2010-11-18 07:30:00 CET
2010-11-18 07:30:03 CET
REGLAMENTUOJAMA INFORMACIJA
GeoSentric Oyj - Interim report (Q1 and Q3)
INTERIM REPORT 1-9/2010
GEOSENTRIC OYJ Q3 2010 INTERIM REPORT 18.11.2010 at 8:30 am
INTERIM REPORT 1-9/2010
Contents
1. Summary of key figures and results
2. Operational overview
3. Material events in the period
4. Material events after the end of the period
5. Review of the financial position and the financial results
6. Sufficient liquidity
7. Outlook
8. Assessment of significant operational risks
9. Review of R&D activities
10. Investments
11. Personnel and organization
12. Environmental issues
13. Financing and structural arrangements
14. Board authorization
15. Company's shares and shareholders
16. About the Company
17. Financial Statements, Q3 2010 (not audited)
1. Summary of key figures and results
The key figures summarizing the Group's financial position and financial results
were as follows (teuros unless indicated otherwise):
--------------------------------------------------------------------------------
| In period | 7-9/2010 | 1-9/2010 | 7-9/2009 | 1-9/2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 384 | 1438 | 529 | 2016 | 2491 |
--------------------------------------------------------------------------------
| Operating Result | -2770 | -9562 | -4071 | -11841 | -15538 |
--------------------------------------------------------------------------------
| Basic earnings | -0.00 | -0.01 | -0.00 | -0.01 | -0.02 |
| per share (eur) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| At the end of | | | | | |
| the period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 3052 | | 5674 | | 8893 |
--------------------------------------------------------------------------------
| Shareholders' | -12881 | | -1295 | | -2236 |
| equity | | | | | |
--------------------------------------------------------------------------------
| Total | 15933 | | 6969 | | 11129 |
| liabilities | | | | | |
--------------------------------------------------------------------------------
2. Operational overview
GeoSentric is a developer and provider of solutions, products and technologies
for location based services and LBS-enabled social networks. It develops a
leading geo-integration platform for mobile devices, personal navigation
devices, web browsers, and other internet-connected devices, which provides
applications and bundled ODM/OEM solutions for consumer and B2B markets, built
on the convergence of location based services, social networking, search, mobile& Web 2.0 technologies. Its intellectual property is delivered as software and
services in products which include the GyPSii product platform (“GyPSii”)
together with ready-to-use integrated GPS/GSM devices for navigation and object
tracking and customisable software solutions for industry specific uses
(“TWIG”). In addition, GeoSentric offers Internet-based locating services with
which the user may locate other GeoSentric devices. The GyPSii platform and TWIG
product line complement each other and enable GeoSentric to utilize its overall
intellectual property rights to software and services in an efficient manner
with delivery of products and services to two different markets, GyPSii
offerings to the geo social networking/LBS sector and TWIG offerings to the
LBS/B2B sector.
The 2010 business model for the GyPSii platform services and applications has
been via embedded licensing of IPR in terms of software technology and branded
trademarks, and downstream advertising revenue generation from the platform in
partnerships with mobile operators and carriers. Thus during the reporting
period 1-9/2010 the Group focused on securing contracts with the major
distribution partners to integrate product on to their new devices and services
and to broaden the range of GyPSii supported devices. Major marketing and launch
plans during 2010 by the distribution partners have driven significant volumes
of GyPSii users, which is expected to have a positive impact on revenues from
GyPSii during the final quarter of 2010 and into 2011 and beyond.
The total net sales of the Group in 1-9/2010 were 1438 teuros, down (-28.7%) on
total net sales in 1-9/2009 of 2016 teuros. Total cost of sales in 1-9/2010 were
1594 teuros, an decrease of 7.4% from that of the prior period 1-9/2009 of 1722
teuros. Revenue in the period was substantially all from the TWIG product and
TWIG IP. The revenue reduction was caused by a continuing decline in sales of
the older Discovery Pro product which was not offset by the newer Protector
product. The gross margin for the reporting period 1-9/2010 was -156 teuros
(-10.8%), compared to a gross margin of 294 teuros (14.6%) for the prior period
1-9/2009. This gross margin decline and the relative increase in cost of goods
sold reflect an inventory write down of 455 teuros in Q2 and further price
erosion in the TWIG product line-up, both resulting from the fact that the TWIG
Discovery products are now reaching the end of their market lives.
Total operating expenses decreased in the reporting period compared to the prior
year period, going to 9407 teuros in 1-9/2010, from 12135 teuros in 1-9/2009, a
22.5% decrease. This was mainly driven by reductions in headcount and
consolidation of engineering headcount into lower cost regions, such as China,
compared to the prior period and also legal costs in the prior period which
related mainly to litigation ongoing at that time which has subsequently been
resolved. In addition the intangible assets/IPR that was booked on the
acquisition of GeoSolutions BV in 2007, which was being written off over a three
year period, was fully written off by the end of Q1 2010. This resulted in a
lower amortization charge in 1-9/1010 of 500 teuros compared to a charge of 1500
teuros in 1-9/2009. Included within Q3 2010 operating costs is a one off
redundancy charge of 509 teuros relating to the termination of 24 staff in
Finland following a downsizing of the Finnish TWIG operations.
The total earnings before taxes were -10585 teuros in 1-9/2010, versus -12259
teuros in 1-9/2009. Earnings per share for the reporting period 1-9/2010 were
-0.01 Euros per share.
3. Material events in the period
The main events in the period 7-9/2010 were as follows:
On 9th July the Company announced that it was commencing a consultation
procedure with its Finnish workforce with a view to downsizing its workforce in
line with diminishing TWIG product sales. The Company announced the outcome of
this consultation procedure on 20th September, which was to make 24 employees
redundant and to make 11 employees subject to a forced leave procedure.
The Company has also continued implementing its business plan and the required
cost reductions to meet the conditions of the additional financing approved by
the Annual General Meeting on June 30, 2010. Cost reductions were implemented as
headcount reductions in all areas of the business as well as consolidation of
engineering resources from higher cost regions of the world into China.
As previously reported the Company secured additional funding from its lead
investor by way of a 6000 teuros secured convertible loan note issued by its
wholly owned Dutch subsidiary, GeoSolutions Holdings NV (”GHNV”). The first
tranche of 2500 teuros of this loan note was drawn down in June 2010 and a
second tranche of 2500 teuros was drawn down in on 1st September. The remaining
1000 teuros is expected to be drawn down during Q4.
During the reporting period and to date the Board has continued to explore the
possibilities of the Group divesting its mobile handset business.
On 22nd September it was announced that Dan Harple had resigned as CEO to be
replaced with immediate effect by Winston Guillory and that Harple would
continue as a strategic advisor to the Company and its new CEO moving forward.
4. Material events after the end of the period
The 23,750,000 new shares issued in September were registered in the trade
register in October, increasing the amount of outstanding shares to 921,676,354.
On the 9th November it was announced that Dan Harple had resigned as a member of
the Board to focus full time on his professional activities with Shamrock
Ventures B.V. and that at the same time the management services agreement made
between the GeoSentric group and Shamrock Ventures had ended. As previously
announced Dan Harple will continue contributing to the Company as one of its
material shareholders.
5. Review of the financial position and the financial results
The Company has during the period retained solidity and liquidity.
The key figures summarizing the Group's financial position and financial results
were as follows (teuros unless indicated otherwise):
--------------------------------------------------------------------------------
| In period | 7-9/2010 | 1-9/2010 | 7-9/2009 | 1-9/2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 384 | 1438 | 529 | 2016 | 2491 |
--------------------------------------------------------------------------------
| Operating Result | -2770 | -9562 | -4071 | -11841 | -15538 |
--------------------------------------------------------------------------------
| Basic earnings | -0.00 | -0.01 | -0.00 | -0.01 | -0.02 |
| per share (eur) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| At the end of | | | | | |
| the period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 3052 | | 5674 | | 8893 |
--------------------------------------------------------------------------------
| Shareholders' | -12881 | | -1295 | | -2236 |
| equity | | | | | |
--------------------------------------------------------------------------------
| Total | 15933 | | 6969 | | 11129 |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| Cash | 1862 | | 1798 | | 5939 |
--------------------------------------------------------------------------------
6. Sufficient liquidity
The Company has, during the reporting period, retained sufficient liquidity. As
announced in the stock exchange release published on June 30, 2010 the Company
has signed and entered into the definitive financing agreement with the lead
investor, enabling the Company to receive financing up to the aggregate of 6000
teuros, of which 5000 teuros has already been received. The remaining 1000
teuros is expected to be drawn down during Q4. However, the Company's working
capital is not sufficient for the next 12 months without raising additional
external financing.
The Company is currently engaged in ongoing discussions with its key investors
and shareholders and with potential new investors to explore further financing
alternatives. The Company requires this ongoing support to secure its financing
requirements and it is confident that sufficient further financing will be
satisfactorily secured. In addition the Company is exploring additional business
development opportunities, which could provide accretive cash flow over the next
12 month period.
7. Future Outlook
Market Outlook
There are over 4 billion mobile phone units in the market and over 1 billion new
phones shipped every year. Internet Access, camera, location capabilities, and
3rd party application support has become standard on most devices.
GyPSii's applications are supported on the 7 major mobile platforms and allow
the Group to address not only the fast growing smartphone market (lead by iPhone
and Android) but also the feature phone market, which by industry polls in 2009
represents substantial percentage of the mobile phones in the world today.
With the widespread adoption of mobile internet and the ability to provide
location/GPS information in real-time, the market has created new revenue
opportunities around delivering location aware mobile advertising, promotional
offers and couponing to consumers. GyPSii's expertise, technologies, and
partnerships have positioned them to exploit this market opportunity on a very
broad scale.
Business Development Outlook
Over the past year the Group has progressed significantly in its strategy and
targeting of emerging markets. Leveraging the prior year's foundational work
with the handset manufacturers, GyPSii has moved forward to secure partnerships
with all three carriers in China (China Mobile, China Telecom, and China Unicom)
re-iterating the maturing value that location based mobile applications hold to
the operators. During 2010, the Group continued to work with each carrier
closely to refine rollout schedules, aligning rollout of Operator 3G services,
OEM Strategic Devices and next generation GyPSii applications in target markets.
Also during 2010, the Group has expanded its existing OEM relationships with LG
and Samsung to include new device manufacturing partners such as Lenovo and
Huawei. These new relationships give GyPSii even further reach into the mobile
phone consumer base worldwide.
Building on the cornerstone accounts in China, in 2010 GyPSii has been expanding
its business development efforts in Latin America to gain mindshare with the
other regional carriers to provide similar offerings. With a very large
population of mobile device users Latin America is an ideal emerging market for
GyPSii expansion and the Group is developing a strategy for potential expansion
into this region in 2011.
With the development of its Open APIs the Group has also furthered business
development opportunities with strategic service providers to deliver GyPSii
into other non-emerging markets. This approach allows GyPSii to reduce the risk
and overhead associated with business development efforts in non-target markets
while assessing geographies that may prove to be strategic for the Group. During
Q3 2010 GyPSii expanded its relationship with Garmin and forged new
relationships with Channel Young, a division of SMG, in China.
In 2011, GyPSii is expanding its set of location-based services and platforms to
focus on an offering for Small and Medium Businesses (SMB). The “GyPSii CRM
Platform” provides SMB's with a toolset for creating, managing and delivering
promotional incentives to their customer base at a much lower distribution cost.
The self-service platform gives business owners the ability to create customized
coupon campaigns and discount programs for consumers that are delivered directly
to their mobile devices. Using its location-based technology the GyPSii CRM
Platform can assist businesses in converting these consumers to loyal customers
by incentivizing them at the Point of Sale (POS) with relevant discounts and
rewards.
Additionally, the GyPSii CRM Platform collects, analyzes and produces detailed
reports on customer interactions at the point of sale, granting businesses a new
level of insight into marketing and promotional spending that they have never
had before.
The GyPSii CRM platform will be available for use by Small and Medium Businesses
for a monthly recurring subscription fee and is planned for release in early Q1
2011.
In summary, the Group has seen increased interest from Mobile Operators and OEMs
to provide location based applications on their networks. GyPSii and its
application/platform are being seen as a means for emerging market companies to
up-sell data packages and improve ROI on significant network upgrades while
forging diversified mobile advertising strategies. The Group sees a continuation
of this activity into 2011 and increased demand for GyPSii. New GyPSii products,
that will be debuted in 2011, will create additional customers and open up
additional revenue streams for the Group.
As announced previously, the Company expected to see positive development in
GyPSii generated revenues starting from the last quarter of 2009. Continued
financing negotiations and, especially during the year 2009, the global
financing crisis have shifted the revenue expectations of GyPSii, yet revenues
have started to be generated on an accelerating basis and the Company expects to
see further positive development in GyPSii generated revenues during Q4 2010 and
into 2011. The Company is also exploring additional business development
opportunities, which could provide accretive cash flow in the short term.
TWIG product demand has declined as the TWIG Discovery reaches the end of its
product life and the newer TWIG Protector has delivered lower than expected
sales performance. The TWIG Discovery Pro GSM/GPRS/GPS handset and the TWIG
Protector handset are targeted at the safety and security market and the TWIG
Locator tracking unit for the asset and vehicle tracking market. Due to
above-mentioned reasons the Company is now exploring alternatives to divest its
mobile handset business.
8. Assessment of significant operational risks
The global financial crisis and current global recession have had and may
continue to have a negative impact also on the business of the Group. The
Group's distribution model is primarily partner driven and possible delays in
partners' launching their new products to the market may have an adverse effect
on the development of the Group's business by decelerating the distribution and
user-adoption rate of the Group's services.
There is no certainty of the success regarding the implementation and
realisation of the business plan. According to the business strategy, the Group
is pursuing entrance also to new business segments with competitive situations
new to it, or which may be only in the early market phase. Unless the Group is
able to successfully respond to these developments it may significantly impair
the Group´s operating results.
A key driver of the business model is sufficient and sufficiently rapid growth
of users of the services, and the speed of adoption of mobile, UGC and location
based advertising of which the Group has no certainty. Advertising budgets are
being reduced by major brands and advertisers and this could continue to have an
adverse affect on the adoption of mobile and location based advertising in 2010
and beyond.
In addition, the Company carries a limited risk connected with the TWIG product
inventory. Should the Company not be able to sufficiently protect its industrial
rights and other intangible assets, its competitive position may suffer. It is
also possible that other parties may bring action against the Company on grounds
of alleged infringement of industrial or intellectual property rights and,
should they be successful, the Company may be obligated to pay significant
compensation.
Since 1997, the Company has not paid dividends. In the future, the re-payments
of capital and other preferred loans will restrict the possibility to distribute
dividends. The total amount of loans as at 30 September 2010 was 22613 teuros at
nominal value. Regarding future dividend payments, there is also uncertainty
about the ability of the Company to accrue distributable capital. According to
the financial statements of the Company, there was no distributable capital in
the latest balance sheet of the Company.
The Group´s business plan has been prepared by assuming that the Group´s result
and cashflow will improve significantly. The Group's financing plan also assumes
additional external financing to be received, which financing has not yet been
agreed to. Should the result and cashflow essentially fail to meet the planned
figures, or the new financing be delayed, or the amount of financing turn out to
be insufficient to meet the Group's capital needs, this might force the Company
to introduce further significant cost cutting measures, which could also have a
material effect on the execution on the Company's current business plan in the
short term, and also cause an insolvency risk.
There are significant financial risks related to the Company's business,
competition and industry and it is possible that investors may lose all or a
part of their invested capital.
GeoHolding B.V., and investor groups led by Horizon Group and Schroders & Co
Limited have influence on GeoSentric, each of them separately. The Company
trusts that the regulation and information obligation binding public companies,
supported by the compliance with the corporate governance recommendations,
together with the continuous external auditing activity maintained by a skilled
and reputable auditing firm suffice to pre-empt a misuse of control power.
9. Review of R&D-activities
The volume of the Group´s R&D activities continued to be significant due to the
on-going R&D-programs by means of which the Group intends to significantly
expand its business over the next few years. No capitalisations were made.
The Company released into production it's next generation of server architecture
and infrastructure and was immediately deployed in its China and US data
centers. This next generation system adds significant capabilities in terms of
functionality and scalability and will give the Company superior competitive
resiliency.
The Group has R&D units in Salo (Finland), Amsterdam (the Netherlands), Windsor
(UK), Warwick, RI (USA) and Shanghai (China).
Additionally, GyPSii server facilities are maintained in the US and China at
present, with continued upgrades and new locations planned in the future.
10. Investments
Gross investments in period 1-9/2010 were 30 teuros. In the full year 2009 gross
investments were 208 teuros.
11. Personnel and organization
The number of employed personnel in the Group in period 1-9/2010 averaged 125,
of which 32, at most, were affected by alternate forced leaves. The alternate
forced leave program, agreed in autumn 2007 to apply for the time being,
continues also in 2010.
12. Environmental issues
The Company pays for its products a statutory recycling fee and has organised
the recycling of disposed materials contractually through Jalopinta Ky.
Altogether, the Group´s operations cause no significant environmental impact.
13. Financing and structural arrangements
Financing round 2009:
The subscription period of the 2009 loan note for raising a maximum amount of
25000 teuros through Company's Dutch subsidiary GeoSolutions Holdings N.V.
(“GHNV”), which originally was to end on March 31, 2010, was extended in March
2010 until the end of the year 2010. The Group received and drew down an
investment commitment of 7500 teuros during the year 2009. The terms of the 2009
note were later amended by the Annual General Meeting held on June 30, 2010 as
described below.
The loan note is fully transferrable and entitles to subscribe shares in GHNV or
the investors may, at their discretion convert their notes into GeoSentric
shares. The note will expire in five years. As a precondition for the investment
the Company has agreed to pay an industry standard placement fee of 6%, payable
in equal portions in cash and in shares, to Raymond Kalley who assisted with the
fund raising. The note accrues interest at the rate of 5% p.a. which, it has
been agreed, shall be deferred until redemption or conversion. The detailed
terms of the financing have been disclosed and can be found in the call to the
Annual General Meeting released on June 9th 2010.
Financing round 2010:
The new 2010 loan note has the same terms as the 2009 note except that the note
accrues interest at the rate of 12% p.a. and is for a maximum amount of 6000
teuros of which 2500 teuros has been drawn on June 30, 2010 and a further 2500
teuros has been drawn on September 1, 2010. The remaining 1000 teuros is
expected to be drawn in Q4 2010. As a precondition for the investment the
Company has agreed to pay an industry standard placement fee of 5%, all payable
in shares to be issued without charge, to Raymond Kalley who assisted with the
fund raising. The fee was paid in September 2010 when the Board issued in total
of 23,750,000 new shares of the Company to Raymond Kalley without charge.
The Board and AGM have approved the terms for additional financing of 6000
teuros to be adopted by issuing preferred convertible notes of Company's wholly
owned Dutch subsidiary GeoSolutions Holdings N.V. At the same the AGM decided to
issue 948,750,000 special subscription rights to the holders of the notes,
entitling them to alternatively subscribe for the shares of the Company, and
approved certain changes to the terms of Company's Convertible Bond Loan 2008-B.
14. Board authorization
The Annual General Meeting convened on June 30, 2010 authorized the Board to
increase the share capital by maximum of 4,000,000 euros and to issue at maximum
850,000,000 new shares, option rights or special rights. The authorization is
valid for two (2) years from the date of the Annual General Meeting. At the same
all the other authorizations were terminated.
At the end of the reporting period the remaining amount of Board's authorization
was 4,000,000.00 euros and 810,402,000 shares corresponding to 87.93 % of the
currently registered share amount and at maximum 27.75 % of shares after all
shares and instruments entitled to shares, effecting a corresponding immediate
dilution to existing shareholdings.
15. Company's shares and shareholders
The shares of GeoSentric Oyj are listed on the NASDAQ OMX Helsinki (NASDAQ OMX:
GEO1V) and issued in the book entry system held by Euroclear Finland, address PL
1110, FIN-00101 Helsinki, Finland. The ISIN-code of the share is FI 0009004204.
The Company's shares have been on the surveillance list since February 11, 2003.
The Company and its subsidiaries do not have any Company´s shares owned by or
administered on behalf of the Company.
At the end of the reporting period the Company's registered share capital was
8,950,961.85 Euros, consisting of 897,926,354 shares.
16. About the Company
GeoSentric is a developer of location-based technologies, delivering products
and services with a market-leading mobile digital lifestyle application and
geo-mobility social networking platform: connecting people, places and
communities across networks and devices. GyPSii provides a geo-location social
networking platform and services for mobile and web Internet-connected devices,
and provides applications and bundled ODM/OEM solutions, built on the
convergence of location based services, social networking, search, mobile & Web
2.0 technologies. For more information, visit www.geosentric.com or
www.gypsii.com or www.gypsii.com.cn.
© 2010 GeoSentric Oyj. All rights reserved.
Based in Salo, Finland and Amsterdam, The Netherlands, GeoSentric operates
offices in North America, Europe and Asia Pacific.
GeoSentric (NASDAQ OMX Helsinki-GEO1V) is listed on the NASDAQ OMX Exchange in
Helsinki. The Company has been on the surveillance list since February 2003.
GEOSENTRIC OYJ
For more information, please contact: investors@gypsii.com
Distribution:
NASDAQ OMX Helsinki
Principal news media
GEOSENTRIC OYJ INTERIM REPORT 3Q/2010 (Unaudited)
GROUP STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------------------
| 1000 EUR | Note | 3Q/2010 | 1-3Q/201 | 3Q/2009 | 1-3Q/200 | 2009 |
| | | | 0 | | 9 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | | 384 | 1438 | 529 | 2016 | 2491 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cost of goods | 4 | 311 | 1594 | 733 | 1722 | 2141 |
| sold | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross margin | | 73 | -156 | -204 | 294 | 350 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating | | 0 | 1 | 0 | 0 | 2 |
| income | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| General & | 4 | 1117 | 2580 | 762 | 2321 | 3111 |
| Administrative | | | | | | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Research & | 4 | 932 | 4306 | 1983 | 6266 | 8211 |
| Development | | | | | | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Sales & | 4 | 794 | 2521 | 1122 | 3548 | 4568 |
| Marketing | | | | | | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating | | -2770 | -9562 | -4071 | -11841 | -15538 |
| result | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial | | 56 | 77 | 2 | 74 | 74 |
| income | | | | | | |
--------------------------------------------------------------------------------
| Financial | | -531 | -1100 | -156 | -492 | -723 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result before | | -3245 | -10585 | -4225 | -12259 | -16187 |
| taxes | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income taxes | | -98 | -116 | 45 | 299 | 409 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result for the | | -3343 | -10701 | -4180 | -11960 | -15778 |
| period | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation | | -154 | -155 | -15 | 3 | 11 |
| difference | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comprehensive | | -3497 | -10856 | -4195 | -11957 | -15767 |
| income | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per | | | | | | |
| share, eur | | | | | | |
--------------------------------------------------------------------------------
| Basic earnings | | -0,00 | -0,01 | -0,00 | -0,01 | -0,02 |
| per share, eur | | | | | | |
--------------------------------------------------------------------------------
Diluted earnings per share have not been computed because dilution effect would
improve the key figure.
GROUP STATEMENT OF FINANCIAL POSITION
--------------------------------------------------------------------------------
| 1000 EUR | Note | 30.9.2010 | 30.9.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Property, plant and | | 135 | 278 | 240 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Goodwill | | 216 | 216 | 216 |
--------------------------------------------------------------------------------
| Other intangible assets | | 4 | 1012 | 510 |
--------------------------------------------------------------------------------
| Other financial assets | | 66 | 66 | 66 |
--------------------------------------------------------------------------------
| Deferred tax assets | | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| | | 421 | 1572 | 1032 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Inventories | | 309 | 1448 | 1216 |
--------------------------------------------------------------------------------
| Trade receivables and | | 450 | 856 | 696 |
| other receivables | | | | |
--------------------------------------------------------------------------------
| Prepaid expenses | | 10 | 0 | 10 |
--------------------------------------------------------------------------------
| Cash and cash | | 1862 | 1798 | 5939 |
| equivalents | | | | |
--------------------------------------------------------------------------------
| | | 2631 | 4102 | 7861 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | | 3052 | 5674 | 8893 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders´equity | | | | |
--------------------------------------------------------------------------------
| Share capital | 5 | 8951 | 8951 | 8951 |
--------------------------------------------------------------------------------
| Share premium account | 5 | 13631 | 13631 | 13631 |
--------------------------------------------------------------------------------
| Translation difference | | -20 | 127 | 135 |
--------------------------------------------------------------------------------
| Invested distributable | 5 | 30603 | 27971 | 30603 |
| equity account | | | | |
--------------------------------------------------------------------------------
| Retained earnings | | -66046 | -51975 | -55556 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total shareholders´ | | -12881 | -1295 | -2236 |
| equity | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | | 0 | 256 | 128 |
--------------------------------------------------------------------------------
| Interest-bearing debt | 7 | 12132 | 3013 | 7061 |
--------------------------------------------------------------------------------
| | | 12132 | 3269 | 7189 |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Trade payables and other | | 3651 | 2576 | 2634 |
| payables | | | | |
--------------------------------------------------------------------------------
| Provisions | | 37 | 62 | 37 |
--------------------------------------------------------------------------------
| Interest bearing debt | 7 | 113 | 1062 | 1269 |
--------------------------------------------------------------------------------
| | | 3801 | 3700 | 3940 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities | | 15933 | 6969 | 11129 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total shareholders´ | | 3052 | 5674 | 8893 |
| equity and liabilities | | | | |
--------------------------------------------------------------------------------
GROUP CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| 1000 EUR | 1-3Q/2010 | 1-3Q/2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operations | | | |
--------------------------------------------------------------------------------
| Result for the period | -10701 | -11960 | -15778 |
--------------------------------------------------------------------------------
| Adjustments | 969 | 1775 | 3991 |
--------------------------------------------------------------------------------
| Changes in working capital: | | | |
--------------------------------------------------------------------------------
| Change of trade and other | 246 | 1796 | 1946 |
| receivables | | | |
--------------------------------------------------------------------------------
| Change of inventories | 452 | -43 | -295 |
--------------------------------------------------------------------------------
| Change of trade and other | 1017 | 599 | 632 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Interest paid | -630 | 0 | -930 |
--------------------------------------------------------------------------------
| Interest received | 17 | 145 | 145 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operations, | -8630 | -7688 | -10289 |
| net | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investments, | -30 | -200 | -208 |
| net | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | | | |
--------------------------------------------------------------------------------
| Proceeds from issue of share | 0 | 0 | 0 |
| capital | | | |
--------------------------------------------------------------------------------
| Transaction expenses of | 0 | -68 | -68 |
| share issues | | | |
--------------------------------------------------------------------------------
| Transaction expenses of | -417 | 0 | -750 |
| loans | | | |
--------------------------------------------------------------------------------
| Proceeds from long term | 0 | 0 | 2591 |
| borrowings, equity | | | |
--------------------------------------------------------------------------------
| Proceeds from long term | 5000 | 0 | 4909 |
| borrowings, liability | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash flow from financing | 4583 | -68 | 6682 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash | -4077 | -7956 | -3815 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash at beginning of period | 5939 | 9754 | 9754 |
--------------------------------------------------------------------------------
| Cash at end of period | 1862 | 1798 | 5939 |
--------------------------------------------------------------------------------
GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY
--------------------------------------------------------------------------------
| | Share | Translat | Share | Inv. | Accrued | Total |
| | capital | ion | premium | distrib. | result | |
| | (1000 | differen | account | equity | | |
| | eur) | ce (1000 | (1000 | account | | |
| | | eur) | eur) | (1000 | | |
| | | | | eur) | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholder | 8951 | 124 | 13631 | 28039 | -40692 | 10053 |
| s´ equity | | | | | | |
| 31.12.2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Items | 0 | 3 | 0 | 0 | 0 | 3 |
| booked | | | | | | |
| directly | | | | | | |
| into | | | | | | |
| shareholder | | | | | | |
| s´ equity | | | | | | |
--------------------------------------------------------------------------------
| Result for | 0 | 0 | 0 | 0 | -11960 | -11960 |
| the period | | | | | | |
--------------------------------------------------------------------------------
| Comprehensi | 0 | 3 | 0 | 0 | -11960 | -11957 |
| ve income | | | | | | |
--------------------------------------------------------------------------------
| Share issue | 0 | 0 | 0 | -68 | 0 | -68 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Booked | 0 | 0 | 0 | 0 | 677 | 677 |
| expense of | | | | | | |
| stock | | | | | | |
| options to | | | | | | |
| key | | | | | | |
| personnel | | | | | | |
| and | | | | | | |
| partners | | | | | | |
--------------------------------------------------------------------------------
| Equity | 0 | 0 | 0 | 0 | 0 | 0 |
| portions of | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Shareholder | 8951 | 127 | 13631 | 27971 | -51975 | -1295 |
| s´ equity | | | | | | |
| 30.9.2009 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholder | 8951 | 135 | 13631 | 30603 | -55556 | -2236 |
| s´ equity | | | | | | |
| 31.12.2009 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Items | 0 | -155 | 0 | 0 | 0 | -155 |
| booked | | | | | | |
| directly | | | | | | |
| into | | | | | | |
| shareholder | | | | | | |
| s´ equity | | | | | | |
--------------------------------------------------------------------------------
| Result for | 0 | 0 | 0 | 0 | -10701 | -10701 |
| the period | | | | | | |
--------------------------------------------------------------------------------
| Comprehensi | 0 | -155 | 0 | 0 | -10701 | -10856 |
| ve income | | | | | | |
--------------------------------------------------------------------------------
| Share issue | 0 | 0 | 0 | 0 | 0 | 0 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Booked | 0 | 0 | 0 | 0 | 211 | 211 |
| expense of | | | | | | |
| stock | | | | | | |
| options to | | | | | | |
| key | | | | | | |
| personnel | | | | | | |
| and | | | | | | |
| partners | | | | | | |
--------------------------------------------------------------------------------
| Equity | 0 | 0 | 0 | 0 | 0 | 0 |
| portions of | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Shareholder | 8951 | -20 | 13631 | 30603 | -66046 | -12881 |
| s´ equity | | | | | | |
| 30.9.2010 | | | | | | |
--------------------------------------------------------------------------------
KEY FIGURES
--------------------------------------------------------------------------------
| | 3Q/2010 | 1-3Q/201 | 3Q/2009 | 1-3Q/2009 | 2009 |
| | | 0 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales, 1000 | 384 | 1438 | 529 | 2016 | 2491 |
| EUR | | | | | |
--------------------------------------------------------------------------------
| Operating result, | -2770 | -9562 | -4071 | -11841 | -15538 |
| 1000 EUR | | | | | |
--------------------------------------------------------------------------------
| Result before | -3245 | -10585 | -4225 | -12259 | -16187 |
| taxes, 1000 EUR | | | | | |
--------------------------------------------------------------------------------
| Gross investments, | 5 | 30 | 9 | 200 | 208 |
| 1000 EUR | | | | | |
--------------------------------------------------------------------------------
| Average personnel | 114 | 125 | 126 | 118 | 120 |
--------------------------------------------------------------------------------
| Earnings per | -0,00 | -0,01 | -0,00 | -0,01 | -0,02 |
| share, EUR | | | | | |
--------------------------------------------------------------------------------
| Equity per share, | -0,01 | -0,01 | -0,00 | -0,00 | -0,00 |
| EUR | | | | | |
--------------------------------------------------------------------------------
| Weighted average | 897926 | 897926 | 897926 | 897559 | 897651 |
| number of shares | | | | | |
| in period, 1000 | | | | | |
| pcs | | | | | |
--------------------------------------------------------------------------------
| Number of shares | 897926 | 897926 | 897926 | 897926 | 897926 |
| at the end of the | | | | | |
| period, 1000 pcs | | | | | |
--------------------------------------------------------------------------------
1. BASE INFORMATION OF THE COMPANY
GeoSentric is a developer and provider of solutions, products and technologies
for location based services and LBS-enabled social networks. It develops a
leading geo-integration platform for mobile devices, personal navigation
devices, web browsers, and other internet-connected devices, which provides
applications and bundled ODM/OEM solutions for consumer and B2B markets, built
on the convergence of location based services, social networking, search, mobile& Web 2.0 technologies. Its intellectual property is delivered as software and
services in products which include the GyPSii product platform ("GyPSii")
together with ready-to-use integrated GPS/GSM devices for navigation and object
tracking and customisable software solutions for industry specific uses
(“TWIG”). The company has deep expertise and technology IP in User Generated
Content Management, Location Based Services, Open Social Networking,
Ad-Targeting and Integration, for Social Media markets and users on mobile
phones, the web, personal navigation and internet connected devices.
Based in Salo, Finland, and Amsterdam, The Netherlands, GeoSentric operates
offices in North America, Europe and Asia Pacific. GeoSentric is listed in
NASDAQ OMX Helsinki Ltd (NASDAQ OMX: GEO1V).The parent company of the group is
GeoSentric Oyj (formerly Benefon Oyj). The registered domicile is Salo, Finland,
with street address Meriniitynkatu 11, 24100 Salo, Finland, and mail address PL
84, FIN-24101 Salo, Finland. A copy of the group financial statements is
available at the internet address www.geosentric.com or at the company head
office at address Meriniitynkatu 11, FIN-24100 Salo, Finland.
2. ACCOUNTING PRINCIPLES FOR THE FINANCIAL STATEMENTS
Foundation:
The group interim report has been prepared in accordance with International
Financial Reporting Standards ("IFRS") and has been prepared to the accounting
standard IAS 34, Interim Reports. An interim report shall be read together with
the financial statements for year 2009.
Accounting principles:
The utilised principles of preparation are identical with those utilised by the
Group in financial statements for year 2009.
IASB has published new standards and interpretations and changes in existing
standards, application of which is mandatory on 1.1.2010 or thereafter, and
which the group has not adopted earlier voluntarily. The group will adopt the
following standards (and their amendments) and interpretations from 1.1.2010
onwards: Reformed IFRS 3, Business combinations. Changes affect the goodwill
amount of recognised acquisition and profit effect items. According to the rules
of change-over to IFRS, business combinations which are already carried out will
be not corrected.
Changed IAS 27, Consolidated financial statements and separate financial
statements. May have impact on the recognition of possible changes in
subsidiaries ownership.
Change to IAS 39, Financial instruments: recognition and measurement to hedged
items acceptable items. The group has no hedged items as defined.
IFRIC 17, Non cash dispensation to shareholders. Concerning dispensation of
dividends. No effect on the group.
IFRIC 18, Asset transfers from customers. No effect on the group.
Changes for "Improvements to IFRS". Small changes relate to 12 different
standards but they have no significant effects on the financial statements.
Changes to IFRS 2, Share-based payments - Share-based businesses paid in cash in
group. Concerning non cash paid share-based payments. May have impact to
financial statement in future.
Change to IAS 32, Financial instruments: presentation method - Classification of
Rights Issues. Concerns booking of shares, options or subscription rights made
in other currency than issuer´s functional currency. No effect on the group.
3. SEGMENT INFORMATION
The group has only one distinct segment, location based services and devices
utilising them. Its share of net sales has been 100% in the period and in the
reference period.
4. COSTS BY CATEGORY
--------------------------------------------------------------------------------
| 1000 EUR | 3Q/2010 | 1-3Q/201 | 3Q/2009 | 1-3Q/200 | 2009 |
| | | 0 | | 9 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Increase/decrease in | 59 | 339 | -625 | -261 | -164 |
| inventories of | | | | | |
| finished products | | | | | |
--------------------------------------------------------------------------------
| Impairment loss in | 0 | 455 | 386 | 386 | 484 |
| inventories | | | | | |
--------------------------------------------------------------------------------
| Use of raw materials | 133 | 427 | 848 | 1204 | 1288 |
| and consumables | | | | | |
--------------------------------------------------------------------------------
| Total expense of | 119 | 373 | 124 | 393 | 533 |
| direct employees | | | | | |
--------------------------------------------------------------------------------
| Cost of goods sold | 311 | 1594 | 733 | 1722 | 2141 |
| total | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total expense of | 1621 | 5679 | 2238 | 6610 | 8710 |
| indirect employees | | | | | |
--------------------------------------------------------------------------------
| Redundancy provision | 509 | 509 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Depreciations | 53 | 641 | 544 | 1622 | 2172 |
--------------------------------------------------------------------------------
| Other operating | 660 | 2578 | 1085 | 3903 | 5008 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Expenses by cost | 2843 | 9407 | 3867 | 12135 | 15890 |
| category, total | | | | | |
--------------------------------------------------------------------------------
5. SHAREHOLDERS´ EQUITY
--------------------------------------------------------------------------------
| | Number of | Share | Share | Invested | Total |
| | shares | capital | premium | distribute | (1000eur) |
| | (1000) | (1000eur) | account | d equity | |
| | | | (1000eur) | account | |
| | | | | (1000eur) | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 31.12.2009 | 897926 | 8951 | 13631 | 30603 | 53185 |
--------------------------------------------------------------------------------
| 30.9.2010 | 897926 | 8951 | 13631 | 30603 | 53185 |
--------------------------------------------------------------------------------
According to the Company´s articles of association registered there is no
maximum for the shares and there is only one category of shares at the Company.
Also the clause about maximum amount of share capital has been removed. The
shares carry no nominal value. All outstanding shares are fully paid.
6. OPTION RIGHTS
Option program 2004A:
Share subscription period with the options expired on June 15, 2010 when in
total of 480,000 shares were subscribed at 0.14€ share subscription price. The
rest 32,220,000 of the granted option rights have permanently expired.
Option programs 2010I and 2010II:
The Board decided in its meeting on September 3, 2010 to adopt Option Plans
2010I and 2010II and issue a total maximum amount of 15,848,000 new option
rights to the employees and key engineering resources of the group without
charge. The options are issued on standard terms used by the company in its
option plans. Each option right entitles its holder to subscribe for one new
share at subscription price op 0,03 euros that equals to volume-weighted average
price of company´s share on stock exchange during September 2010. The options
will vest on quarterly basis and the share subscription period on all options
ends on October 1, 2016.
Shares without charge:
In respect of the loan of 7500 teuros raised by the subsidiary GeoSolutions
Holdings N.V. during the year 2009, and 5000 teuros raised during the year 2010,
the Board has agreed as preconditions for the investment to pay an industry
standard placement fee.
According to the final terms of the financing 450 teuros has been paid in cash
and 475 teuros has been paid in shares by issuing 23,750,000 shares without
charge.
Cost of options booked in the period according to IFRS 2. Consideration is given
as options. The counter-item of costs bookings in income statement is
shareholders´equity.
--------------------------------------------------------------------------------
| 1000 EUR | 1-3Q/2010 | 1-3Q/2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Key persons | 85 | 209 | 276 |
--------------------------------------------------------------------------------
| Board | 74 | 441 | 557 |
--------------------------------------------------------------------------------
| Other interest groups | 52 | 27 | 81 |
--------------------------------------------------------------------------------
| Total | 211 | 677 | 914 |
--------------------------------------------------------------------------------
7. FINANCIAL LIABILITIES
--------------------------------------------------------------------------------
| 1000 EUR | Nominal | 3Q/2010 | 3Q/2009 | 2009 |
| | loan | | | |
| | value | | | |
| | 3Q/2010 | | | |
--------------------------------------------------------------------------------
| Non-current: | | | | |
--------------------------------------------------------------------------------
| Loan 2008 | 10000 | 2573 | 3013 | 2605 |
--------------------------------------------------------------------------------
| Loan 2009 | 7500 | 4747 | 0 | 4456 |
--------------------------------------------------------------------------------
| Loan 2010 | 5000 | 4812 | 0 | 0 |
--------------------------------------------------------------------------------
| Non-current | | 12132 | 3013 | 7061 |
| total | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current: | | | | |
--------------------------------------------------------------------------------
| Cbl 2004A | 113 | 113 | 113 | 113 |
--------------------------------------------------------------------------------
| Loan 2008 | | 0 | 949 | 1156 |
--------------------------------------------------------------------------------
| Current total | | 113 | 1062 | 1269 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Convertible bond loan 2004A:
This loan with a nominal principal of 1130 teuros was raised on year 2004 and
was converted during the conversion period before 31.12.2008 in all 1017 teuros.
The remaining amount of loan is 113 teuros. The interest is 4%. No interest was
paid. The loan capital, interest and other benefit may be paid in case of
dismantling or bankruptcy of company only with priority after the other
creditors. The principal may be returned otherwise only providing that a full
coverage for the bound equity and other non-distributable items in the confirmed
financial statements for the latest expired financial year is retained. Interest
or other benefits may be paid only in case the paid amount may be used for
profit distribution in the confirmed balance sheet for latest expired financial
period.
Financing round 2008:
The subscription period of the loan note for raising a maximum amount of 16000
teuros ended on May 15, 2009 and the total amount of subscription was 10000
teuros. The maximum amount of new shares to be subscribed by virtue of the
subscribed note is 94,339,622 representing approximately 10.24 % of the
registered share amount and 8.12 % of all outstanding securities. As a result of
the note the Company´s share capital may increase by a maximum of 943 teuros.
The annual interest of the loan is 12.5 %, paid twice a year, however interest
of period 1.7.-31.12.2009 was paid in January 2010. The loan will end on August
25, 2013. Effective from June 30, 2010 it was agreed that interest payments are
suspended and all interest will accrue and roll up until maturity.
Financing round 2009:
The subscription period of the loan note for raising a maximum amount of 25000
teuros was originally to end on March 31, 2010, but has been extended until the
end of the year 2010. The group has received and withdrawn the investment
commitment of 7500 teuros during the year 2009. The loan note was raised by the
subsidiary GeoSolutions Holdings N.V. ("GHNV"). The loan note entitles to
subscribe shares of GHNV. The amount of shares will in all events be less than
half of GHNV´s outstanding shares and share capital. Alternatively the investors
have the option to convert their notes into GeoSentric´s shares corresponding
the same proportional amount of fully diluted shares as the investor otherwise
would have received of GHNV´s shares. The note will expire in five years. As a
precondition for the investment the Company has agreed to pay an industry
standard placement fee of up to 6% of the amount raised. The note accrues
interest at the rate of 5% p.a. which shall be deferred until redemption or
conversion. The conversion rate shall be calculated based on the lower of the
market capitalisation of GeoSentric at March 31, 2010, the market capitalisation
at the date of conversion and the valuation implied by an external financing
round or bid, all discounted by 50%. In the event that the notes have not been
redeemed or converted by the maturity date or in the event of insolvency, a
further 15% discount shall be applied to the conversion rate. The note is
secured by a pledge over the share capital of GeoSentric and GHNV and over other
assets of the group.
Financing round 2010:
The 2010 loan note has the same terms as the 2009 note except that the note
accrues interest at the rate of 12% p.a. and is for a maximum amount of 6000
teuros of which 2500 teuros has been drawn on June 30, 2010 and 2500 teuros has
been drawn on September 1, 2010. The remaining up to 1000 teuros is expected to
be drawn in Q4 2010.
8. COLLATERAL COMMITMENTS AND CONTINGENCIES
--------------------------------------------------------------------------------
| 1000 EUR | 3Q/2010 | 3Q/2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Collateral for own | | | |
| liabilities: | | | |
--------------------------------------------------------------------------------
| Pledged non-current | 5 | 46 | 5 |
| financial assets | | | |
--------------------------------------------------------------------------------
| Pledged current | 58 | 57 | 57 |
| financial assets | | | |
--------------------------------------------------------------------------------
9. RELATED PARTY TRANSACTIONS
The parent and subsidiary company relations in the group were as follows:
Parent company GeoSentric Oyj. Subsidiaries with parent company ownership and
voting rights of 100 % are GeoSolutions Holdings N.V., and its through (100%)
subsidiaries GeoSolutions B.V., GeoSentric (UK) Ltd., GyPSii (Shanghai) Co Ltd.
and GyPSii Inc.
Close circle events have been presented in the Financial Statements from year
2009. No essential changes have taken place in the reporting period.
The Annual General Meeting on June 30, 2010 elected the following persons to the
Board: Hans van der Velde, Daniel Harple, Michael Vucekovich, Gary Bellot, Andy
van Dam, Winston Guillory and Mike Po as a new member. The Board meeting elected
Hans van der Velde as Chairman.
10. EVENTS AFTER THE END OF THE PERIOD
The 23,750,000 new shares issued in September were registered in the Trade
Register in October, increasing the amount of outstanding shares to 921,676,354.
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