Dear Customers, Zwipers and Partners,
I am delighted to begin this new journey as the CEO of Zwipe. Since day one, I have felt thoroughly welcomed and enjoyed the energy, engagement and competencies that we have in the team.
I would like to start by saying a big thanks to all Zwipers for working tirelessly and to André Løvestam for having been such a strong ambassador of next generation biometric cards for many years.
More card manufacturers, payment processors, banks and enterprises than ever before are today committed to launch their next generation card programs with Zwipe. My sincere thanks to our customers and partners for their continued confidence in our platform. Throughout H1 2022, we continued to grow our customer and partner base at a strong pace.
· We signed with six new issuers, from Germany to India and the Middle East. All of them are now engaged with our card manufacturing partners and other players in the value chain to launch their new cards.
· In the APAC region, we strengthened our market position significantly with Placard (largest card manufacturer in Australia and New Zealand), Modularsoft (Malaysia’s largest payment card personalization bureau) and Wisecard (one of APAC region’s largest EMV Software providers). All these leading brands selected Zwipe Pay platform in launching their next generation payment cards.
· On the technology side, our Zwipe Pay platform received the Letter of Approval (LoA) from Visa, which was followed by confirmations of Visa certification from our three lead customers (Tag Systems, BCC and Inkript). This list will only grow from here.
· Fraport, operating in 31 international airports (including Frankfurt, New York (JFK), New Jersey (EWR) and New Delhi) shortlisted the Zwipe Access platform for their new access card program. Pilot is now underway, and we are expecting a decision before the end of the year.
We also strengthened our organization by welcoming Patrice Meilland as Chief Strategy & Product Officer and Danielle Glenn as CFO & Head of IR. Patrice joins from his position as the SVP of Advanced Cards in Idemia. Danielle brings substantial financial markets experience from the likes of Goldman Sachs and her most recent role as the CFO of Arctic Bioscience. With a strong focus on ensuring deliveries and successfull launches, we have also strengthened our engineering teams.
Throughout H1 2022,we continued to investigate consumers’ payment preferences and their feedback on biometric payment cards. From Austria to Australia, Italy to Taiwan, Malaysia to The Netherlands and Germany, consumers’ interest in biometric payment cards remained consistent and very strong. This is encouraging, not just for Zwipe but for all our customers, partners and industry peers who just like Zwipe are on a mission to deliver the next generation payment and access control experience worldwide.
I now look forward leading Zwipe and together as a team delivering measurable value to our customers, partners and shareholders.
Wishing you all a happy and safe summer!
Robert Puskaric
President and CEO of Zwipe
OSLO, NORWAY - 16 June 2022 - The Board of Directors of Zwipe AS ("Zwipe" or the "Company”) has resolved to grant in total 660,000 share options to members of the management team under the Company's share incentive scheme. The option grant is in accordance with the mandate given at Zwipe’s Annual General Meeting on 23 May 2022 to the Board of Directors (“the Board”) to issue new options to the company's employees or Board members under the company's existing long-term incentive program (the “Program”). Each option gives the option holder the right to acquire one share in the Company at an exercise price of NOK 17.96, which is equal to the volume weighted average share price for the 10 last trading days through 10 June 2022 plus 10%. The exercise price was established in accordance with Program principles. The options will vest over a period of three years from grant with one-sixth vesting every six months until 31 December 2024. The options will expire on 1 July 2026.
The following primary insiders were granted options:
Until the AGM in 2023, the Board is authorized to issue up to 2,626,168 options, of which a total of 2,084,498 options have now been issued. Primary insider notifications pursuant to article 19 of the market abuse regulation are attached to this release.
OSLO, NORWAY – 13 June 2022 – Zwipe, a leading provider of biometric payment card solutions announces that Zwipe’s Board of Directors has appointed Robert Puskaric as President and Chief Executive Officer, replacing André Løvestam. The change is effective immediately.
Robert Puskaric has a long successful career mainly from the Ericsson group where positions held include President, Region Northern Europe and Central Asia, President, Ericsson Mobile Platforms, Senior Vice President, Business Unit Modems, and Executive Vice President, ST-Ericsson. He has also been President and CEO of Doro AB and President of Eniro AB. He holds a Bachelor’s degree in Economics and Management (Civilekonom) from Lund University, Sweden.
“We are excited to announce that Robert Puskaric joins Zwipe as our new President and CEO,” says Jörgen Lantto, Chairman of the Board of Directors of Zwipe. “After several years of development of Zwipe Pay and Zwipe Access, Zwipe’s main products for biometric payment and access cards, the company is now entering into a new phase of engaging with our customers to bring biometric cards to consumers for commercial launch. We are confident that Robert’s successful history of managing complex commercial relations will be a perfect fit as the company enters this phase,” continues Jörgen Lantto.
“I am very excited to join Zwipe,” says Robert Puskaric, new President and CEO of Zwipe. “I am very impressed of Zwipe’s achievements in establishing a strong competitive position on the back of a leading technology, and I am looking forward to working with my new colleagues and the board, partners and customers, in bringing biometric cards to consumers for commercial launch” continues Robert Puskaric.
Robert Puskaric replaces outgoing President and CEO André Løvestam who will support the company during a transition period and then pursue other opportunities.
“On behalf of the Board of Directors, I would like to extend my deep appreciation to André Løvestam for his efforts in leading Zwipe to its current position,” says Jörgen Lantto. “André has taken the company through a series of major changes during a critical time for the company. We wish André all the best in the future,” continues Jörgen Lantto.
OSLO, NORWAY and MUNICH, GERMANY - 13 June 2022 - Zwipe and Fidor Bank are excited to announce that they will be piloting the biometric payment cards in Germany during the second half of 2022. This will be powered by the Zwipe Pay technology platform.
Fidor Bank is a digital bank headquartered in Germany. Founded in 2009, the bank aims to provide a world-class user experience to its retail, corporate and institutional customers.
The launch of biometric cards is in line with Fidor’s strategy to provide its customers with access to digital banking and payment services in the most secure way possible. These cards are equipped with the latest security technologies and offer users a secure and seamless payment experience. Fidor Bank has been recognized in the last three consecutive years by Forbes Magazine as one of the world’s best banks and a leader in banking.
Across markets globally, Zwipe is experiencing strong and growing demand for its disruptive Zwipe Pay biometric payment card platform, delivering world-class security and a completely touch-less, PIN-free user experience.
Speaking on this development, Boris Joseph, CEO at Fidor Bank said, “We are delighted to take this big step with Zwipe, a well-known pioneer in biometric authentication and payment solutions. Next generation payment cards powered by on-card fingerprint authentication will greatly help to differentiate our payment offerings with respect to a seamless checkout experience and uplifted transaction security. We are aiming for a commercial launch in the second half of 2022”.
Besides providing Zwipe Pay as the core platform of the biometric payment card technology, Zwipe will support Fidor Bank with project support, help the bank to drive engagement and awareness on biometric payment cards while ensuring excellent payment experience for consumers.
André Løvestam, CEO of Zwipe said, “We are grateful for Fidor Bank’s confidence in joining forces with Zwipe to bring biometric payment cards to Germany, one of the largest payment markets in Europe. Fidor Bank’s position as a leading digital bank and Zwipe’s disruptive technology in biometric payments lay the foundation for a mutually rewarding collaboration. We are fully committed to ensure a successful pilot and market launch in Germany”.
About Fidor Bank
Fidor Bank AG is a German digital bank based in Munich and Berlin. A range of unique products and services characterizes Fidor’s offer. With the Fidor Smart current or business account, the bank targets private and business customers and offers them a combination of classic banking services and innovative products, such as cryptocurrency trading. Fidor’s unique value proposition has been awarded by acclaimed publications, including Handelsblatt, Forbes and Chip.
To learn more, visit www.fidor.de
For further information please contact: Sascha Grundmann, newskontor – Agentur für Kommunikation, +49 211 863949-21 sascha.grundmann@newskontor.de
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.
For further information please contact: André Løvestam, CEO, +47 93 43 69 52 info@zwipe.com
OSLO, NORWAY and HONG KONG, CHINA – 9 June 2022 – Wisecard Technology and Zwipe are pleased to confirm their partnership to bring biometric payment cards to consumers in the Asia Pacific (APAC) Region. Wisecard is one of the world’s largest suppliers of turnkey personalization solutions serving more than 150 financial institutions and 50 card personalization bureaus in more than 60 countries worldwide. Zwipe is a leading innovator in the biometric smart card industry with market leading biometric payment card platform, Zwipe Pay.
Elaborating on the partnership, Kevin Yi, Vice President-Business Development at Wisecard said, “Wisecard has been at the forefront of payment technologies for over ten years. Partnering with Zwipe, a well-known leader in biometric card technology, enables us to offer revolutionary solutions to our customers, banks and card personalization bureaus. Wisecard recognizes the significant benefits that biometric payment cards bring to consumers and issuers alike. With the Zwipe Pay platform we now have the maturity and reliability to make it a reality”.
As part of this partnership agreement, the parties have agreed to execute joint sales and marketing initiatives, backed with a strong technology collaboration where Wisecard will deliver pre-built personalization scripts for Zwipe Pay biometric payment cards ensuring much faster and smoother implementation for banks and card personalization bureaus.
Claus Hansen, Vice President, Sales and Business Development for Zwipe in APAC said: “Partnering with Wisecard greatly strengthens the global delivery and implementation ecosystem of biometric payment cards built on our platform, across the APAC region and also beyond. Together we will bring next generation biometric payment cards to card personalization bureaus, smart card manufacturers, payment processors and issuers.”
About Wisecard:
Wisecard has been dedicated to building a safe and trusted digital world through the development of smart card technology and payment solutions. Wisecard is committed to becoming the world's leading provider of secure payment service solutions, adhering to the customers’ needs, and delivering easy plug-in and user-friendly solutions for banks and financial institutions. With the team of Wisecard, we are extending our service and solutions from software development and professional project management.
Visit www.wisecardtech.com/ for further information or contact us: info@wisecardtech.com
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 For further information please contact: André Løvestam, CEO, +47 93 43 69 52 info@zwipe.com
BEIRUT, LEBANON and OSLO, NORWAY - 30 May 2022 - Inkript, a digital security solutions provider operating in the Middle East and Africa (MEA) region, and a subsidiary of Resource Group, 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 all over the world can use biometric payment cards from Inkript built on the Zwipe Pay technology working seamlessly across Visa’s global payment network. This will address the strong market demand for increased security and convenience through biometric authentication.
On this development, Riad Itani, Managing Director at Inkript said, “We are pleased to receive the Visa LoA allowing the issuance and deployment of our biometric cards anywhere in the world. This LoA also comes at a timely point with the strong interest from issuers in the MEA region to launch biometric payment cards based on the Zwipe Pay platform. Many banks have already signed with us, and we are ready to meet their expectations across the region. This is an important milestone in our journey towards developing biometric solutions for the Fintech industry in the region thus enabling a secure and seamless user experience.”
Zwipe obtained its VISA Letter of Approval (LoA) for its 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 Inkript, as the first card manufacturer in the MEA region, has now received the Visa LoA for their biometric cards based on the Zwipe Pay platform. Achieving this 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 Inkript on this achievement,” said Ramzi Saboury, General Manager of Zwipe for Middle East & Africa.
About Inkript
Inkript is a digital security solutions provider catering to governments, telecom operators, financial institutions and corporations in the Middle East and Africa. The company is a subsidiary of Resource Group, and its growth is driven by an extensive R&D and continuous investments in emerging technologies. Inkript is distinguished by its state-of-the-art factories, technology competence centers, customized integrated solutions and international certifications covering processes, quality and security.
Media Contact for Inkript: Ms. Nathalie Haddad, +9611412000 ext. 2935 nhaddad@resource.group
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 and wearables 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
For further information please contact: André Løvestam, CEO, +47 93 43 69 52 info@zwipe.com
OSLO, NORWAY– 23 May 2022 – The Annual General Meeting (AGM) of Zwipe AS was held Monday 23 May 2022 at 9:00 (CEST). All the items on the agenda were addressed and approved. Attached are the minutes of the Annual General Meeting. The attendants of the AGM represented 19.21% of the votes in the company.
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.
This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Market Oslo 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, on 23 May 2022 at 16:05 CEST.
For more information, please contact:
Danielle Glenn
CFO and Head of IR, Zwipe AS
Phone: +47 909 98 201
E-mail: danielle@zwipe.com
OSLO, NORWAY - 28 April 2022 - Zwipe AS today publishes its first quarter operational update.
Q1 2022 Highlights
During the first quarter of 2022, Zwipe made significant progress towards the targeted commercial breakthrough for biometric cards for payment and access control:
Significant events after the period
Message from the CEO
Most importantly for Q1 2022, Visa certified the Zwipe Pay Biometric Payment Card Platform and issued the Letter of Approval to Zwipe. Zwipe Pay passed all tests required to obtain the Visa Letter of Approval. This is a major milestone which represents a seminal moment for the company, and the leadership is rightly proud of the achievement. With this, the Zwipe Pay biometric payment card platform is the most advanced and cost-effective certified solution available to smart card manufacturers globally. The LoA enables our customers to swiftly obtain VISA certification for their own biometric payment card designs for full-scale production and issuance in any global territory.
This was evidenced when two smart card manufacturers, Tag Systems and Beautiful Card Corporation (BCC), announced within a week of Zwipe's announcement that they had obtained Letters of Approval from VISA for their own biometric payment card solutions based on the Zwipe Pay platform. This means that the pathway is now open for smart card manufacturers and issuers all over the world to certify, produce and deploy biometric Visa cards based on Zwipe Pay for commercial launch to consumers. We are also progressing towards certification with Mastercard.
From January until mid-April 2022, a total of six new issuers across APAC, Africa and the Middle East signed up to pilot biometric payment cards based on Zwipe technology. These issuers are sKarn from India, Al Mansour Bank from Iraq, Mediterranean Bank from Libya, National Bank of Iraq, CSC Jordan and a leading bank in Kuwait. We also entered new partnerships with card personalization bureaus and service providers such as Modularsoft in Malaysia and K2sas / Card Systems Group in France and the Middle East.
We strengthened our effort in positioning Zwipe as a leading biometric company in the APAC region by announcing that Placard, Australia’s largest card manufacturer, selected Zwipe as its technology partner to pursue market opportunities for biometric payment cards and other security products. Placard delivers more than 100 million cards each year for the most established brands in the financial, retail, identification, government, loyalty and hospitality sectors and will help to accelerate the deployment of biometric payment cards to banks and consumers.
We were also delighted that US-based TSYS, one of the world's largest and most respected payment service providers, declared our partnership on their website, reflecting our announcement on 15 December 2021. TSYS, which is part of Global Payments Inc, a member of the S&P 500, produced approximately 100 million cards of all types in the United States in 2021. I recommend you read their excellent feature story about our partnership and why the two companies plan to produce an affordable, secure biometric payment card.
During 2022 we have seen a fast-growing interest in Zwipe Access, our new, batteryless biometric smart card solution for access control that offers fast and cost-efficient added security from biometrics without changing the infrastructure. Fraport AG recently launched a project to identify the optimal solution for performing a biometric comparison between the airport ID card and the person requesting access and selected Zwipe Access as one of two finalists in this prestigious innovation project. Fraport AG ranks among the world’s leading companies in the airport business, offering a full range of integrated airport management services with subsidiaries and investments around the globe. It operates 31 airports globally.
Against this background, I was also thrilled to see the successful integration of Zwipe Access on LEGIC’s end-to-end security platform. In LEGIC’s own words, Zwipe Access “…adds a revolutionary new layer of security to the huge installed base of LEGIC card-based access control systems worldwide. This innovation brings benefits that were formerly only available on smartphone solutions, while preserving existing infrastructure and drastically reducing time-to-market". The installed base of LEGIC systems comprises 100.000 installations with more than 3 million readers and 150.000 daily users.
Zwipe continues to attract top industry talent, as evidenced by the appointment of Danielle Glenn as CFO and Head of IR and Patrice Meilland as Chief Strategy and Product Officer. Ms. Glenn has spent most of her career in London and New York, working at Goldman Sachs, Caxton Associates and Bywater Capital as a global macro hedge fund manager and Chief Investment Officer, while Mr. Meilland has extensive business and technical experience in the semiconductor, mobile, and payment card industries including 7 years at Idemia and 26 years at ST Microelectronics and ST-Ericsson.
On top of obtaining our Visa certification, the addition of new customers, pilot agreements and partnerships with significant stakeholders worldwide, all contribute to the foundation for future mass-market deployment of our compelling and value-adding technology. These efforts will continue at full speed going forward. Meanwhile, we are supporting customers in getting ready for production and volume deliveries.
Whilst we deplore the Russian aggression on Ukraine, we can advise that Zwipe has no ongoing business in Russia or Ukraine and is not impacted by the war.
All in all, our long-term optimism has only been strengthened with another solid quarter. We firmly believe that millions of consumers everywhere will be using Zwipe enabled biometric payment and access cards in the years to come.
Financial Update
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
For more information, please contact:
Lars Kristian Solheim, CFO
+47 991 661 35
lars.kristian@zwipe.com
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, 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 08:00 CET on 28 April 2022.
OSLO, NORWAY - 19 April 2022 - The share capital increase of 150,000 new shares in Zwipe AS, as resolved by the board meeting of the company on 24 March 2022, has today been registered in the Norwegian Register of Business Enterprises. The new share capital is NOK 3,751,668.50, and the new number of shares and votes is 37,516,685
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
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 Euronext Growth Market Oslo and on Nasdaq First North Growth Market Stockholm. 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 11:30 CET on 19 April 2022.
OSLO, NORWAY– 11 May 2023 – The Annual General Meeting (AGM) of Zwipe AS was held Thursday 11 May 2023 at 10:00 (CEST). All the items on the agenda were addressed and approved. Attached are the minutes of the Annual General Meeting. The attendants of the AGM represented 25.99% of the votes in the company.
######
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.
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 16:00 on 11 May 2023.
######
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 16:00 on 11 May 2023.
For more information, please contact
Danielle Glenn
CFO and Head of IR, Zwipe AS
E-mail: ir@zwipe.com
OSLO, NORWAY – 25 April 2023 – During the first quarter, Zwipe continued to see positive interest in bringing biometric payment and access control cards to markets globally.
Significant events during the period
Significant events after the period
Operational review
The most significant event in Q1 2023 was the successful completion of the rights issue, with Zwipe securing approximately 100 mNOK in new capital that will be used to accelerate go-to-market strategy and commercialization of Zwipe Pay and Zwipe Access solutions.
The first quarter saw Zwipe continue to expand our pipeline of SCMs and go-to-market partners by signing Wahyukartu in Indonesia, Unicard in Saudi Arabia, Antworks Money in India, and TBHP in Vietnam – all representing expanded geographic potential for Zwipe in bringing biometric payment cards to new markets. The company also continued to make progress carrying out pilot projects in the active execution phase. Some issuers are now communicating to Zwipe’s SCM customers that they will move directly to soft launch rather than undertaking pilot projects, something which should see more immediate revenue results for Zwipe. On the technology side, mobile enrolment solutions for Android and iOS were released on Apple’s AppStore and Google Play and Zwipe also released our Software Development Toolkit (SDK) for customers and partners.
While Zwipe continues to see strong interest in BPCs and the use case remains convincing, the pace of pilot launches and market adoption continues to be slower than Zwipe or other players in the market expected. That said, Zwipe remains convinced that the material benefits of BPCs remain clear for all and that market adoption will happen soon.
While progress with Zwipe Pay has been slower than desired, the first quarter saw tangible progress and excitement for Zwipe Access. Our North American partner Civix launched a Proof-of-Concept (“POC”) project at Richmond International Airport, carried out in conjunction with National Safe Skies Alliance, Inc. Also in North America, Zwipe signed a significant partnership agreement with CardLogix, a smart card provider that already provides access control solutions to our target end customers and is now adding Zwipe’s biometric solution to their portfolio. The company attended ISC West in March and came away from the event with 20+ qualified leads and potential partners, ranging from system integrators to security engineering companies to direct end customers. The first quarter also saw Zwipe make significant progress with Swedish and broader Nordic partners, aiming to reach Nordic enterprises with high security needs.
The above developments in the USA and Nordics translate into 15+ access control proof of concept projects targeted to be executed in the coming months at end-user sites. While it is too early to estimate immediate revenue potential from these engagements, Zwipe believes the bigger picture revenue potential is substantial.
Commercial priorities for 2023 remain unchanged, but the company has substantially reduced our planned expenditures for 2023. This should prolong funding towards the commercial inflection point and keep the average net monthly burn rate lower than 2022.
Financial review
Zwipe reported total revenue of 1.7 mNOK during Q1 2023 compared to revenue of 0.6 mNOK in Q1 2022. After adjusting for transaction costs related to fundraising, cash flow from operations was –24.7 mNOK versus –25.4 mNOK in Q1 2022, equating to an underlying average monthly operating cash flow in Q1 2023 of –8.2 mNOK versus –8.5 mNOK in the same period last year. With the successful completion of the rights issue, cash and cash equivalents stood at 121.9 mNOK at the end Q1 2023 compared to 130.6 mNOK at the end of Q1 2022 and 50.5 mNOK at the end of 2022.
Operational update presentation
CEO Robert Puskaric and CFO Danielle Glenn will do a short presentation on the operational update today, Tuesday April 25th, at 10:00 CET.
Audiocast details
Date: 25 April 2023
Time: 10:00 CET
Format: Audiocast and Q&A
Language: English
Link: https://app.webinar.net/OEXe514K1L4
########
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 25 April 2023.
########
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 - 24 April 2023 - The Board of Directors of Zwipe AS (the "Company") call for the Annual General Meeting ("AGM") to be held on 11 May 2023 at 10:00 CEST. The general meeting will be held as a digital meeting on Microsoft Teams.
Please find enclosed the notice of the AGM. The notice and Zwipe's Annual Report for 2022 are available on the Company's website, https://zwipe.com/investors.
Shareholders who wish to attend the AGM 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://zwipe.com/investors/general-meetings, 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 10 May 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 10 May 2023.
The Board of Directors (the "Board") has proposed the following agenda:
1. Opening of the annual general meeting by the chair. Registration of meeting shareholders
2. Election of a meeting chairperson and person to co-sign the minutes together with the chairperson
3. Approval of the notice and the agenda
4. Report by the management on the Company
5. Approval of the annual report and financial statements for 2022 for the Company and the group
6. Remuneration to the auditor
7. Election of members to the Board
8. Remuneration to the Board and the members of the nomination committee
9. Proposal on implementing a new incentive program towards the Company's employees and key personnel
10. Proposals on authorizations to the Board on capital increase
Proposed decisions from the Board
Matter no. 5: Approval of the annual report and financial statements for 2022 for the Company and the Group
The Board proposes that the annual report and financial statements for 2022 for the Company and the Group are approved.
Matter no. 6: Remuneration to the auditor
The Board proposes that the auditor's fees are paid as per accounts rendered.
Matter no. 7: Election of members to the Board
Subject to the AGM's approval, the Board for the period from the AGM in 2023 until the AGM in 2025 will comprise:
Mini-CVs for Christina Örn and David Chew have been included in the report from the Nomination Committee.
Matter no. 8: Remuneration to the members of the Board and the members of the Nomination Committee
The Nomination Committee makes the following recommendation:
Fees to the Board for the period from the AGM in 2022 until the AGM in 2022 were resolved by the AGM on 23 May 2022.
Fees to the Board for the period from the AGM in 2023 until the AGM in 2024 is suggested as follows:
As to remuneration, the Nomination Committee proposes that no remuneration is paid to the members of the Nomination Committee.
Matter no. 9: Proposal on implementing a new incentive program towards the Company's employees and key personnel
The Company's compensation committee has in cooperation with specialists on incentive programmes in the Swedish company Novare Pay Consulting assessed the various aspects of the current SIP program, including the taxation of the options. Based on its assessments and input from Novare, the Compensation Committee has presented a new proposal for a long-term incentive scheme directed towards the Company's leading employees and other key personnel in the form of so-called restricted share units ("RSUs").
The main rationale behind the proposal of the RSU plan is to create a long-term ownership, being expected to stimulate an increased interest in the business and performance development. The Board believes that it is in the interests of all shareholders that executive personnel and other key employees who are important for the Company's development, have a long-term interest in a positive development of the Company's share price.
The vesting period for the RSUs is four years from award. RSUs will only vest if the average annual total shareholder return during the vesting period exceeds 10%. Vested RSUs will be settled in shares at vesting, where one RSU gives the right to one share. The Company will be entitled to settle vested RSUs in each instance with a cash settlement. The Board proposes that a maximum of 1,076,230 RSUs may be granted to participants in the RSU plan, which corresponds to a maximum dilution of approximately 1.8% percent of outstanding shares in the Company.
Based on the assumptions that all RSUs under RSU plan are granted and vested, a share price of NOK 10.4 at the time of settlement of the RSUs and an average percentage for social security contributions of 20%, the total costs for the program including social security contributions, is expected to amount to approximately NOK 6.3 million whereof NOK 2.2 million refers to social security contributions.
The RSU plan is suggested to replace the current option plan. Following resolution to adopt the RSU plan, no more options will be granted to employees. However, already granted stock options may be exercised.
Matter no. 10: Proposal on authorizations to the Board on capital increase
The Board proposes that two new authorizations for the Board on capital increases are issued, (i) to fulfil the Company's incentive programs and (ii) to strengthen the Company's equity.
The Board proposes that the AGM adopts the following resolution:
1. Authorization for capital increase to fulfill the Company's incentive programs
The Board is hereby granted authorization to increase the share capital of the company on one or several occasions, with up to NOK 293,038.80 (2 930 388 new shares), equivalent to approximately 5.0% of the registered share capital at the time of this resolution.
2. Authorization for capital increase to strengthen the Company's equity
The Board proposes that the AGM renews the authorization to the Board to issue shares corresponding to up to 15% of the share capital, and the new authorization shall be restricted to issue shares to strengthen the Company's equity to the extent the Board considers this to be in the Company's best interest at the given time.
The Board is hereby granted authorization to increase the share capital of Zwipe AS with up to NOK 876,206.00 (8,762,060 new shares) on one or several occasions. The authorization may be used to issue shares to strengthen the Company's equity to the extent the Board considers this to be in the Company's best interest at the given time.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
Tel: +47 909 98 201 and e-mail: danielle@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 http://www.zwipe.com.
########
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 19:00 CEST on 24 April 2023.
OSLO, NORWAY – 24 April 2023 – Zwipe AS will publish its Q1 2023 operational update report on 25 April 2023 at 08:00 CET. On the same day at 10:00 CET, the Company will host an audiocast 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 audiocast and participate in the Q&A.
Webcast details
Date: 25 April 2023
Time: 10:00 CET
Format: Audiocast and Q&A
Language: English
Link: https://app.webinar.net/OEXe514K1L4
###
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
ir@zwipe.com
OSLO, NORWAY – 14 April 2023 - Zwipe AS (“Zwipe” or “the Company”) has decided to change the date of its Annual General Meeting (“AGM”). The company has previously communicated that its 2023 AGM would be held on 27 April 2023. The AGM will instead be held on 11 May 2023.
Zwipe has planned for its 2023 AGM to be held on 27 April 2023 and has, in accordance with applicable regulations, communicated this planned date to the public. One key preparation for the AGM of a listed Norwegian company is for the Nomination Committee to prepare a number of proposals for the AGM to consider and resolve upon. One such proposal relates to the appointment of board members. The Nomination Committee’s proposals are to be included in the notice to the AGM. Zwipe has been informed by its Nomination Committee that this work has not yet been concluded. Zwipe has decided to change the planned date of the AGM to allow the Nomination Committee to conclude its important work. The new planned date of the AGM is 11 May 2023. Notice and relevant information will be submitted in due course, as governed by the relevant regulations and by Zwipe’s Articles of Association.
########
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.
########
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 14:00 CET on 14 April 2023.
########
For more information, please contact:
Danielle Glenn, CFO and Head of IR
E-mail: ir@zwipe.com
OSLO, NORWAY and HANOI, VIETNAM – 12 APRIL 2023 – TBHP Co Ltd., one of the largest bureau and service providers of cards in Vietnam, has partnered with Zwipe to launch biometric payment cards in Vietnam. With this partnership, Zwipe will provide commercialization support, expertise and technical guidance to help TBHP integrate biometric payment cards into its portfolio.
TBHP is a leading provider of barcode, magnetic and smart card applications and has provision of access control and security systems. The collaboration will allow both companies to develop and leverage the growing market opportunities in Vietnam for biometric on-card payment solutions.
Commenting on this partnership Hoang Nguyen Duc, CEO, TBHP said, “Over the past years, there has been a growing awareness of biometric payment cards in Vietnam. We are sure that this partnership will let issuers and consumers embrace biometric payment cards as they provide an excellent check-out experience with much higher security. Zwipe Pay will bring strong differentiation and value uplift to our card portfolio.”
Under this partnership, Zwipe Pay- based biometric cards will be delivered by Zwipe's partner TBHP in the region.
“The interest in adopting biometric payment cards is growing steadily in the APAC market. We are happy to partner with TBHP as we are confident that this alliance will further accelerate the deployment of biometric payment cards. With this partnership, Zwipe’s unique biometric payment card platform and enrolment solutions will be made available to banks and financial institutions in Vietnam, a dynamic and growing market for payments in Asia,” said Alex Chung, Vice President & General Manager for Asia Pacific, Zwipe.
About TBHP
TBHP Co Ltd. is a diversified 100% privately owned trading company with 20 years of experience supplying some of the biggest banks in Vietnam. Among the services and expertise, the company offers logistics management, technical consultancy, efficient and technologically superior equipment maintenance, training and technology transfer. By doing so TBHP enhances the intrinsic and extrinsic value of its product and services.
To learn more, please visit www.tbhp.vn
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 – 31 MARCH 2023 - Reference is made to the stock exchange announcement published by Zwipe AS (the "Company") on 21 March 2023 regarding the final result of the fully guaranteed rights issue of 20,862,047 new shares in the Company (the "Offer Shares"), at a subscription price of NOK 4.80 per share, raising gross proceeds of NOK 100,137,825.60 (the "Rights Issue").
The share capital increase pertaining to the Offer Shares has now been registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret). The Company's new share capital is NOK 5,841,373.20 divided into 58,413,732 shares, each with a nominal value of NOK 0.10.
#######
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 above, at 10:00 CEST on 31 March 2023.
########
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 further information, please contact:
Danielle Glenn, CFO and Head of IR
E-mail: ir@zwipe.com
OSLO, NORWAY – 30 March 2023 – Zwipe AS ("Zwipe" or "the company") has today released its Annual Report 2022, including the Board of Directors report and financial statements. The report and annual accounts were approved by the Board of Directors after the close of business on 29th of March 2023. The 2022 Annual Report is attached to this release and available at https://www.zwipe.com/investors/reports.
Significant events 2022
2022 operational review
In 2022, Zwipe achieved several significant milestones and entered an “execution first” strategic phase. The company finalized technological development of the Zwipe Pay product and received both Visa and Mastercard certification, becoming the first biometric payment card platform available for sale on the open market to be certified by both major payment schemes.
A primary focus for the company in 2022 was executing our signed issuer pilots, with seven issuer pilot projects in the execution phase. During the second half, we implemented software changes related to biometric performance in Zwipe Pay cards and also updated our internal test procedures. These changes resulted in a more robust product and enhanced payment transaction experience that is expected to lead to faster completion of ongoing pilot projects as well as a significantly faster pace of new project launches in the coming quarters – with streamlined execution and commercial launch in all areas.
2022 also saw the company establish Zwipe Access as a separate business line with substantial revenue potential. We completed an important pilot project for Fraport AG at Frankfurt International Airport, with Zwipe shortlisted as an access control solutions provider when Fraport moves forward with its commercial tender process in 2023. We further reinforced our strong 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. The partnership with Civix is representative of our go-to-market strategy in access control to work with system integrator partners and distributors to bring our solution to market rapidly.
2022 financial review
Zwipe reported total revenues of 3.9 mNOK during 2022 vs. 2.5 mNOK in 2021, reflecting an underlying increase in Zwipe Pay revenues of 72%. Total operating expenses were 108.1 mNOK in 2022 compared to 85.5 mNOK in 2021. After adjusting for one-off, non-recurring costs in 2022 and receipt of a government grant in 2021, operating expenses increased to 102.2 mNOK in 2022 from 92.6 mNOK in 2021. Adjusted EBITDA was -96.4 mNOK in 2022 compared to -81.7 mNOK in 2021.
Underlying net cash use in operating activities in 2022 averaged 9.0 mNOK per month, an increase of 41% from 2021. This was mainly due to higher personnel costs, but non-recurring charges also inflated the 2022 monthly average burn rate and are not expected to continue.
On 31 December 2022, cash and equivalents were 50.5 mNOK, down from 152.3 mNOK at the end of 2021. Total equity at the end of the year was 54.6 mNOK, while total liabilities were 13.0 mNOK. This resulted in an equity ratio of 81%, down slightly from 91% at end 2021.
On 22 November 2022, Zwipe announced a rights issue raising approximately 100 mNOK in capital, with the transaction now being completed. The rights issue was fully guaranteed through a combination of subscription commitments and underwriting commitments from the three largest shareholders in Zwipe. It was carried out in order to strengthen the company’s financial position and enable the transition from start-up to scale-up and achieve larger-scale commercialization. The fundraising will ensure the Group has sufficient working capital for the period covering at least 12 months from the date of close.
Conclusion and going forward
Zwipe ended the year on a positive note with sequential quarterly growth of 172% in Q4 revenue and the single largest commercial order in a quarter to date. There is reason to believe that the markets for Zwipe Pay and Zwipe Access are nearing an inflection point for increased commercial adoption of biometric technology solutions. Zwipe has good commercial traction, and expects more positive news flow in coming quarters. Our goals for 2023 include: executing the technology roadmap, completing the current R&D projects and maturing Zwipe technology to meet evolving demands; accelerating go-to-market for Zwipe's solutions to achieve large commercial scale; increasing our customer pipeline; supporting our SCM customers in becoming certified and mass production ready; executing more pilot projects in a streamlined manner; and continuing to invest intelligently in people and technology.
The aforementioned actions are expected to lead to positive business outcomes in 2023.
###
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 08:00 on 30 March 2023.
###
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.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
OSLO NORWAY and CALIFORNIA, USA – 28 March 2023 – CardLogix, a global supplier of smart cards for authentication, encryption, biometric and other card operating systems has partnered with biometric cards pioneer Zwipe as its technology partner in pursuing the global market opportunities for biometric access cards.
With the disruptive Zwipe Access platform, CardLogix will be able to deliver highly advanced and secure biometric card products that are also exceedingly user-friendly.
According to Sebastien Goulet, CEO of CardLogix, “We are excited about the opportunity that this innovative technology represents. The biometric solution provided by Zwipe combines breakthrough technologies and is the ideal platform for the next generation of highly secure access, ID cards and CardLogix biometric solutions.”
According to the partnership, CardLogix will provide secure loading of smart credentials for Zwipe’s BSoC access cards.
“We are happy that Zwipe is a part of this collaboration. What adds significance to this partnership is the value that CardLogix will deliver to our US customers and the availability for them of our leading-edge biometric access cards. We look forward to strengthening this relationship for supplying biometrics-enabled cards to our integration partners for access control solutions and their customers in airport, data center, critical infrastructure and other secure facilities across North America.” says Robert Puskaric, President and CEO of Zwipe.
About CardLogix
CardLogix, based in Rancho Santa Margarita, California, USA, is a smart card & biometric solution provider, software developer, and the premier provider of smart card components with a comprehensive line of Software Development Kits (SDK), tools that enable swift card or biometric project development. Since 1998, CardLogix has supplied millions of cards and card components to over 84 countries around the world. As an expert in smart card and chip technology, card operating systems, card software, biometric enrollment, validation, verification, development tools, and middleware, CardLogix has continuously been at the forefront of smart card and biometric technology offering all types of solutions.
Please send media inquiries at sales@cardlogix.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
