2015-05-29 08:00:46 CEST

2015-05-29 08:01:51 CEST


REGULATED INFORMATION

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INVL Technology - Interim information

Unaudited results of INVL Technology for 3 months of 2015 


Vilnius, Lithuania, 2015-05-29 08:00 CEST (GLOBE NEWSWIRE) -- INVL Technology,
AB - company, investing in IT businesses, listed on NASDAQ Baltic stock
exchange. During the first quarter of 2015, INVL Technology investments have
not been revaluated, revenue of the company amounted to EUR 41 thousand and net
loss - EUR 82 thousand. 

The Company is as an investment subject, which was created after the merger of
two companies - BAIP group AB and INVL Technology AB. On 9 February 2015
reorganization of INVL Technology AB and BAIP group AB was completed. INVL
Technology AB was merged to BAIP group AB. BAIP group AB took over all the
rights and duties including the name of INVL Technology, and continues
operations under the new name of the INVL Technology AB. As the Company
continues activities, which allow the Company to comply with requirements of
IFRS 10, applicable to investment subject, the comparative figures are provided
of the former INVL Technology AB. 

Additional information:

INVL Technology operates as a cluster of B2B- and B2G-oriented IT businesses
with a focus in four key areas: business climate improvement and e-governance,
IT infrastructure, cyber security and IT intensive industries‘ solutions. The
largest INVL Technology investments currently are companies in Lithuania,
Norway, Tanzania and Uganda: Norway Registers Development AS with subsidiaries
NRD UAB, NRD East Africa Ltd and Infobank Uganda Ltd, BAIP UAB, Acena UAB and
NRD CS UAB. 

In order to generate significant investment return for investors, INVL
Technology invests in mature IT companies working in B2B and B2G with
sustainable business models, production capacity in the Baltics or
Eastern/Central Europe and the potential for synergetic cooperation with other
INVL Technology companies. INVL Technology seeks to increase the value of the
companies in its portfolio by bringing financial and intellectual capital for
growth and add-on acquisitions, management support, and globalization via sales
channels in East Africa and Southeast Asia. 

INVL Technology also intends to apply for closed end investment company
license, issued by the Bank of Lithuania, in its essence becoming similar to a
fund, and is preparing for EUR 21.66 million new share issue. 

After reorganisation, INVL Technology Management Board has not changed:
Kazimieras Tonkūnas (Chairman), Gytis Umantas, Alvydas Banys, Vytautas
Plunksnis and Nerijus Drobavičius remained in the Management Board. Kazimieras
Tonkūnas remained the Director of INVL Technology. 

Value of companies, controlled by INVL Technology (as of 31 December companies
were controlled by BAIP group AB), at the end of 2014 was estimated by an
independent appraiser - Deloitte verslo konsultacijos, UAB. Value of Vitma,
which controls 100 per cent of critical IT infrastructure company BAIP, UAB,
was estimated at EUR 12.8 million, cybersecurity company NRD CS, UAB - at EUR 1
million, Norway Registers Development group - EUR 0.7 million, and software
licensing company Acena, UAB - EUR 0.4 million. Equity value of INVL Technology
was determined by subtracting EUR 3 million liabilities of INVL Technology. 

Based on the assessment of the Company, there were no significant changes in
fair value of financial assets at fair value from the date valuation up to 31
March 2015 as the results of subsidiaries controlled by the Company were as
budgeted and there were no significant changes in activities of subsidiaries. 

In the first quarter of 2015 INVL Technology managed company BAIP UAB increased
its revenue by 6.5 per cent and reached EUR 2,325 thousand (in 2014 - revenue
amounted to EUR 2,183 thousand). EBITDA decreased to EUR 143 thousand (in same
period of 2014 - EUR 332 thousand). Acena UAB revenue increased by 56 per cent
and reached EUR 103 thousand but EBITDA was negative (EUR 24 thousand). NRD
group revenue reached EUR 686 thousand - 1.6 per cent increase from the
previous year. Meanwhile EBITDA of NRD group amounted to EUR 73 thousand (in
the first quarter of 2014 NRD group EBITDA was negative EUR 34 thousand). NRD
CS revenue in the first quarter of 2015 reached EUR 89 thousand - 66.8 per cent
decrease when compared to 2014 when it reached EUR 268 thousand. NRD CS EBITDA
was negative - EUR 86 thousand. In the same period last year, NRD CS EBITDA was
EUR 22 thousand. 

The results of the first quarter were affected by seasonal fluctuations.
Therefore, they will not have a significant influence over the annual results
of the companies. 

Norway Registers Development (NRD) in April 2015 signed an agreement regarding
an investment into Etronika, UAB, which develops electronic banking, mobile
signature, electronic transport tickets, and retail software solutions. NRD AS
plans to invest into new share issue of Etronika, UAB and acquire 80 per cent
of Etronika, UAB shares. Total investments, including debt, will amount up to
EUR 400 thousand. 

NRD has also started activities in Uganda. On the 23rd March Norway Registers
Development which owns 30 per cent of Infobank Uganda Limited shares signed
Infobank Uganda Limited shareholders agreement. Infobank Uganda intends to work
with different registries which are currently largely paper based, and provide
registries information to financial sector clients via electronic system.
Innovative solutions will allow businesses to obtain the required information,
use remote services to order and receive information, order official documents
and use a spectrum of electronic services despite paper based registries being
in operation. Infobank Uganda activities will contribute to the improvement of
business climate in Uganda, decrease costs of doing business, simplify and
accelerate activities of financial institutions and therefore increase credit
availability for businesses. 

The company's shares are quoted on the NASDAQ Vilnius Stock Exchange from April
2015. Share capital of INVL technology is divided into 6,114,714 ordinary
shares with par value of EUR 0.29 each (LTL 1). Main INVL Technology
shareholders - Alvydas Banys (5 percent) and a company controlled by him LJB
Investments (20 percent), Irena Ona Miseikiene (19 percent), Kazimieras
Tonkunas (13.7 percent), Invalda INVL (8.3 percent) and Lucrum investicija (5
percent). In total, company has more than 3.5 thousand shareholders. 


         The person authorized to provide additional information:
         Kazimieras Tonkūnas
         Director
         E-mail: k.tonkunas@invltechnology.lt