliance, Inc. We have two major partners in this vertical that are currently in dialogue with more than 10 airports in the USA. It is our assessment that more time is needed as decision processes in these potential deals take longer time than expected.
In total we together with our partners now have around 55 ongoing unique end user enterprise engagements. Not to say that every enterprise will ever implement biometric access cards for all their employees, but our current 55 engagements have an average of +40.000 employees per engagement, so the potential is huge.
We are obviously disappointed that we and our partners have not been able to enter into material commercial deployments and generate revenue during the first half of this year. At the same time, we are very pleased with the development in building our partner network in the first half year and the response we are getting from our engagements. That said, we are convinced that the work we have been doing will pay off in the near future.
Financial review
Profit and loss Zwipe reported total revenues of NOK 0.6 million during the first half of 2024, lower than the NOK 1.7 million reported in the first half of 2023. Net sales equalled NOK 0.1 million during the first half of 2024, and consisted to 100 percent of Zwipe access, compared to NOK 0.05 million during the first half of 2023.
Total operating expenses totaled NOK 29.4 million in the first half of 2024, down NOK 28.1 million compared to the first half of 2023. Personnel expenses were down to NOK 13.6 million compared to NOK 28.3 million in the first half of 2023, as headcount has decreased in line with the restructuring plans presented in June 2023 as well as in January 2024. Other operating expenses of NOK 14.6 million in the first half of 2024 were also significantly lower when compared to NOK 26.9 million in the first half of 2023, driven mainly by lower development, certification, marketing and travel costs. Depreciation, amortization and impairment amounted to NOK 0.7 million in the first half of 2024 versus NOK 1.0 million during the first half of 2023.
The above resulted in net income for the first half of 2024 of NOK -30.0 million, substantially better than NOK -56.1 million reported in the first half of 2023.
Cash flow During the first half of 2024, cash flow from operations and investments, before financing and facilitation, was NOK -40.9 million from NOK -59.3 million in the first half of 2023, an improvement with NOK 18.4 million.
Cashflow from financing activities equalled NOK 24.1 million and represents the remaining cash outstanding from the fundraising in the fourth quarter of 2023.
Total net cash flow for the first half of 2024, including cash flow from financing and investing activities, was NOK -17.0 million compared to NOK 25.4 million in the first half of 2023, as Zwipe completed a rights issue raising NOK 100.1 million in gross proceeds in the first half of 2023. Investments, liquidity, and financial position On 30 June 2024, cash and cash equivalents were NOK 25.2 million, compared to NOK 76.0 million on 30 June 2023.
As of 30 June 2024, production equipment, machinery, and fixtures were valued at NOK 3.7 million, and made up all long-term assets. Including cash of NOK 25.2 million, inventories of NOK 23.5 million, and receivables of NOK 1.2 million, current assets stood at NOK 49.9 million giving total assets of NOK 53.7 million.
Total equity as of 30 June 2024 amounted to NOK 30.7 million. Liabilities totaled NOK 22.9 million, comprising solely short-term liabilities. Consequently, the equity ratio stood at 57%.
This disclosure contains information that Zwipe AS is obliged to make public pursuant to the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 22-08-2024 08:00 CET.
Zwipe AS will publish its H1 2024 financial report on 22 August 2024 at 08.00 CET. On the same day at 14.00 CET, the company will host a webcast to present the report. After the presentation, the webcast will be opened up for questions from the audience.
Participants will be required to register to listen to the webcast and participate in the Q&A.
Webcast details:
Date: 22 August, 14.00 CET
Format: webcast and Q&A
Language: English
Link:
https://app.webinar.net/DgvB0X80NM3
For more information contact:
