2012-10-01 Press release: Novestras guarantee commitment for Strax Group GMBH ceases in connection with repayment of MEUR 2 loan
The development in Novestras portfolio company Strax continues to be strong with a significant increase in profit during 2012. The positive increase in profit in combination with effective cash management has allowed Strax to repay more than MEUR 2 of outstanding credits as at September 30, 2012. For Novestras part the amortization means that Novestra by the end of the year 2012 will not have any remaining guarantee commitment for Strax.
“It is very promising to see that the positive development in Strax continues. The successful business developments have made Strax one of the leading distributors in Europe for accessories for mobile devices such as smart phones and e-readers, with turnover expected to reach MSEK 550 this year with very good margins” says Johan Heijbel, Managing Director, AB Novestra.
Novestra own approximately 25 percent of the capital and votes in Strax with an option to increase to 32 percent.
For further information, please contact Johan Heijbel, board member of Strax Group GmbH and Managing Director of AB Novestra, +46 (0)8 545 017 50.
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About AB Novestra
Novestra is an independent investment company with a portfolio of investments in a number of privately held growth companies including Diino Systems AB, Explorica, Inc., MyPublisher, Inc., and Strax Group GmbH. In addition, Novestra has an investment corresponding to approximately 6 percent of the shares in WeSC AB, listed on First North.
The Novestra shares are listed on NASDAQ OMX Stockholm, under the symbol NOVE, in the Small Cap section. For further information regarding AB Novestra, reference is made to www.novestra.com
The information in this press release is such that AB Novestra is required to disclose pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instrument Trading Act and/or the NASDAQ OMX Stockholm rules. AB Novestra released the information for publication on October 1, 2012 at 11.45 am (CET).