Invuo Confirms new Timing of AJ Group Transaction, and Receipt of Non-refundable Deposit
STOCKHOLM, April 3, 2018 /PRNewswire/ -- As previously announced, Invuo Technologies AB ("Invuo" or "Company") has reached an agreement with AJ Group Holdings Ltd ("AJ Group") which entails that AJ Group will invest in total approximately SEK 52 million in shares, warrants and by acquiring the loans held by Invuo in Seamless Distribution Systems AB.
Invuo is pleased to confirm that it has received a non-refundable deposit of SEK 1 million from AJ Group, i.e. ahead of the expected completion of AJ Group´s purchase of 16,334,906 Invuo shares, scheduled to be completed before the upcoming Invuo annual general meeting (AGM) on 26th April 2018. The Board of Invuo has agreed to accept the non-refundable deposit and postpone the settlement date for the purchase of the 16,334,906 Invuo shares to no later than April 21, 2018. The remaining parts of the transaction are scheduled to be completed after the AGM, as previously announced.
Alnoor Jamal, Chairman of AJ Group, said, "We are excited not only by the investment potential existing in Invuo, but also by the strategic potential offered by our commitment to the Company, and the opportunities to expand Invuo's revenue footprint in the period ahead".
As was announced by the Company on 26th March 2018 in its notice for the AGM, Sheliza Jamal, representative of AJ Group, has been proposed by the Invuo Nomination Committee to stand for election to the Board at the AGM.
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 CET on April 3, 2018.
About AJ Group
The AJ Group led by its Chairman Mr Alnoor Jamal, has been involved in various disciplines, including property portfolios in various countries, hospitality, IT in Africa and India, manufacturing of Agrochemicals, distribution and training of farmers in Africa, installation and subsequent maintenance of Philip´s medical systems in hospitals in Zambia, etc; together known as AJ Group.
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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