Invuo Technologies AB: Update on Share Issue to AJ Group
STOCKHOLM, April 30, 2018 /PRNewswire/ --Invuo Technologies AB ("Invuo") has been advised by AJ Group Holdings Ltd ("AJ Group") that the full payment by AJ Group for the new Invuo shares to which it has committed to purchase, has been delayed. Since receiving the Sek1m non-returnable deposit from AJ Group, Invuo has received confirmation that further funds will be received this week, with an expectation that confirmation of the payment of the remaining funds will come shortly. The new issue of shares to AJ Group will occur only once all funds have been received.
AJ Group, which has primary banking in Kenya, has been subject to longer than expected approval by the Kenyan Central Bank, which has strict processes for outbound money transfers above a certain size. This approval process has also been impacted by ongoing floods that have been affecting much of Kenya over the past month, which has reduced personnel availability.
Alnoor Jamal, Chairman of AJ Group underlined, "This delay is unfortunate for all parties. However, as shown by the cash transfers we have already made, we are fully committed to our investment in Invuo. We are making all efforts to complete the transfer in the coming 1-2 weeks".
Invuo confirms that it has sufficient liquidity to fund its operations until the expected payment is received from AJ Group. Management/The Board are preparing contingency actions in the event of a longer delay.
Invuo will provide regular updates to the Market in the coming weeks.
For further information, please contact:
John Longhurst, CEO, john.longhurst@invuo.com, +46-8-564-878-00
This information is such that Invuo Technologies AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 08:50 on April 30, 2018.
About Invuo
Since 2001 Invuo has been providing its proprietary solutions and systems for mobile phone transactions. Invuo operates in two main business areas; mobile phone payment solutions provided through the brand MeaWallet™, and distribution of e-products. www.invuo.com
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