Glaston Oyj Abp - Company Announcement

GLASTON CORPORATION IS PLANNING TO STRENGTHEN THE COMPANY’S FINANCIAL POSITION

Helsinki, Finland, 2012-12-20 11:25 CET (GLOBE NEWSWIRE) -- GLASTON CORPORATION
STOCK EXCHANGE RELEASE  20 December 2012 at 12.25 (EET) 

GLASTON CORPORATION IS PLANNING TO STRENGTHEN THE COMPANY'S FINANCIAL POSITION

The Board of Directors of Glaston Corporation has decided to start measures to
strengthen the Company's financial position. The Company is negotiating with
the holders of the convertible bond issued in 2009 and debenture bond issued in
2011 on conversion of such loans into Glaston shares. The current total
principal of the bonds is EUR 12.75 million. Furthermore, the Company is
planning a share issue where the shareholders would, in case of possible
oversubscription, have allocation preference to the new shares in proportion to
their current shareholding. In connection with the arrangement, the intention
is to negotiate also a new long-term credit facility with the Company's current
lenders. 

The arrangements require decision by the Extraordinary General Meeting of
Shareholders. The Extraordinary General Meeting of Shareholders will be held on
or about February 2013. 

In addition to the above measures, the financial position of the Company will
be strengthened by the sale of Glaston's Software Solutions Business Area
announced on 12 November 2012. The sale of the Software Solutions Business Area
is expected to be completed by the end of January 2013. Completion of the
agreement is subject to, among other things, competition review by the German
Federal Cartel Office. Furthermore, the Company announced on 5 January 2012 an
undertaking on the sale of Glaston factory property complex located in Tampere,
Finland. The sale of Tampere factory property complex is expected to be
executed no later than March 2013. 

The Company will publish further information on the arrangements in connection
with convening the Extraordinary General Meeting of Shareholders on or about
January 2013. 

For further information, please contact:
Arto Metsänen, CEO and President, Glaston Corporation, Tel. +358 10 500 500

GLASTON CORPORATION
Agneta Selroos
Director, Communications and Marketing

Glaston Corporation
Glaston is a global company developing glass processing technology for
architectural, solar, appliance and automotive applications. Our portfolio
ranges from pre-processing and safety glass machines to software solutions and
services. We are dedicated to our customers' continued success and provide
services for all glass processing needs with a lifecycle-long commitment in
mind. For more information, please visit www.glaston.net. Glaston's share
(GLA1V) is listed on the NASDAQ OMX Helsinki Small Cap List. 

Distribution:
NASDAQ OMX Helsinki Ltd, Key Media, www.glaston.net