10/21/2019 | Press release | Distributed by Public on 10/21/2019 08:37
EFORE PLC Stock Exchange Release October 21, 2019 at 5.30 p.m.
Efore has agreed a financing arrangement to finance Efore 2.0 preparation work, arrangement includes a pledge given by related party Jussi Capital Oy
Efore has agreed an overdraft facility increase of 1,0 million euros with its main financier bank. Related party Jussi Capital Oy has provided a pledge for the overdraft increase. Increase of overdraft will be used to general funding requirements and Efore 2.0 preparation work.
Efore announced on 31st of July about the Telecommunication business divestment and planning of the future with a project name 'Efore 2.0'. Efore 2.0 will focus on two customer centric business lines: Digital Power Systems, which provides digital power supply systems for industry and e.g. rail transport, and Digital Power & Light, which provides power supplies for among others test and measurement equipment, industrial measurement, healthcare and lighting solutions.
President and CEO
For further information please contact Vesa Leino, President and CEO, tel. +358 40 759 8956.
Nasdaq Helsinki Oy
Efore Group is an international company that designs and manufactures power electronics products. The Group's head office is based in Finland and its sales, marketing and R&D functions are located in Europe and China. The Group also has a sales and marketing unit in the United States. In the financial year ending 31 December 2018, consolidated net sales totalled EUR 52.4 million and the number of Group personnel averaged 406. The parent company's share is quoted on the Nasdaq Helsinki Ltd.www.efore.com