OSLO, NORWAY and GURUGRAM, INDIA – 8 FEBRUARY 2023 – Antworks Money, a Gurugram based neobanking platform, has selected Zwipe to offer biometric payment cards in India. With this partnership Zwipe will gain further traction in the Indian market for biometric payment cards.
As part of the collaboration both companies have agreed to develop and leverage the growing market opportunities in India for biometric on-card payment solutions. Moving forward Antworks Money will promote Zwipe Pay solutions to banks and financial institutions in India and collaborate with Zwipe’s local card manufacturing partners
Commenting on this Rajeev Mahajan, Founder and CEO of Antworks Money said “Our partnership with Zwipe will enable us to start offering Zwipe’s products to banks, credit card issuers and PPI card issuers. We believe that Zwipe’s products are well suited for the Indian market and will help to eliminate the fraudulent use of contactless payment cards. We are also planning to introduce co-branded credit cards in partnership with a bank, which will have Zwipe’s biometric cards as one of the key differentiators.”
“The Indian fintech sector is witnessing significant progress and we are proud to partner with Antworks Money who provide a wide range of credit-focused neobanking services in the region. This is a landmark agreement for Zwipe that will help to drive our growth plans in the Indian market,” said Robert Puskaric, CEO of Zwipe.
About Antworks Money
Antworks Money is in the business of providing full stack neobanking services to small businesses and their employees. Antworks Money has partnered with well-known banks and NBFCs to offer neobanking services to its users. To learn more, please visit www.antworksmoney.com. For product information please email at paymentcards@antworksmoney.com
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 & cultures to make convenience safe & secure. We are pioneering next-generation biometric card technology for both payment and physical & logical access control and ID 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 www.zwipe.com
OSLO, NORWAY – 3 February 2023 – Zwipe AS ("Zwipe" or "the company") today announces its results for the second half of 2022.
Significant events H2 2022
H2 2022 operational review
Zwipe ended the year on a positive note with sequential quarterly growth of 172% and 2.3 mNOK in Q4 revenue, the highest sales revenue in a quarter in Zwipe’s history. During the fourth quarter, we announced the single largest commercial order in a quarter to date for Zwipe and received other smaller orders from SCMs in the Middle East and Asia. Further traction with these SCMS is expected in 2023.
Zwipe’s first major focus for Zwipe Pay in the period was on executing our signed issuers’ pilots. In total, seven issuer pilot projects are being executed – including our first pilot with a major Nordic bank, the global Tier-1 bank pilot and the MEPS pilot. Owing to recently implemented technical changes to improve user experience and product performance, we expect not only streamlined pilot project execution but a significantly faster pace of pilot project launches in the coming quarters.
The second focus for Zwipe Pay in the second half was helping our SCM customers get certified and production ready. KL Hi-Tech in India became the fourth SCM to receive their Visa LoA for production of BPCs using the Zwipe Pay platform, while Tag Systems became the first customer to receive approval from Mastercard. The latter followed Zwipe’s own certification from Mastercard in August.
For Zwipe Access, we continued to lay the groundwork for commercial deployments in 2023. We successfully completed the pilot project for Fraport AG at Frankfurt International Airport, and Zwipe is shortlisted as an access control solutions provider when Fraport moves forward with its tender process in 2023. We also further strengthened our position in the airport vertical when Civix, a leading US provider of airport security solutions, selected Zwipe’s access control technology to augment their airport security propositions.
On the organizational side, after significant management changes in the first half, Jens Hansen joined the management team in September to head up the newly created Customer Success department.
H2 2022 financial review
Zwipe reported total revenues of 3.1 mNOK during H2 2022 versus 1.1 mNOK in H2 2021, mostly related to the sale of payment products and services. Total operating expenses increased by 2.1 mNOK to 59.6 mNOK in H2 2022 from 57.5 mNOK in H2 2021. Net income for H2 2022 was -56.5 mNOK, essentially unchanged from -56.4 mNOK in H2 2021. For the full year, revenue was 3.9 mNOK compared to 2.5 mNOK in 2021. Adjusted EBITDA totaled -96.4 mNOK in 2022 compared to -81.7 mNOK in 2021.
During the second half of 2022, cash flow from operations and investments, before financing and facilitation, decreased by -13.4 mNOK to -60.6 mNOK. The underlying average monthly operating cash flow in the second half of 2022 was -10.1 mNOK compared to -7.9 mNOK in the same period last year. This was in line with expectations, and the average monthly burn rate is expected to decrease again in 2023.
On 31 December 2022, cash and equivalents were 50.5 mNOK, down from 152.3 mNOK at the end of 2021, and down from 109.7 mNOK on 30 June 2022. Total equity as of 31 December 2022 was 55.4 mNOK. Total liabilities totaled 14.1 mNOK on 31 December 2022 and were entirely comprised of short-term liabilities. This resulted in an equity ratio of 80%, roughly stable versus the position at the end of 2021.
On 22 November 2022, Zwipe announced a rights issue raising approximately 100 mNOK in capital. The rights issue is fully guaranteed through a combination of subscription commitments and underwriting commitments from the three largest shareholders in Zwipe. It is being carried out in order to strengthen the company’s financial position and enable the transition from start-up to scale-up. The transaction is expected to close in March 2023 and will ensure the Group has sufficient working capital for the period covering at least 12 months from the date of close.
Going forward
We enter the new year with good momentum in the order book and belief that organization is structured to enable a year of significant growth. Zwipe will use the funds from the rights issue to execute on our technology roadmap, accelerate our go-to-market strategy in both Zwipe Pay and Zwipe Access, assist our SCMs in becoming certified and mass production ready, and progress more rapidly with pilot projects.
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Results presentation
CEO Robert Puskaric and CFO Danielle Glenn will present the H2 2022 results by webcast today, Friday February 3rd, at 10:00 CEST.
Webcast details
Date: 3 February 2023
Time: 10:00 CET
Format: Webcast and Q&A
Language: English
Link: https://app.webinar.net/jQ7xPJLdgnw
Participants will be required to register to view the webcast and participate in the Q&A
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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 08:00 on 3 February 2023.
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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.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
+47 909 98 201
OSLO, NORWAY – 30 January 2023 – Zwipe AS will publish its H2 2022 report on 3 February 2023 at 08:00 CET. On the same day at 10:00 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 are strongly encouraged to submit their questions prior to the webcast on the registration page below or by sending questions to ir@zwipe.com. Participants will be required to register to view the webcast and participate in the Q&A.
Webcast details
Date: 3 February 2023
Time: 10:00 CET
Format: Webcast and Q&A
Language: English
Link: https://app.webinar.net/jQ7xPJLdgnw
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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.
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For more information, please contact:
Danielle Glenn, CFO and Head of IR
+47 909 98 201
ir@zwipe.com
HYDERABAD, INDIA and OSLO, NORWAY – 15 December 2022 – KL Hi-Tech, a leading provider of secure print products and solutions in India, has obtained the Letter of Approval (LoA) from VISA for its biometric payment card built on the Zwipe Pay platform.
With this Letter of Approval (LoA), consumers can use biometric payment cards from KL Hi-Tech built on the Zwipe Pay technology working seamlessly across Visa’s global payment network. This will address the increasing market demand for more security and convenience through biometric payment authentication.
On this development, Kartik Shekar, Vice President at KL Hi-Tech said, “We are extremely proud and pleased to receive the Visa LoA allowing the issuance and deployment of our biometric cards globally. This LoA comes at a point in time where we are seeing strong interest from issuers in our core markets to launch biometric payment cards based on the Zwipe Pay platform. This is an important milestone in our journey towards developing biometric solutions for the Fintech & Banking industry in the region and enabling a more secure and seamless user experience. Given India’s appetite for the next generation of payments, and the mass adoption of digital payments, biometric cards will only supplement the country’s vision to bring technology and finance together for years to come.”
Zwipe obtained its VISA Letter of Approval (LoA) for the Zwipe Pay platform on 24 March 2022, enabling smart card manufacturers working with Zwipe to swiftly obtain VISA certification for their own biometric payment card designs.
“We are pleased to see that KL Hi-Tech has now received the Visa LoA for their biometric cards based on the Zwipe Pay platform. Achieving this key milestone has a very positive impact on the commercial rollout of Zwipe Pay enabled biometric payment cards in the region. On behalf of everyone at Zwipe, I congratulate the team at KL Hi-Tech on this achievement,” said Robert Puskaric, CEO of Zwipe.
About KL HI-TECH
KL HI-TECH is one of India's largest banking card manufacturers with an annual production capacity of over 30 million banking cards. In 2021 it was ranked as the 2nd largest banking card manufacturer in India as per the latest Nilson Report. It is a trusted partner to Central and State Governments, Banks and Financial Institutions, Telecom Companies, Universities and Colleges, Central and State Election Commissions, and Transport Utilities, it provides fool proof and secure Smartcard and security printing solutions.
For more information, contact info@klhitech.com
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 & cultures to make convenience safe & secure. We are pioneering next-generation biometric card technology for both payment and physical & logical access control and ID 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 – 2 DECEMBER 2022 - Reference is made to the stock exchange announcement published by Zwipe AS (the "Company" or "Zwipe") on 22 November 2022 and the notice dated 23 November 2023 of an extraordinary general meeting in the Company to be held on 2 December 2022 (the "EGM"), both regarding a contemplated fully guaranteed rights issue in the Company, raising gross proceeds of approximately NOK 100 million (the "Rights Issue”).
The EGM has today approved the Rights Issue. The minutes from the EGM have been attached to this notice and have also been made available on the Company's website, https://zwipe.com/investors.
Correction of the stock exchange announcement regarding the Rights Issue published by the Company on 22 November 2022:
Pursuant to the EGM's resolution and in accordance with the Oslo Stock Exchange's procedural rules for trading in subscription rights, the subscription rights in the Rights Issue will be tradable from commencement of the subscription period and until 16:30 CET four (4) trading days prior to the end of the subscription period, i.e. on 14 March 2023 (and not on 15 March 2023 as announced in the stock exchange announcement regarding the Rights Issue published by the Company on 22 November 2022), subject to the prospectus for the Rights Issue being approved in time for the subscription period to start on 6 March 2023.
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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.
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This 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 13:10 CET on 2 December 2022.
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For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
OSLO, NORWAY – 23 NOVEMBER 2022 - Reference is made to the stock exchange announcement published by Zwipe AS (the "Company" or "Zwipe") on 22 November 2022, regarding a contemplated fully guaranteed rights issue in the Company, raising gross proceeds of approximately NOK 100 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 2 December 2022 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 and proxies is 1 December 2022 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.
In order to receive the link to the Microsoft Teams meeting, Zwipe's administration will need to have the shareholder's or proxy holder's e-mail address in advance. Thus, shareholders must after having registered their attendance also register their or its proxy's e-mail address by sending an email to ir@zwipe.com.
The Board has proposed the following agenda:
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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.
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This 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 15:00 CET on 23 November 2022.
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For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO RUSSIA, BELARUS, AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND, SWITZERLAND, SINGAPORE, SOUTH AFRICA, UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION WHERE SUCH ACTION IS IN WHOLE OR IN PART WOULD BE UNLAWFUL. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO ACQUIRE SECURITIES IN ZWIPE AS. SEE THE "IMPORTANT INFORMATION" SECTION BELOW.
*** The below text clarifies that the subscription period and planned trading in subscription rights will be in March 2023 and not March 2022.
OSLO NORWAY – 22 NOVEMBER 2022 - The Board of Directors of Zwipe AS (the "Company" or "Zwipe") has today resolved to propose a preferential rights issue of 20,862,047 new shares (the "Offer Shares"), for a subscription price of NOK 4.80 per Offer Share, raising gross proceeds of approximately NOK 100 million with preferential rights for existing shareholders (the "Rights Issue"). The Rights Issue is fully guaranteed through a combination of subscription commitments and underwriting commitments. The Rights Issue requires the approval by the extraordinary general meeting of the Company expected to be held on 2 December 2022 (the "EGM") to be implemented. The notice of the extraordinary general meeting will be published in a separate press release.
Background and reason for the Rights Issue
Zwipe is a Norwegian biometric 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 2019, card manufacturers have started the process of launching biometric payment card specific manufacturing lines, semiconductor providers have begun the development of dedicated offerings for this market, and the entire value chain supporting these processes has started moving more consistently. At the same time, Zwipe has made significant progress and added numerous smart card manufacturing customers across the world, significantly broadening their customer base. In addition, Zwipe has entered multiple important partnerships to enhance their go-to-market strategy and accelerate the adoption of biometric payment cards. Pilots have started and give the Company insights in its progress towards commercial adoption of its offerings.
In 2022, Zwipe has achieved a number of important milestones. The Company received its single largest commercial order for Zwipe Pay in a single quarter totalling $225,000. The Zwipe Pay Biometric Payment Card Platform received certification from both Visa and Mastercard, and the Fraport biometric access control project at Frankfurt Airport was successfully completed. Catering to the strong demand for access control solutions in the market, Zwipe is now engaging with a number of system integrators and distributors to accelerate the deployment of biometric access cards in key verticals and markets.
The Rights Issue is carried out in order to strengthen the Company’s financial position and enable the transition from start-up to scale-up.
Robert Puskaric, CEO of Zwipe comments:
“I am extremely pleased by the continued confidence demonstrated by our largest existing shareholders. Zwipe is experiencing significant positive commercial momentum and the proceeds from this fully secured rights issue will enable us to build upon our already strong position within biometric payments and biometric access control. The proceeds will be used to continue ramping up to meet growing global market demand for biometric security.”
Key terms of the Rights Issue
Underwriting obligations and guarantee commitments
The Rights Issue is fully guaranteed through a combination of subscription- and underwriting commitments. The subscription commitments are entered into with the Company’s largest shareholders, including Chairman of the Board Jörgen Lantto, and amount to approximately NOK 34.5 million, corresponding to approximately 34.5 percent of the Rights Issue. The underwriting commitments amount to approximately NOK 65.6 million, corresponding to approximately 65.5 percent of the Rights Issue. The underwriting commitments are entered into with three of the Company’s largest owners, Vasastaden Holding AB, Erik Selin Fastigheter AB and Arcanum Eiendom AS (controlled by Lars Windfeldt) pursuant to underwriting agreements entered into with each of them on 22 November 2022. The commitments and underwriting commitments are not secured by bank guarantee, escrow funds, pledging or similar arrangements. Pursuant to, and subject to, the terms and conditions set out in the underwriting agreements and the subscription commitments, the underwriters and pre-committing subscribing shareholders have undertaken to vote their shares held at the time of the EGM in favour of the Rights Issue and all underwriters have undertaken to guarantee on a several basis (not jointly) to subscribe for the Offer Shares, for a total underwritten amount of NOK 100,137,825.6 million, less any subscriptions covered by the subscription commitments. The Offer Shares which are not subscribed upon expiration of the subscription period (if any), will thus be subscribed by and allocated to the underwriters.
Other information pertaining to the Rights Issue
In connection with the Right Issue, a prospectus will be prepared, which is subject to the approval by the Norwegian Financial Supervisory Authority and which will be passported to Sweden. The prospectus will be published prior to the commencement of the subscription period and will form the basis for subscriptions in the Right Issue. Provided that the prospectus is approved by the Norwegian Financial Supervisory Authority and passported to Sweden in time, the subscription period for the Rights Issue will commence on 6 March 2023 and expire 20 March 2023 at 16:30 hours (CET). In the event that the prospectus is not approved in time to uphold this subscription period, the subscription period will commence on the second trading day on the Oslo Stock Exchange following the approval of the prospectus and expire at 16:30 hours (CET) two weeks thereafter.
The shareholders of the Company on 27 February 2023 (and being registered as such in the Norwegian Central Securities Depository, Euronext Securities Oslo, (the "VPS") as at the expiry of 1 March 2023 (the "record date")) will be granted one (1) preferential subscription right for each share registered as held by the shareholder as of the record date. Nine (9) preferential rights will give the right to subscribe for and be allocated five (5) Offer Shares in the Rights Issue (i.e. the holding of less than nine (9) preferential rights will not give the right to subscribe for any Offer Shares in the Rights Issue). Provided that a purchase of shares is made with ordinary T+2 settlement, shares purchased up to and including 27 February 2023 will give the right to receive subscription rights, whereas shares purchased from and including 28 February 2023 will not give the right to receive subscription rights. The subscription rights are expected to be tradable and listed on Euronext Growth Oslo and Nasdaq First North from and including the first day of the subscription period and until 16:30 (Oslo time) four trading days prior to the expiry of the subscription period. Over-subscription and subscription without subscription rights will be permitted.
A further description of the Rights Issue and of other circumstances that must be considered upon subscription of shares in the Rights Issue will be included in the prospectus for the Rights Issue, which will be published no later than the first trading of the subscription period and that will constitute the subscription material for the Rights Issue.
Indicative timeline for the Rights Issue
Change in share capital and number of shares and dilution
Upon completion of the Rights Issue, the share capital in the Company will be increased by NOK 2,086,204.7, from NOK 3,755,168.50 to NOK 5,841,373.20, through the issuance of 20,862,047 new shares. The number of shares thus increases from 37,551,685 to 58,413,732 shares. For existing shareholders who do not participate in the Rights Issue, this means, in the case of full subscription, a dilution effect of 35.7 percent of capital and votes in the Company.
Advisor
Zwipe has engaged Erik Penser Bank AB and Advokatfirmaet Simonsen Vogt Wiig AS as financial and legal advisors respectively in connection with the Rights Issue.
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For further information contact:
Danielle Glenn, CFO and Head of IR, Zwipe
E-mail: ir@zwipe.com
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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 19:30 on 22 November 2022.
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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.
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Important information
The information in this press release neither contains nor constitutes an offer to acquire, subscribe or otherwise trade in shares, warrants or other securities in Zwipe. No action has been taken and no action will be taken to permit an offer to the public in any jurisdictions other than Norway and Sweden. The invitation to interested persons to subscribe for shares in Zwipe will only take place through the prospectus that Zwipe expects to be able to publish around 3 March 2023. This announcement is an advertisement and is not a prospectus for the purposes of the Prospectus Regulation. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.
The information contained in this press release may not be disclosed, published or distributed, directly or indirectly, within or to the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa, Russia, Belarus or any other jurisdiction where such action would be illegal, subject to legal restrictions or require measures other than those that follow from Norwegian and Swedish law. Actions contrary to this instruction may constitute a violation of applicable securities legislation. No shares or other securities of Zwipe have been registered, and no shares or other securities will be registered, under the United States Securities Act of 1933 from time to time ("Securities Act") or the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or otherwise transferred, directly or indirectly, in or to the United States, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and pursuant to the securities laws of the relevant state or other jurisdiction in the United States. This communication is distributed to and directed solely to persons in the United Kingdom who are (i) professional investors falling within the scope of Article 19(5) of the U.K. from time to time in force; Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("the Order") or (ii) high net worth subjects and other persons to whom this notice may lawfully be addressed, who are subject to Article 49(2)(a)-(d) ) in the Order (all such persons are collectively referred to as "Relevant Persons"). Persons who are not Relevant Persons may not act on or rely on the information in this communication. An investment or investment measure referred to in this communication is only possible for Relevant Persons and will only be completed with Relevant Persons. Persons who disseminate this communication must themselves ensure that such dissemination is permitted.
Forward-looking statements
This press release contains forward-looking statements that refer to the Company's intentions, assessments or expectations regarding the Company's future results, financial position, liquidity, development, prospects, expected growth, strategies and opportunities as well as the markets in which the Company operates. Forward-looking statements are statements that do not relate to historical facts and can be identified by the inclusion of expressions such as "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "assumes", "should" "could" and, in each case, negations thereof, or similar expressions. The forward-looking statements in this press release are based on various assumptions, which in several cases are based on additional assumptions. Although the Company believes that the assumptions reflected in these forward-looking statements are reasonable, there can be no assurance that they will occur or that they are accurate. As these assumptions are based on assumptions or estimates and are subject to risks and uncertainties, the actual result or outcome may, for many different reasons, differ materially from what appears in the forward-looking statements.
Such risks, uncertainties, contingencies, and other material factors may cause actual events to differ materially from the expectations expressed or implied in this press release through the forward-looking statements. The Company does not warrant that the assumptions underlying the forward-looking statements in this press release are correct and any reader of the press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements expressed or implied herein are provided only as of the date of this press release and are subject to change. Neither the Company nor anyone else undertakes to revise, update, confirm or publicly announce any revision of any forward-looking statement to reflect events occurring or circumstances occurring with respect to the contents of this press release, except as required by law or Nasdaq First North Growth Markets' regulations for issuers.
OSLO NORWAY – 22 NOVEMBER 2022 - Reference is made to the stock exchange announcement published by Zwipe AS (the "Company") earlier today, 22 November 2022, regarding a contemplated fully underwritten rights issue in the Company, raising gross proceeds of approximately NOK 100 million (the “Rights Issue”). Key information relating to the Rights Issue is set out below.
Date on which the terms and conditions of the preferential rights issue were announced: 22 November 2022
Last day including right: 27 February 2023
Ex-date: 28 February 2023
Record Date: 1 March 2023
Date of approval: 2 December 2022
Number of new shares: 20,862,047
Subscription price: NOK 4.80
Ratio subscription rights: Each existing shareholder as of 27 March 2023 (and being registered as such in the Norwegian Central Securities Depository, Euronext Securities Oslo, (the VPS) as at the expiry of 1 March 2023 (the record date)) will be granted one (1) subscription right for each share registered as held by the shareholder on the record date.
Subscription ratio: Nine (9) subscription rights will give the holder the right to subscribe for five (5) new shares (i.e. the holding of less than 9 subscription rights will not give the holder the right to subscribe for any new shares).
Manager: Erik Penser Bank AB
Will the rights be listed – yes/no: Yes, the Company will apply for listing of the subscription rights on Euronext Growth Oslo and Nasdaq First North.
ISIN for the preferential rights: To be announced when available
Other information: The rights issue is fully guaranteed through a combination of subscription commitments and underwriting commitments. The rights issue is subject to the approval by the extraordinary general meeting of the Company, which will be held on 2 December 2022 (the "EGM"). Any changes in the dates included in this release will be communicated to the market by the Company.
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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.
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For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO RUSSIA, BELARUS, AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND, SWITZERLAND, SINGAPORE, SOUTH AFRICA, UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION WHERE SUCH ACTION IS IN WHOLE OR IN PART WOULD BE UNLAWFUL. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO ACQUIRE SECURITIES IN ZWIPE AS. SEE THE "IMPORTANT INFORMATION" SECTION BELOW.
OSLO NORWAY – 22 NOVEMBER 2022 - The Board of Directors of Zwipe AS (the "Company" or "Zwipe") has today resolved to propose a preferential rights issue of 20,862,047 new shares (the "Offer Shares"), for a subscription price of NOK 4.80 per Offer Share, raising gross proceeds of approximately NOK 100 million with preferential rights for existing shareholders (the "Rights Issue"). The Rights Issue is fully guaranteed through a combination of subscription commitments and underwriting commitments. The Rights Issue requires the approval by the extraordinary general meeting of the Company expected to be held on 2 December 2022 (the "EGM") to be implemented. The notice of the extraordinary general meeting will be published in a separate press release.
Background and reason for the Rights Issue
Zwipe is a Norwegian biometric 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 2019, card manufacturers have started the process of launching biometric payment card specific manufacturing lines, semiconductor providers have begun the development of dedicated offerings for this market, and the entire value chain supporting these processes has started moving more consistently. At the same time, Zwipe has made significant progress and added numerous smart card manufacturing customers across the world, significantly broadening their customer base. In addition, Zwipe has entered multiple important partnerships to enhance their go-to-market strategy and accelerate the adoption of biometric payment cards. Pilots have started and give the Company insights in its progress towards commercial adoption of its offerings.
In 2022, Zwipe has achieved a number of important milestones. The Company received its single largest commercial order for Zwipe Pay in a single quarter totalling $225,000. The Zwipe Pay Biometric Payment Card Platform received certification from both Visa and Mastercard, and the Fraport biometric access control project at Frankfurt Airport was successfully completed. Catering to the strong demand for access control solutions in the market, Zwipe is now engaging with a number of system integrators and distributors to accelerate the deployment of biometric access cards in key verticals and markets.
The Rights Issue is carried out in order to strengthen the Company’s financial position and enable the transition from start-up to scale-up.
Robert Puskaric, CEO of Zwipe comments:
“I am extremely pleased by the continued confidence demonstrated by our largest existing shareholders. Zwipe is experiencing significant positive commercial momentum and the proceeds from this fully secured rights issue will enable us to build upon our already strong position within biometric payments and biometric access control. The proceeds will be used to continue ramping up to meet growing global market demand for biometric security.”
Key terms of the Rights Issue
Underwriting obligations and guarantee commitments
The Rights Issue is fully guaranteed through a combination of subscription- and underwriting commitments. The subscription commitments are entered into with the Company’s largest shareholders, including Chairman of the Board Jörgen Lantto, and amount to approximately NOK 34.5 million, corresponding to approximately 34.5 percent of the Rights Issue. The underwriting commitments amount to approximately NOK 65.6 million, corresponding to approximately 65.5 percent of the Rights Issue. The underwriting commitments are entered into with three of the Company’s largest owners, Vasastaden Holding AB, Erik Selin Fastigheter AB and Arcanum Eiendom AS (controlled by Lars Windfeldt) pursuant to underwriting agreements entered into with each of them on 22 November 2022. The commitments and underwriting commitments are not secured by bank guarantee, escrow funds, pledging or similar arrangements. Pursuant to, and subject to, the terms and conditions set out in the underwriting agreements and the subscription commitments, the underwriters and pre-committing subscribing shareholders have undertaken to vote their shares held at the time of the EGM in favour of the Rights Issue and all underwriters have undertaken to guarantee on a several basis (not jointly) to subscribe for the Offer Shares, for a total underwritten amount of NOK 100,137,825.6 million, less any subscriptions covered by the subscription commitments. The Offer Shares which are not subscribed upon expiration of the subscription period (if any), will thus be subscribed by and allocated to the underwriters.
Other information pertaining to the Rights Issue
In connection with the Right Issue, a prospectus will be prepared, which is subject to the approval by the Norwegian Financial Supervisory Authority and which will be passported to Sweden. The prospectus will be published prior to the commencement of the subscription period and will form the basis for subscriptions in the Right Issue. Provided that the prospectus is approved by the Norwegian Financial Supervisory Authority and passported to Sweden in time, the subscription period for the Rights Issue will commence on 6 March 2023 and expire 20 March 2023 at 16:30 hours (CET). In the event that the prospectus is not approved in time to uphold this subscription period, the subscription period will commence on the second trading day on the Oslo Stock Exchange following the approval of the prospectus and expire at 16:30 hours (CET) two weeks thereafter.
The shareholders of the Company on 27 February 2023 (and being registered as such in the Norwegian Central Securities Depository, Euronext Securities Oslo, (the "VPS") as at the expiry of 1 March 2023 (the "record date")) will be granted one (1) preferential subscription right for each share registered as held by the shareholder as of the record date. Nine (9) preferential rights will give the right to subscribe for and be allocated five (5) Offer Shares in the Rights Issue (i.e. the holding of less than nine (9) preferential rights will not give the right to subscribe for any Offer Shares in the Rights Issue). Provided that a purchase of shares is made with ordinary T+2 settlement, shares purchased up to and including 27 February 2023 will give the right to receive subscription rights, whereas shares purchased from and including 28 February 2023 will not give the right to receive subscription rights. The subscription rights are expected to be tradable and listed on Euronext Growth Oslo and Nasdaq First North from and including the first day of the subscription period and until 16:30 (Oslo time) four trading days prior to the expiry of the subscription period. Over-subscription and subscription without subscription rights will be permitted.
A further description of the Rights Issue and of other circumstances that must be considered upon subscription of shares in the Rights Issue will be included in the prospectus for the Rights Issue, which will be published no later than the first trading of the subscription period and that will constitute the subscription material for the Rights Issue.
Indicative timeline for the Rights Issue
Change in share capital and number of shares and dilution
Upon completion of the Rights Issue, the share capital in the Company will be increased by NOK 2,086,204.7, from NOK 3,755,168.50 to NOK 5,841,373.20, through the issuance of 20,862,047 new shares. The number of shares thus increases from 37,551,685 to 58,413,732 shares. For existing shareholders who do not participate in the Rights Issue, this means, in the case of full subscription, a dilution effect of 35.7 percent of capital and votes in the Company.
Advisor
Zwipe has engaged Erik Penser Bank AB and Advokatfirmaet Simonsen Vogt Wiig AS as financial and legal advisors respectively in connection with the Rights Issue.
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For further information contact:
Danielle Glenn, CFO and Head of IR, Zwipe
E-mail: ir@zwipe.com
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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 19:30 on 22 November 2022.
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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.
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Important information
The information in this press release neither contains nor constitutes an offer to acquire, subscribe or otherwise trade in shares, warrants or other securities in Zwipe. No action has been taken and no action will be taken to permit an offer to the public in any jurisdictions other than Norway and Sweden. The invitation to interested persons to subscribe for shares in Zwipe will only take place through the prospectus that Zwipe expects to be able to publish around 3 March 2023. This announcement is an advertisement and is not a prospectus for the purposes of the Prospectus Regulation. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.
The information contained in this press release may not be disclosed, published or distributed, directly or indirectly, within or to the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa, Russia, Belarus or any other jurisdiction where such action would be illegal, subject to legal restrictions or require measures other than those that follow from Norwegian and Swedish law. Actions contrary to this instruction may constitute a violation of applicable securities legislation. No shares or other securities of Zwipe have been registered, and no shares or other securities will be registered, under the United States Securities Act of 1933 from time to time ("Securities Act") or the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or otherwise transferred, directly or indirectly, in or to the United States, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and pursuant to the securities laws of the relevant state or other jurisdiction in the United States. This communication is distributed to and directed solely to persons in the United Kingdom who are (i) professional investors falling within the scope of Article 19(5) of the U.K. from time to time in force; Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("the Order") or (ii) high net worth subjects and other persons to whom this notice may lawfully be addressed, who are subject to Article 49(2)(a)-(d) ) in the Order (all such persons are collectively referred to as "Relevant Persons"). Persons who are not Relevant Persons may not act on or rely on the information in this communication. An investment or investment measure referred to in this communication is only possible for Relevant Persons and will only be completed with Relevant Persons. Persons who disseminate this communication must themselves ensure that such dissemination is permitted.
Forward-looking statements
This press release contains forward-looking statements that refer to the Company's intentions, assessments or expectations regarding the Company's future results, financial position, liquidity, development, prospects, expected growth, strategies and opportunities as well as the markets in which the Company operates. Forward-looking statements are statements that do not relate to historical facts and can be identified by the inclusion of expressions such as "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "assumes", "should" "could" and, in each case, negations thereof, or similar expressions. The forward-looking statements in this press release are based on various assumptions, which in several cases are based on additional assumptions. Although the Company believes that the assumptions reflected in these forward-looking statements are reasonable, there can be no assurance that they will occur or that they are accurate. As these assumptions are based on assumptions or estimates and are subject to risks and uncertainties, the actual result or outcome may, for many different reasons, differ materially from what appears in the forward-looking statements.
Such risks, uncertainties, contingencies, and other material factors may cause actual events to differ materially from the expectations expressed or implied in this press release through the forward-looking statements. The Company does not warrant that the assumptions underlying the forward-looking statements in this press release are correct and any reader of the press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements expressed or implied herein are provided only as of the date of this press release and are subject to change. Neither the Company nor anyone else undertakes to revise, update, confirm or publicly announce any revision of any forward-looking statement to reflect events occurring or circumstances occurring with respect to the contents of this press release, except as required by law or Nasdaq First North Growth Markets' regulations for issuers.
OSLO, NORWAY – 24 August 2023 – Zwipe AS ("Zwipe" or "the company") today announces its results for the first half of 2023.
Significant events H1 2023
H1 2023 operational review
In May, Kuwait International Bank (KIB) announced the first commercial launch of biometric payment cards based on Zwipe Pay technology to their VISA Infinite customers in Kuwait. On the back of this launch, KIB is now considering making the biometric card more widely available to cardholders across their customer base. The announcement generated extensive interest in the region from our partners to either initiate or accelerate the launch of biometric payment card programs for other issuers. Later in May, MEPS, in partnership with Mastercard, announced the second commercial launch of BPCs from Zwipe. The MEPS announcement is significant as it will enable a wide range of regional banks to launch BPCs more rapidly.
During the first half, Zwipe also signed eight new partnerships with SCMs and perso bureaus in the APAC region. Early in the third quarter, Zwipe also signed a partnership agreement with a major Japanese SCM, a first for Zwipe in this very important market in terms of both payment transaction volume and value, and a second agreement with a partner in Taiwan. These new agreements and partnerships represent expanded geographic scope for Zwipe, and Zwipe is working closely with our partners to bring biometric payment cards to issuers in these large and dynamic new markets.
Zwipe also released the market’s first available mobile enrolment solution, including a Software Development Kit (“SDK”) with reference apps for iOS and Android available in the respective Apple and Google official app stores. Mobile enrolment solutions are deemed very important by issuers considering launches of BPCs. Zwipe also refreshed our payment scheme certifications and released Zwipe Pay version 1.1, based on the updated standards from Mastercard and Visa.
On the Zwipe Access side, Zwipe initiated several proofs of concept in our target verticals in the USA and Europe. Of particular importance was the announcement that our partner Civix is performing a PoC at Richmond International Airport in conjunction with Safe Skies Alliance. In total, more than ten PoCs are underway and progressing and approximately ten more PoCs are also already in the pipeline for the second half of this year. During the first half, we also signed multiple important go-to-market partners including industry leaders Cardlogix and OLOID and roughly doubled our number of GTM partners. In total, twelve partners have signed or are in the process of signing distribution agreements. The initiation of PoCs and signing of important GTM partners makes us confident we will see commercial deployments of the Zwipe Access solution in H2 2023.
Fundraising and restructuring
In March 2023, Zwipe successfully completed a rights issue raising approximately 100.1 mNOK in capital. While the fundraising should enable Zwipe’s transition toward commercialization, we are cognizant that market adoption of biometric cards through 2023 has been slower than anticipated, impacting not only Zwipe but also Zwipe's partners and competitors. As a consequence, we announced a restructuring of the company in June – bringing down costs substantially to reflect the current realities, but not affecting our ability to serve our customers and partners. These initiatives are expected to reduce the group’s operating costs in 2023 by approximately NOK 14 million compared to 2022 and lower the cost base by approximately NOK 35 million on an annual basis. Once executed, the improvements are expected to have full impact from the fourth quarter of 2023.
The main message from the restructuring announcement is that the development of both the Zwipe Pay and Zwipe Access products has largely been completed. In the context of R&D having been largely completed, the focus of the fundraising and the restructuring has been to accelerate Zwipe’s path towards commercialization.
H2 2022 financial review
Zwipe reported total revenues of 1.7 mNOK during H1 2023, up 113% from 0.8 mNOK in H1 2022, while total operating expenses increased by 9.0 mNOK to 57.5 mNOK in H1 2023 from 48.4 mNOK in H1 2022. The above resulted in net income for H1 2023 of -55.9 mNOK, 8.5 mNOK lower than -47.4 mNOK in H1 2022.
Total net cash flow for H1 2023, including cash flow from financing and investing activities, was 25.5 mNOK compared to -42.6 mNOK in H1 2022, as Zwipe successfully completed a rights issue raising 100.1 mNOK in gross proceeds in H1 2023. Cash flow from operations and investments, before financing and facilitation, decreased by -10.8 mNOK to -59.3 mNOK from -48.6 mNOK in H1 2022. The underlying average monthly operating cash flow in the H1 2023 was -9.9 mNOK compared to -8.1 mNOK in the same period last year. The monthly net burn rate is expected to decrease by roughly 30% in the second half of 2023 compared to the first half as a result of the June restructuring announcement.
On 30 June 2023, cash and cash equivalents were 76.0 mNOK, compared to 50.5 mNOK at end 2022 and 109.7 mNOK on 30 June 2022. The development in cash balance since year-end 2022 is mainly a result of the negative operational cash flow of 59.3 mNOK plus proceeds from the rights issue in H1 2023. Total assets stood at 98.4 mNOK and total equity as of 30 June 2023 was 85.4 mNOK, giving an equity ratio of 87%.
Going forward
Zwipe continues to make progress with its first Zwipe Pay commercial launches and multiple Zwipe Access PoCs being executed. But in the context of delayed volume ramp-up in biometric payment cards, the biometric access control market still being established, and a leaner organization, our focus will be on thoughtfully deploying funds to keep Zwipe on the path to real commercialization of our solutions.
Results presentation
CEO Robert Puskaric and CFO Danielle Glenn will present the H1 2024 results by webcast today, Thursday August 24th, at 10:00 CEST.
Webcast details
Date: 24 August 2023
Time: 10:00 CET
Format: Webcast and Q&A
Language: English
Link: https://app.webinar.net/gpBdkyWMaZP
Participants will be required to register to view the webcast and participate in the Q&A, and are strongly encouraged to submit their questions prior to the webcast on the registration page below or by sending questions to ir@zwipe.com.
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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 08:00 on 24 August 2023.
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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.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
OSLO, NORWAY – 18 August 2023 – Zwipe AS will publish its H1 2023 financial report on 24 August 2023 at 08:00 CET. On the same day at 10:00 CET, the Company will host a webcast to present the update. After the presentation, the webcast will be opened up for questions from the audience.
Participants are strongly encouraged to submit their questions prior to the webcast on the registration page below or by sending questions to ir@zwipe.com. Participants will be required to register to listen to the webcast and participate in the Q&A.
Webcast details
Date: 24 August 2023
Time: 10:00 CET
Format: Webcast and Q&A
Language: English
Link: https://app.webinar.net/gpBdkyWMaZP
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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.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
OSLO, NORWAY and SUNNYVALE, CA – 18 JULY 2023 – OLOID Inc., a leading provider of physical identity and access technology, has selected biometric cards pioneer Zwipe as its technology partner in pursuing opportunities for biometric access cards across the many markets they serve.
OLOID is a multi-technology identity and access management endeavor with well-known investors like Dell, Honeywell, Okta and others investing in their future. OLOID intends to add Zwipe Access to its expanding global product portfolio.
With market-disrupting technology like the Zwipe Access “biometricsystem-on-card” platform, OLOID will be able to deliver a highly advanced and secure biometric card solution in conjunction with their own physical access, time clock and other IAM offerings.
According to Mohit Garg, Co-Founder and CEO of OLOID, “While the security industry has made significant advances in providing password-less technologies for cognitive workers, the login experience for frontline workers continues to be far from frictionless. Biometric access cards provide a massive opportunity to address the needs of this under served segment of users who do not work on company provided computers and smartphones but require freedom from user names and passwords related challenges to access workplace applications on kiosks and shared terminals.”
Speaking about the partnership, RobertPuskaric, President and CEO of Zwipe, says, “We are happy to partner with OLOID, a software-centric company that offers unique identity and access management solutions. We believe that our Zwipe Access biometric card is a fantastic fit for their global portfolio and a solid match for their retrofit readers.”
About OLOID
OLOID is a leading provider of physical identity and access technology committed to enabling secure and privacy-forward authentication for the modern workplace. OLOID's objective is to establish a unified identity framework that connects and manages workplace identity and access by integrating with HR, IT and various systems of records, thus enabling a unified digital identity across the organization. Headquarteredin Sunnyvale, CA, OLOID is backed by renowned investors including Dell Technology Capital, Honeywell Ventures, Okta Ventures, Unusual Ventures, Emergent Ventures, and WestWave Capital.
To kow more, visit https://www.oloid.ai/
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 – 10 July 2023 - Reference is made to the stock exchange announcement published by Zwipe AS (the "Company" or "Zwipe") on 28 June 2023 and the notice dated 28 June 2023 of an extraordinary general meeting in the Company to be held on 10 July 2023 (the "EGM").
All the items on the agenda were addressed and approved. Attached are the minutes of the EGM. The attendants of the EGM represented 25.07% of the votes in the company.
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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.
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This 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 15:00 on 10 July 2023.
For more information, please contact
Danielle Glenn
CFO and Head of IR, Zwipe AS
E-mail: ir@zwipe.com
TAIPEI, TAIWAN and OSLO, NORWAY – 04 July 2023 - Beautiful Card Corporation (BCC), a prominent Taiwanese card manufacturer with global deliveries, has been granted approval from Mastercard to deploy biometric payment cards using Zwipe Pay.
Speaking on this development, Shellen Hsu, Global VP – Sales & Business Development, BCC, says, “We are extremely delighted to obtain approval that enables the deployment of our biometric cards globally. With the growing awareness of biometric payments in the APAC region and beyond, this is crucial as we are witnessing a strong interest in our core markets to launch biometric payment cards based on the Zwipe Pay platform.”
Issuers and consumers will have access to biometric payment cards built on Zwipe Pay technology operating seamlessly across Mastercard's global network, addressing consumers’ demand for increased security and convenience through biometric authentication. Consumers will also benefit from more convenient, safe and secure ways to pay.
According to Patrice Meilland, Chief Strategy, Product and Marketing Officer, Zwipe, “This marks a significant step for BCC in the biometric payment market as issuers will have the opportunity to create differentiation, accelerate customer acquisition, uplift loyalty, and create new revenue streams. With this progress, we look forward to further strengthen our long-standing partnership with BCC and we will continue to develop together our business and technical relationship in the upcoming years.”
About BCC
With 31 years of experience in the smart card industry, BCC is a leading smart card manufacturer globally. Headquartered in Taipei, Taiwan, BCC is a Taiwanese-owned, GSMA SAS-certified, VISA, Mastercard and JCB-certified company with a global strength and local support. It is a neco-sustainable material provider that has compliance with RoHS, REACH, HF, CP65, ETSI, etc.
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& secure. We are pioneering next-generation biometric card technology for both payment and physical & logical access control and ID 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 www.zwipe.com
OSLO, NORWAY – 28 June 2023 - The Board of Directors of Zwipe AS (the "Company") call for an Extraordinary General Meeting (the "EGM") to be held on 10 July 2023 at 10:00 CEST. The EGM will be held as a digital meeting on Microsoft Teams.
Please find attached the notice of the EGM. The notice and Zwipe's Annual Report for 2022 are available on the Company's website, https://www.zwipe.com/investors.
Shareholders who wish to attend the EGM in person or by proxy or vote in advance are encouraged to register this electronically by following the link on the Company’s website https://www.zwipe.com/investors/general-meetings or via VPS Investor Services, by sending a signed version of the form attached to the notice by e-mail to genf@dnb.no, or by ordinary mail to: DNB Bank ASA, Registrars Department, Postboks 1600 Sentrum, NO-0021 Oslo. Notification of attendance, proxy or advance votes must be registered online or received by DNB Bank ASA, Registrars Department by 16:00 hours CEST on 7 July 2023.
In order to be invited to the meeting, Zwipe's administration will need to have the shareholder's email address in advance. Shareholders must after having registered their attendance also register their email address by sending an email to ir@zwipe.com prior to 16:00 hours CEST on 7 July 2023.
The Board of Directors (the "Board") has proposed the following agenda:
Proposed decisions from the Board:
Matter no. 4: Election of a new member to the Board
The Company's nomination committee (the "Nomination Committee") has proposed that the Board is supplemented by Robert Jansson. Subject to the EGM's approval, the Board for the period from the EGM and until the Company's annual general meeting in 2025 will comprise:
A mini-CV for Robert Jansson has been included as an attachment to the notice.
Matter no 5: Remuneration to the new member of the Board
The Nomination Committee proposes that Robert Jansson receives a remuneration of NOK 130,000 for the period until the Company's annual general meeting in 2024.
Matter no. 6: Approval that the Board may make amendments to the Company's RSU incentive program
On 11 May 2023, the Company's annual general meeting (the "AGM") adopted a resolution on a new incentive scheme directed towards the Company's leading employees and other key personnel in the form of so-called restricted share units (hereinafter the "RSU plan" and "RSUs"). The main rationale behind the RSU plan is to create long-term ownership, being expected to stimulate an increased interest in the business and performance development.
In the notice to the AGM, it was stated that the vesting period for the RSUs will be four years from grant. Following the AGM, the Board has however further assessed the various aspects of the RSU plan as previously presented, hereunder the terms of vesting. In this regard, the Board on 28 June 2023, assessed it as beneficial to amend the conditions of the vesting schedule under the RSU plan. The Board has therefore resolved that the current arrangement with 100% vesting at the expiry of the four-year period is replaced with an annual vesting schedule, with 1/3 vesting at the end of the 2nd, 3rd and 4th year from grant, meaning no vesting after the 1st year. It is assumed that the EGM should approve such change.
The Board has not at this point in time found reason to make any other amendments to the RSU plan or its scope but has proposed that the EGM grants a general authorization to the Board to make changes to the RSU plan, however not including changes of terms with a direct impact on the maximum dilution potentially caused by the RSU plan such as the maximum number of RSUs under the plan and that one vested RSU gives the right to acquire one share in the Company.
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This 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 12.00 CEST on 28 June 2023.
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For more information, please contact:
Danielle Glenn, CFO and Head of IR: ir@zwipe.com
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 https://www.zwipe.com/.
OSLO, NORWAY – 21 June 2023 – Zwipe AS today announces a streamlining to accelerate its path toward profitability in the medium term. Excluding one-off fundraising costs incurred in 2023, these initiatives are expected to reduce the group’s operating costs in 2023 by approximately NOK 14 million compared to 2022 and lower the cost base by approximately NOK 35 million on an annual basis. The initiatives will commence immediately, and planned improvements are expected to have full impact from the fourth quarter of 2023. 15 employees will leave the company as a consequence.
Following decisions taken at the end of the first quarter to freeze new hiring and reduce planned expenditures in 2023, the company has now completed an internal review aiming to optimize global operations and reduce overall costs. In this effort to ensure long-term, sustainable growth, Zwipe has identified cost-saving initiatives including reductions of staff, lessening of R&D-related activities, restructuring of offices and subsidiaries, reduced external marketing activities, and general reductions in other operating expenditures.
As previously communicated, the development of both the Zwipe Pay and Zwipe Access products has largely been completed. Zwipe Pay has been fully certified by both Visa and Mastercard, mobile enrollment solutions have been finalized, and Zwipe Pay is fully ready for commercial deployment. Similarly, Zwipe Access has now been validated for integration into the HID and Legic access control systems and the product is ready for commercial deployment. As the company’s focus naturally shifts from R&D to commercialization, less development and technical support resources are needed.
On the commercial side for Zwipe Pay, while broader market adoption of biometric payment cards has been slower than we and others in the industry anticipated, Zwipe continues to believe that the market is very close to an inflection point. Zwipe has achieved several significant milestones recently with the first bank issuers announcing commercial launches, and we anticipate this will accelerate in the second half of 2023. Zwipe Access has very strong momentum with several proofs of concept recently having been launched and substantially more in the pipeline. As a consequence of this streamlining, resources within the company will thus be allocated more towards commercialization efforts: executing more Zwipe Pay pilots and initial launches, getting more signed SCMs mass production ready, signing more distribution partners for Zwipe Access, and executing integrations of Zwipe Access with end customers.
Owing to the already completed development efforts carried out for Zwipe Pay and Zwipe Access, this streamlining plan is not expected to affect Zwipe’s ability to serve its customers and partners. The company remains committed to a best-in-class customer experience and providing value-added services and expertise across the payment card and access control value chains.
"This streamlining plan allows us to focus on our commercial objectives for both Zwipe Pay and Zwipe Access while also reducing our overhead costs, ensuring that we are organized in an efficient and agile manner, giving us more financial flexibility, and positioning the company for profitable growth. While it is very difficult to let some of our valued and highly regarded employees go, we believe this decision is necessary as we position ourselves for sustainable growth in the medium and long term" says Robert Puskaric, CEO of Zwipe AS.
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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 08:00 on 21 June 2023.
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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 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.
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For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
OSLO, NORWAY AND AMMAN, JORDAN – 20 June 2023 – Middle East Payment Services (MEPS) announces the commercial launch of biometric payment cards based on the Zwipe Pay solution, using Mastercard’s Biometric Card technology.
MEPS is a leading regional player in card issuance, payment processing and merchant acquiring services in the Middle East and North Africa (MENA) and a principal member of major international issuing and acquiring schemes.
As a result of a deep collaboration, Zwipe and MEPS have tested and successfully piloted the new cards based on the Zwipe Pay platform for biometric payment cards, and approved by Mastercard. These pilots, conducted over the last months, led to this major milestone, making it possible for several banks and issuers to launch the cards swiftly.
According to Ali Jabbar, CEO at MEPS, “MEPS is ready to provide banks and issuers in Jordan and the region with the first worldwide Mastercard Zwipe biometric card, a testament to the innovation we continuously strive to bring to our region.”
Speaking on this partnership, Cynthia El Khoury, Country Business Development Lead, Levant and Iraq at Mastercard, said, “Mastercard has long pioneered biometrics as a secure way to verify identity. We are delighted to leverage our advanced Biometric Card technology to help MEPS and Zwipe maintain the highest levels of security and privacy with the aim of protecting consumers in the region and enhancing their peace of mind.”
Ramzi Saboury, General Manager for the Middle East and Africa Region at Zwipe, said: “This milestone achieved by MEPS is a breakthrough in the biometric cards arena, paving the way for many banks to launch Zwipe Pay-based cards. We are proud and honored that the latest generation of biometric cards based on Zwipe’s solution is commercially launching in Jordan in collaboration with Mastercard, taking the lead globally with this initiative.”
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About MEPS
Middle East Payment Services (MEPS), founded in 2009, is a Principal Issuer and Acquirer of Visa, MasterCard, and UnionPay, with presence in Jordan, Iraq, and Palestine. The company offers financial institutions, merchants, and corporations, a complete range of secure payment solutions in card issuance / hosting, payment processing, alternative payments, ecommerce acquiring, point-of-sale (POS) acquiring, ATM driving and management, and customized value-added services adhering to PCI Data Security Standards (PCI DSS). MEPS is owned by 10 Jordanian and regional banks.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
To know more, click here: www.mastercard.com
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 www.zwipe.com
OSLO, NORWAY and KUWAIT CITY, KUWAIT – 23 May 2023 – Kuwait International Bank (KIB) takes the lead worldwide as the first commercial launch of biometric payment cards based on Zwipe’s platform. This innovative card will be offered to the elite VIP clients of the bank under the Visa Infinite Black product.
KIB is a public quoted bank operating since 1973 with around 20 branches across the country. The bank is amongst the fastest growing in Kuwait and always striving to make available for its clients the innovative financial solutions that best serve their needs.
As part of this collaboration, Zwipe will deliver its Zwipe Pay solution for biometric payment cards, approved by VISA. This is the result of many years of developments and pilots conducted across several geographies in the past years. The cards will be produced by Inkript, one of the partners of Zwipe in the region.
According to Deema Al Mulaifi, Assistant General Manager of Operations at KIB, “KIB prides itself as a progressive Islamic bank that continues to offer its customers a unique banking experience enhanced by additional convenience and security. We are pleased to announce that our Black Banking segment customers can now enjoy innovative technology through the new biometric card, which is designed to provide convenience and ease of access with a high level of security against fraud attempts. The ability to continue delivering on-demand, tailored and innovative products and services to our customers is a unique mark that distinguishes KIB from others.”
“The Biometric Card feature has the potential to provide our customers with a new method that adds value to their lifestyle as they can request the Visa Infinite card and activate the fingerprint to make POS transactions with great ease. In addition to this secure and simple payment solution, which is in line with the Bank’s new authentication system, the Bank’s Black Banking segment customers enjoy a range of other premium banking benefits and exclusive rewards,” added Al Mulaifi.
Speaking on this partnership, Shashank Singh, Vice President and General Manager for Kuwait and Qatar at VISA said, “Visa is committed to developing and investing in emerging capabilities such as biometrics for the benefit of consumers. That’s why we’re delighted to partner with Kuwait International Bank and Zwipe in bringing this innovative biometric card to consumers in Kuwait who can now enjoy a seamless, secure payment experience.”
Ramzi Saboury, General Manager for the MEA Region at Zwipe said, “We are proud and hounored that the latest generation of biometric cards based on Zwipe’s solution is commercially launched in Kuwait by KIB, taking the lead globally with this initiative. We appreciate the trust in Zwipe Pay that KIB has demonstrated by reaching this milestone. Visa also has been a key player and partner all the way, until the launch today. Zwipe Pay is providing best user experience from enrolment to payment, ensuring high level of security while protecting biometric data privacy.”
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About KIB
Incorporated in 1973 and originally known as Kuwait Real Estate Bank, KIB made the transition to its current Islamic operating model in 2007. In 2018, KIB embarked on a new phase of its journey full of innovation and development. As part of its new strategic direction, the bank focuses on offering a next-level customer experience under the slogan: “Bank for Life”. Through a network of branches spread across the State of Kuwait, KIB offers a broad range of banking products and services, as well as innovative digital banking solutions in line with international best standards.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.
To learn more, visit visamiddleeast.com/blog and follow @VisaCEMEA
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 www.zwipe.com
