INVL Technology - Notification on material event

Audited results of INVL Technology (code 300893533) for 2014

Vilnius, Lithuania, 2015-04-09 08:55 CEST (GLOBE NEWSWIRE) -- Reorganization of
INVL Technology and BAIP Group was completed on 9th of February 2015. INVL
Technology was merged into BAIP Group, AB. 
BAIP Group, AB will take over all the rights and duties including the name of
INVL Technology, and will continue operations under the new name of the public
joint-stock company INVL Technology (code 300893533). 

Audited net profit of INVL Technology (code 300893533) amounted to EUR 9.3
million (LTL 32.094 million). 

Additional information:

INVL Technology, an Lithuanian ICT investment company, at the end of 2014
amounted to EUR 11.921 million, or EUR 1,96 per share, according to audited
data. 

Since the end of 2014 INVL Technology has been announcing its results as an
investment entity 

whose purpose is to profit from an increase in the value of owned enterprises.
Therefore, controlled companies are not consolidated, but valued at fair
value”, - said Kazimieras Tonkūnas, Director of INVL Technology. 

Value of companies, controlled by INVL Technology, at the end of 2014 was
estimated by an independent evaluator - 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. 

“In 2015 we expect increase in value and capacity of controlled companies as
well as regional expansion. In addition, we intend to apply for closed end
investment company license, issued by the Bank of Lithuania and to place EUR
21.7 million new share issue. We are also actively looking for acquisitions”, -
said K. Tonkūnas. 

According to him, NASDAQ Vilnius listed INVL Technology will be acting as a
private equity fund investing in IT companies which should be attractive to
current and prospective shareholders. 

INVL Technology managed  companies  in 2014 consistently improved their
results. Revenues of the companies, controlled by INVL Technology, in 2014
increased by 14 per cent and reached EUR 16.7 million. Earnings before
interest, tax, amortization and depreciation (EBITDA) - increased by 39 per
cent to EUR 1.8 million. 

„Main reason of increase in revenue and profit - expansion in Lithuanian and
abroad“, - said K. Tonkūnas. 

Due to revaluation of investments at fair value, net profit of INVL Technology
amounted to EUR 9.3 million. It is proposed to allocate net profit to reserve
for shares buy-back. This possibility would be used if INVL Technology share
price on the stock exchange was significantly lower than its fair value. 


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

Attachments:

INVL Technology_code 300893533_annual information_2014.pdf