Saarbrücken - April 27, 2009 - ItN Nanovation AG (ISIN DE000A0JL461) closed the financial year 2008 with sales of EUR 6.3 million. This represents an increase of more than 31 percent compared to the EUR 4.8 million mark set in the previous year.
This is largely attributable to a significant rise in sales in the fourth quarter triggered by important customers deciding to purchase products in advance. In contrast, earnings before interest and taxes, EBIT, decreased substantially in the financial year 2008 to EUR -11.1 million, compared to EUR -8.1 million in the previous year. EBIT for 2008 was impacted by one-time effects to the tune of EUR 2.6 million. These included settlement expenses for former Management Board members but also consulting costs connected to the market launch of new products and company restructuring.
The available cash and cash equivalents fell to EUR 0.5 million as of December 31, 2008 compared to EUR 9.8 million on the previous year´s reporting date. In an effort to bridge the liquidity bottleneck, a consortium consisting of former shareholders and new investors made a loan available to the Company at the end of 2008. In the current financial year, further measures intended to bolster the financial foundation of the Company have already been initiated and implemented to some extent. This included an increase in the Company´s registered share capital amounting to EUR 530,000 carried out in April. Nevertheless, the Company´s liquidity situation remains tense and further capital measures will be required during the course of the year. In an effort to improve the liquidity of the Company, an increase in the Company´s registered share capital by almost EUR 1.5 million at a subscription price of minimum EUR 1.00 pr. share, will be proposed at the Annual General Meeting on June 5, 2009. Existing shareholders will have subscription rights and after constructive discussions with shareholders, the Company has reason to believe that the capital increase of almost EUR 1.5 million will be subscribed for.
In 2009, ItN Nanovation is focusing on stepping up the marketing of its developed product range and substantially reducing costs. On the product side, sustained growth in ceramic flat filter membrane systems, CFM systems for treating water, is anticipated. This is where the Company sees potential for sales development in the current year after already billing part of a larger scale order. ItN Nanovation also aims to reduce costs by around EUR 7 million in the current year by virtue of a comprehensive cost cutting programme. All in all, further moderate sales growth is expected for 2009 despite the difficult situation the Company is continuing to face. The Annual Report with the audited annual financial statements is from today available for download online at www.itn-nanovation.com.
About Nanostart:
Nanostart AG is the world’s leading nanotechnology investment company. The Frankfurt-based company provides venture capital financing for nanotechnology companies in various growth phases. It also provides the benefits of its experience and expertise to developers of financial instruments and to investors in the nanotechnology sector. For further information about the company, please visit www.nanostart.de.
Disclaimer:
This notice constitutes neither an offer to sell nor a solicitation of offers to purchase or subscribe to securities. There will be no public offering of securities of Nanostart AG in conjunction with the existing listing of its shares in the “Entry Standard” segment of the regulated unofficial market (Freiverkehr) on the Frankfurt Stock Exchange. This notice does not constitute a securities prospectus. Neither this notice nor the information contained within is intended for direct or indirect distribution within the United States of America, Canada, Australia or Japan.
Media contact:
Nanostart AG
Public Relations
Dr. Hans Joachim Dürr
Goethestrasse 26-28
D-60313 Frankfurt
Germany
phone: +49 (0)69-21 93 96 111
