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ChromoGenics acquires I-Window and its technology and takes over the existing tenders of approximately SEK 70 million
ChromoGenics AB (publ) has entered into an agreement to acquire the assets of I-window International AB to broaden the product portfolio and strengthen the sales organization as well as to obtain tenders of approximately SEK 70 million for retro-fit projects with good opportunities to be realized in year 2019-2021.
ChromoGenics has today signed an agreement to acquire the business and patents in I-window International AB. The asset acquisition includes patents, trademarks, personnel and a tender volume of approximately SEK 70 million. The agreement is made through a so-called earn-out model.
I-Window markets and sells a proprietary insulating glass product with unique properties. This static solar control product will complement ChromoGenics’ dynamic glass product ConverLight®. In the future, the technologies can also be combined into a common solar control product. The I-Window technology is patented in Sweden and an international patent application has been filed. All production and project installations are via subcontractors.
In Sweden, approximately 10,000 I-Window glass have been installed at several of Sweden’s major property owners, such as Humlegården, Vasakronan, Handelsbanken, Svenska Kyrkan, Hemsö, Fabege and Folksam.
On top of broadening the product portfolio, ChromoGenics will through the acquisition also strengthen the sales organization with three new people who has worked up a tender volume of approximately SEK 70 million with a high probability of generating orders with delivery in year 2019-2021.
“With ChromoGenics at the forefront, opportunities for additional markets and expansion of our product will be given, and our staff will be supported by the administrative departments for more time for sale and project management,” says Joachim Jensen, Chairman of the Board, I-window International AB.
“With I-Window, we expand our product portfolio and strengthen our sales organization. The products in both companies complement each other very well and we see good development opportunities for common products. The acquisition is in line with our strategy of delivering a larger offer and getting closer to our end customer. Overall, the business will increase growth within the company and make us more complete in our offer. The agreement is made through an earn-out model which gives us a common strong focus on the future. We welcome the new team to ChromoGenics and look forward to good collaborations,” says Jerker Lundgren CEO ChromoGenics.
The asset acquisition is scheduled for September 1, 2018, amounting to approximately 4.2 MSEK. Approximately SEK 0.7 million of the purchase price will be used by I-window International AB to subscribe 1,000,000 new ChromoGenics shares to the current market price through a directed share issue. SEK 1.5 million of the purchase price will be paid on the day of admission and SEK 2 million of the purchase price is conditional upon the delivery / invoicing and project margin achieved within a predetermined time and level. In connection with the acquisition, 2,000,000 warrants will also be issued to I-window International AB. The warrants may be exercised at SEK 2 per share and expire on 31 December 2021. The acquired business is expected to be EPS accretive from the end of 2019.
Jerker Lundgren, CEO
Susanne Andersson, CFO & Head of Communications
Tel: +46 18 430 0430
Certified Adviser: G&W Fondkommission
This information constitutes such information that ChromoGenics AB (publ) is obligated to disclose in accordance with the EU Market Abuse Regulation. The information was submitted by the above-mentioned contact persons for publication on August 21, 2018, at 8:30 a.m. CET.
Every care has been taken in the translation of this document. In the event of discrepancies, the Swedish original will supersede the English translation.
About I-window International AB
I-window International AB is a company focused on creating glass for real estate with high demands on energy efficiency and indoor climate for its tenants. Reduce your costs and carbon emissions with glass from I-Window.
ChromoGenics offers dynamic glass with controllable heat- and light transmission. The company’s unique technology ConverLight® provides sustainable solar control for increased indoor comfort and energy efficiency. ConverLight® also contributes to Green Building certifications. In 2016 the company started commercial sales to real estate projects in Scandinavia.
ChromoGenics is located in Uppsala, Sweden, and the technology is derived from the world leading research center at Ångström Laboratory at Uppsala University. The plant has been partly financed by a conditional loan from the Swedish Energy Agency. ChromoGenics share (CHRO) is listed on Nasdaq First North Stockholm with G&W Fondkommission as Certified Adviser.