Reference is made to the stock exchange announcement by Hiddn Solutions ASA
("Hiddn" or the "Company") on 25 March 2019 regarding a potential business
combination with Energos Group AS ("Energos") to add new business lines
providing technology and solutions to the global renewable energy production
industry. The Company has today entered into a binding agreement to acquire all
outstanding shares in Energos (the "Transaction").
The Transaction is structured as an acquisition by the Company of 100% of the
outstanding shares in Energos from current owners Daimyo AS, Macke Invest AS and
Tempus Invest AS (together referred to as the "Sellers"). It is agreed that the
Company's consideration for Energos shall be fully settled by issuance of
consideration shares in the Company to the Sellers (the "Consideration Shares").
Following completion of the Transaction and issuance of the Consideration
Shares, the Sellers will own approximately 78,5% of the shares in the Company on
a fully diluted basis.
Completion of the Transaction is conditioned upon approval from the Company's
general meeting, issuance of the Consideration Shares, change of the Company's
name to "Energos ASA" as well as certain other customary closing conditions. It
is contemplated that approval of the Transaction, issuance of the Consideration
Shares and change of the Company's name will be proposed to the Company's annual
general meeting in 2019, expected to be held mid-June 2019. Closing of the
Transaction is scheduled to be carried out on the same date as the general
meeting after the general meeting is adjourned.
A detailed stock exchange announcement including all information required
pursuant to the continuing obligations of the Oslo Stock Exchange will be
published as soon as possible and within start of stock exchange trading on
Wednesday 22 May 2019 at latest.
For further information, please contact:
Carl Espen Wollebekk, CEO of Hiddn, telephone: + 47 930 55 505 /e-mail:
About Hiddn Solutions ASA
Hiddn Solutions ASA is listed on the Oslo Stock Exchange under the ticker HIDDN.
The company is offering impenetrable proprietary hardware-based authentication
and encryption products with a superior level of security as well as a wider
product suite addressing all market segments looking for solutions to ensure
that sensitive information stays confidential and unavailable to unauthorized
access. Based on Hiddn's unrivalled and proven position in the high-end
encryption market, the company is implementing a strategy of adapting the
proprietary technology to the high-volume markets to take advantage of the
growing global security challenges and the arising regulatory requirements.
Hiddn has established a product offering that addresses all market segments from
the high-end security clients to the retail market, as well as established
partnerships with some of the most important sales and distribution partners in
Europe. Hiddn sees significant growth opportunities and rising demand from
customers and is well on its way to solidify its leading position in the growing
market for secure data storage.
For more information, please visit: www.hiddn.no