The consumer market for solar energy has been challenging in recent years. In early 2026, the market situation has weakened as a result of recent global events, the effects of which are already affecting households’ willingness to invest in the short term, and slows down the demand. Therefore, there is no clear increase in demand going forward, this has led the Group to review the consumer business as a whole and decide on various measures.

Reconstruction of Sesol AB and bankruptcy of Sesol AS
Since the acquisition of Sesol was completed in the autumn of 2025, a business plan has been developed with the aim to change the negative economic situation and finding a way forward to create a profitable continuation for Sesol’s operations in the consumer market.

The work has entailed, among other things, cutbacks in premises, staff and geographical coverage. Measures have also been taken in processes, sales, purchasing and inventory. The forecasts for 2026 have recently had to be revised based on a weakened market situation and increased global instability. The long-term effect of the changes implemented in the business is not considered to be sufficient to achieve profitability. Sesol has a strong position in the market and a professional team of employees. In other words, there are good opportunities to create a profitable company from Sesol, but the cost base is currently too large to bear.

Therefore, the decision to request a company reorganization, in accordance with the Lag (2022:964) om företagsrekonstruktion, of Sesol AB in Sweden has been made by the company’s and Soltech Energy’s Board of Directors. Attorney Niklas Emthén, Lindskog Malmström Advokatbyrå AB, has been proposed as Restructuring officer.

The company reorganization will investigate the possibilities of conducting a future profitable business in the consumer company Sesol AB.

Sesol AS in Norway is not considered to have the prerequisites to become profitable and therefore the board of directors of the company and the board of Soltech Energy have made the decision to put the company into bankruptcy.

Bankruptcy and liquidation in Soldags
The subsidiary Soldags i Sverige AB will, following the decision of the Board of Directors today, be filed for bankruptcy as the conditions do not exist to run the business profitably. Bankruptcy trustees are appointed by the district court. At the same time, a voluntary liquidation of Soldags Montage AB (a subsidiary of Soldags i Sverige AB) is planned.

Review in the Netherlands
Over the past two years, the consumer market for solar energy in the Netherlands, has been characterized by regulatory uncertainty and political decisions that have resulted in a weaker demand and a significant change for the country’s solar energy companies. The conditions for solar energy have therefore weakened significantly compared to when Soltech established itself on the market. Therefore, a review is also being made of Soltech’s presence in the consumer market in the Netherlands, which is conducted in the part-owned company 365zon.

“The market in solar energy for private individuals has been developing slower than expected for a long time, and we see that the recovery is delayed. Therefore, through these measures, we choose to act and take responsibility for creating a profitable group,” says Patrik Hahne, CEO of Soltech Energy.

In recent years, Takorama Elteknik has broadened its offering to include solar energy, energy storage, electrical installations and advanced electrical technology, a holistic approach that makes the company well positioned for large and complex energy projects. By combining technical expertise with a clear focus on sustainability, the company helps customers future-proof their businesses.

The energy storage facility to be installed for Trelleborgs Hamn will bring several benefits in the transition to more sustainable and efficient operations. By storing energy at low usage and at a lower price and then using it when larger ships connect to shore power, the port can smoothly handle power peaks and at the same time relieve the electricity grid. The solution also strengthens the port’s degree of self-sufficiency and contributes to significant reductions in emissions when diesel generators are replaced by clean electricity from shore.

Upcoming EU regulations place demands on ports Energy
Energy storage is expected to be a central component in the electrification that European ports are implementing to meet future requirements. The new EU regulations, which will come into force in 2030, mean that ships over 5,000 gross tons must connect to shore power at quayside.

“We are pleased to be entrusted with this project, which is a strategically important investment and shows how ports can take active responsibility for the energy supply. Trelleborgs Hamn is at the forefront and is doing something that many others will also need to do to meet future EU requirements for shore power and sustainable operations. We look forward to delivering a solution that combines high technical quality with concrete climate benefits” says Mikael Johansson, CEO of Takorama Elteknik.

Photo: Trelleborgs Hamn

The business transition means that all staff from Soldags will now become part of Sesol. In addition to the staff being moved, all external communication and sales from Sesol will take place under the Soltech Home brand, which was launched by the Soltech Group in 2024. This creates a unified brand for the consumer market that positions Soltech as one of Sweden’s largest energy partners for households.

“When we acquired Sesol, the ambition was to create a strong and unified offering for the consumer market. We are doing this now that Sesol becomes Soltech Home, which is a strategic investment that gives us a clear profile and makes it easier to meet households’ needs for smart, profitable and sustainable solutions. We create a common culture, efficient processes and a customer experience that stands for quality and security. With a strengthened Soltech Home, we are taking an important step towards consolidating our position in a fast-moving market,” says Patrik Hahne, CEO of Soltech Energy.

Optimization of energy production
With Sesol as part of Soltech Home, the Group aims to build a profitable consumer business in 2026 and in the longer term reach an even larger market share. The focus is on more installations, subscription services and new products that strengthen customers’ independence and reduce energy costs. The concept offers needs-adapted solar energy solutions with associated batteries and electric car charging in combination with AI-based smart control that enables reduced energy costs for private individuals.

“We are proud to now be fully integrated into the Soltech Group. We get a brand that stands for innovation, future-proof energy solutions and a strong customer focus. Our employees and I look forward to continuing to develop our offering under the Soltech Home brand. This is the start of a long-term journey where we will create value for customers and the Group together. I would also like to warmly welcome Soldags employees to Sesol,” says Henrik Eriksson, CEO of Sesol.

Summary

• The acquisition of Sesol was completed in August and Sesol became the Soltech Group’s 20th subsidiary.
• The integration work has been ongoing during the autumn with a focus on common processes, culture and brand strategy.
• Sesol begins to operate under the Soltech Home brand in all external communication and sales

The project consists of agrivoltaic land-based solar parks that enable combined energy production and agriculture. An agrivoltaic system is a combination of agricultural activities and photovoltaic parks. The solar panels are more sparsely installed than in other solar parks, which makes it possible for agriculture to harvest even on the land on which the solar panels stand.

In addition to the solar panels, associated batteries will also be installed for the solar parks. Part of the revenue will be reported in 2025, which will contribute positively to the company’s earnings. However, most of the revenue is expected to come in 2026.

“Sud Renovables continues to deliver at the highest level. This project shows technical competence, business acumen and the ability to build long-term relationships with their customers. We are proud to have them in the Soltech family and I would like to congratulate Alfred, Manel and their entire solar park team who made this possible,” says Patrik Hahne, CEO of Soltech Energy.

Operating in Catalonia and the Balearic Islands
Sud Renovables, based north of Barcelona, is a leading solar energy company in Spain and became part of the Soltech Group in 2022. The company has about 90 employees and specializes in solar energy and storage solutions for both companies and individuals.

The company’s projects include everything from large-scale solar facades and roof-mounted facilities to floating installations and solar roofs for parking lots. The company has, among other things, installed the Balearic Islands’ largest floating solar cell plant in Mallorca.

“This is a deal we have been working on for a long time, and the fact that it is now in place feels fantastic. We look forward to delivering solar parks with agrivoltaic systems – where the solar energy solution enables both energy production and agriculture on the same surface – combined with battery storage. It is a technologically advanced solution that provides the customer with maximum benefit and enables long-term returns,” says Alfred Puig, CEO of Sud Renovables.

The Spanish solar energy company Sud Renovables, which became part of the group when Soltech acquired 65 percent of the shares in 2022, is active in solar energy and storage solutions for commercial and industrial customers’ self-consumption of solar energy and energy storage.

Soltech’s acquisition of the shares is made in accordance with previous option agreements. Soltech now owns 99.7 percent of Sud Renovables, following an agreement with the founders that they will retain 0.3 percent of the company going forward. At the same time, a new option agreement has been signed to enable Soltech to own 100 percent in the future when and if needed to satisfy Soltech’s interests.

“We are very pleased to acquire nearly the entire remaining stake in Sud Renovables. With a focus on quality, impressive innovation and a strong driving force, they are an important part of the Group and an industry leader in solar energy and energy storage in Spain. It is extra great that the founders Alfred, Manel and Angél want to continue to be owners and now we will jointly take the company to the next level, says Patrik Hahne, CEO of Soltech Energy.

Offering a wide variety of energy solutions
Sud Renovable’s projects often consist of large-scale roof-mounted solar systems, solar facades, solar roofs for parking lots, solar parks and floating solar installations on rainwater collection ponds.

The company was founded in 2005, is well established in Catalonia and has since 2022 been a valued part of the Soltech Group. The company will now have additional opportunities to continue its work to develop the energy solutions of the future that create value for both the customer and the climate.

“We value being part of Soltech Energy and now we are given even better opportunities to further develop our offering and continue to deliver high quality to our customers. Now we and our employees look forward to continuing the journey together with Patrik, Oscar, the rest of the team at Soltech and our sister companies in Sweden and the Netherlands, says Alfred Puig, CEO of Sud Renovables.

Takorama Elteknik has been part of Soltech since 2020 and has gradually broadened its offering to offer solar energy solutions in addition to roof contracting. In 2023, the company made an add-on acquisition of the electrical engineering company Din Elkontakt, changed its name to Takorama Elteknik and developed the business into a full-service company with a complete comprehensive offering in roofing, solar energy, energy storage and electrical engineering. This has broadened the offering, created new business opportunities and delivered greater value for the company’s customers.

In this project, Takorama Elteknik has been the turnkey contractor and helped the property owner with everything from analysis to designing, delivering and installing a number of energy solutions. The company has installed switchgear, high-voltage service and a transformer station, laid waterproofing with additional insulation so that the roof will contribute to increasing the property’s energy efficiency.

The project also includes an energy storage facility of 1.5 MW, which, together with over 2,000 solar panels with a total output of approximately 1 MW, creates efficient and favorable energy production. Takorama Elteknik has also installed electric car charging and carried out other electrical installations in the property.

– We are very proud to be able to deliver a solution that optimizes the customer’s property’s energy. Our responsibilities span everything from energy storage to electrical installations, roofing, solar energy and switchgear. By actively broadening our offering, we can take a holistic approach to real estate’s energy optimization and efficiency. Something that meets the customers’ needs from both an energy perspective but also from an operational economic perspective when we can contribute to creating business benefits for the customer, says Mikael Johansson, CEO of Takorama Elteknik.

Lundbergs Fastigheter develops and manages attractive and sustainable urban environments where people want to live, work and meet. The business includes housing, offices as well as retail and meeting places, mainly in central locations. Lundbergs Fastigheter is a wholly owned subsidiary of the listed investment company Lundbergs. Now they have chosen to enlist the help of the Soltech company E-Mobility for the operation of their charging infrastructure.

“We chose E-Mobility because of their technical expertise, user-friendly interface and ability to adapt the solution to our needs. The platform gives us full control and flexibility in our work to always improve and refine our charging infrastructure,” says Arvid Nyqvist, Technology and Energy Manager at Lundbergs Fastigheter.

Platform for smart charging infrastructure
E-Mobility’s platform makes it possible to monitor, control and optimize charging infrastructure in real time. The system includes automated troubleshooting, dynamic load balancing, payment solutions, and support for both AC and DC charging.

“We are proud to have been entrusted by a company like Lundbergs Fastigheter. The fact that they choose our platform to manage their entire charging infrastructure shows that we deliver a robust and scalable solution that meets future requirements for operation, connectivity, monitoring and optimization of EV charging,” says Martin Götesson, CEO of E-Mobility.

Photo: Lundbergs Fastigheter/Soltech

CEO comment:

We are putting an intense quarter behind us in which we have taken an active and central role in the consolidation of the solar and battery market in Sweden through our acquisition of Sesol. An important and central part of the acquisition was also the addition of Nordic Capital as the largest shareholder, which after the completed rights issue now owns approximately 37% of the capital and votes. With a new main owner and a rights issue completed, we are well equipped to continue building solutions that create value.

In the quarter, we continue to see longer decision-making times and increased competition as a result of fewer projects started, especially in the construction sector. Although the market situation remains a challenge, we can nevertheless see a cautious stabilization and a long-term subdued need for our solutions. At the same time, work is ongoing to adapt the business ensuring that we are well equipped going forward. The energy economy for all properties has an important and growing role in society, which we contribute to through all our business areas: Roof, Electricity, Façade and Solar.

The results for the quarter show that we have a lot of work left to do to reach our wanted position. I am far from satisfied and it is our main priority to continue to adapt the operations to the current market situation with organizational changes, cost adjustments, efficiency, improvements and increased market penetration. I would like to emphasise that we continue to pursue various profitability-driving initiatives in the Group with full force. At all levels, functions and business operational areas.

During the period, our contractors, turnkey solutions and cross-industry offerings continued to create value for all types of property owners in markets that were characterised by uncertainty, weaker economic conditions and price pressure. As before, global uncertainty has affected customers’ willingness to invest. At the same time, it is positive that the energy subject is being discussed, clarified and are of growing importance for all industries and markets. Something that in the long term indicates a growing overall demand where our solutions breadth, technical height and proximity to the customer make it possible for us to quickly take advantage of new opportunities and customer needs.

With the support of our shareholders and guarantees, we have completed the rights issue with a total of approximately SEK 329 million before connected rights issue costs. This strengthens the Group’s financial conditions, positions us as a consolidating industry leader and provides both stability and long-term benefits for our subsidiaries in their business relationships. We can now start working on the prioritized investments we communicated in connection with the rights issue. With these new conditions and with a strong principal owner in Nordic Capital, we have the capacity and expertise to both accelerate the development of our businesses and build a strong and resilient group.

I would like to thank all new and existing shareholders who participated in the rights issue for your commitment and trust.

Patrik Hahne, CEO

Read the CEO’s comment in its entirety in the quarterly report.

Quarter 3: July 1 – September 30

• Net sales amounted to SEK 376.4 (608.3) million.
• The Group’s organic growth amounted to -46% (-18%).
• EBITDA amounted to SEK -22.9 (86.1) million. EBITDA margin amounted to -6.1% (14.2%). EBITDA was impacted by revaluation effects of SEK 0 (92.7) million. Excluding revaluations, EBITDA amounted to SEK -22.9 (-6.6) million.
• EBITA amounted to SEK -41.5 (70.4) million. EBITA margin was -11.0% (11.6%). EBITA was impacted by revaluation effects of SEK 0 (92.7) million. Excluding revaluations, EBITA amounted to SEK -41.5 (-22.3) million.
• Profit after tax for the period amounted to SEK -53.1 (-34.6) million.
• Cash flow from operating activities amounted to SEK -65.1 (-73.1) million. Cash flow for the period amounted to SEK 1.5 (-81.9) million.
• Earnings per share before and after dilution amounted to SEK -0.33 (-0.26).

Interim period: 1 January – 30 September

• Net sales amounted to SEK 1,208.8 (1,741.6) million.
• The Group’s organic growth amounted to -33% (-20%).
• EBITDA amounted to SEK -62.5 (135.6) million. EBITDA margin was -5.2% (7.8%). EBITDA was impacted by revaluation effects of SEK 5.5 (185.8) million. Excluding revaluations, EBITDA amounted to SEK -67.9 (-50.2) million.
• EBITA amounted to SEK -112.4 (89.6) million. EBITA margin was -9.3% (5.1%). EBITA was impacted by revaluation effects of SEK 5.5 (185.8) million. Excluding revaluations, EBITA amounted to SEK -117.9 (-96.2) million.
• Profit after tax for the period amounted to SEK -157.8 (-60.6) million.
• Cash flow from operating activities amounted to SEK -157.3 (-9.1) million. Cash flow for the period amounted to SEK -115.5 (-105.0) million.
• Earnings per share before and after dilution amounted to SEK -1.08 (-0.46).

Significant events during the quarter

• During the quarter, Soltech completed the acquisition of Sesol Group AB, a leading company in solar energy solutions for private individuals. The acquisition was carried out through a directed share issue to Nordic Capital, which thus became the largest shareholder. Sesol is included in the Group’s financial reports as of August 26.
• The Board of Directors resolved, subject to the approval of the Extraordinary General Meeting, to carry out a fully guaranteed rights issue of approximately SEK 329 million with preferential rights for existing shareholders. The aim was to strengthen the financial position, develop business areas and accelerate synergy effects and profitability-driving measures.

Significant events after the quarter

• The rights issue of 1,133,823,366 shares was completed on October 20, 2025 and was subscribed to approximately 69.5 percent, of which 67.4 percent with subscription rights and 2.0 percent without. Guarantee commitments of 346,047,248 shares, corresponding to approximately 30.5 percent, were utilized. The issue provided the company with approximately SEK 329 million before issue costs. The last day of trading in paid subscribed shares was 29 October 2025 and trading in the new shares commenced on 4 November 2025. Through the rights issue, Soltech’s share capital increased by SEK 56.7 million to SEK 66.1 million. The number of shares increased from 188.9 million to approximately 1.32 billion.

The quarterly report and other financial reports are available at: https://soltechenergy.com/en/investors/financial-reports-calendar/

Tlab is an electrical engineering company in the Soltech Group that offers everything in electrical engineering, energy efficiency, smart control, automation and solar energy services for companies, the public sector and private individuals. With cutting-edge expertise in complex and extensive electrical installations, they help enable their customers’ energy production and optimization. The company has now been commissioned to install solar energy and battery solutions at eight construction sheds at Implenia’s establishment at Arlanda. Implenia Sverige AB is a multinational construction and infrastructure company that works for tomorrow’s infrastructure in the Swedish market.

The installation Tlab will carry out consists of mobile solar cell modules developed by the Soltech company Fasadsystem, specially developed for construction sheds and temporary modular properties. The solar energy solutions will contribute solar electricity to the sheds, which need electricity for heating in the winter and for cooling during the summer months, among other things.

The solar modules that are installed are foldable and movable, which makes them a flexible solution for an industry that often has temporary workplaces and establishments. Using solar energy to power construction sheds also contributes to a reduced need for diesel and fossil fuels.

“To be able to support Implenia in the electrification of their construction sheds feels inspiring and a great first project together. They are active in large-scale infrastructure projects and we are proud to be entrusted with contributing to both energy efficiency and reduced climate impact for their establishment at Arlanda. This project shows how the Soltech Group can develop and install energy solutions for a more electrified and climate-smart construction sector,” says Joakim Persson, CEO of Tlab.

A scalable sustainability initiative
Implenia is a multinational construction and infrastructure company that builds infrastructure in Sweden. The investment in solar and batteries at their establishment in Arlanda will now be one of many initiatives in their long-term sustainability work.

“We see this as a concrete and scalable way to integrate green energy into our daily operations. Construction sheds are a natural part of every project and establishment, and by making them self-sufficient in electricity, we can reduce the need for fossil energy sources and at the same time inspire more climate-smart solutions in the industry,” concludes Therése Rönnkvist-Mickelson, Head of Sustainability at Implenia Sweden.

The Rights Issue is comprised of 1,133,823,366 shares, of which 764,591,286 shares, corresponding to approximately 67.4 percent of the Rights Issue, have been subscribed for with the support of subscription rights in the Rights Issue. Additionally, applications for subscription of 23,184,832 shares without the support of subscription rights, corresponding to approximately 2.0 percent of the Rights Issue, have been received. Thus, the Rights Issue is subscribed for to approximately 69.5 percent. Hence, guarantee commitments of 346,047,248 shares, corresponding to approximately 30.5 percent of the Rights Issue, will be utilized. The Rights Issue will provide the Company with proceeds of approximately SEK 329 million before deduction of costs related to the Rights Issue.

The last day of trading in paid subscribed shares (Sw. BTA) is expected to be on 29 October 2025. The new shares subscribed for with and without the support of subscription rights are expected to be admitted to trading on Nasdaq First North Growth Market on or around 4 November 2025.

Those who have subscribed for shares without the support of subscription rights will be allotted shares in accordance with the principles set out in the information document published by the Company on 1 October 2025. Notice of allotment to the persons who subscribed for shares without the support of subscription rights is expected to be distributed via contract note on 23 October 2025. Allotted shares shall be paid in cash in accordance with the instructions on the contract note. Subscribers who have subscribed through a nominee will receive notification of allotment in accordance with their respective nominee’s procedures. Only those who have been allotted shares will be notified.

Through the Rights Issue, Soltech’s share capital will increase by SEK 56,691,168.30, from SEK 9,448,528.05 to SEK 66,139,696.35. The number of shares in the Company will increase by 1,133,823,366, from 188,970,561 shares to 1,322,793,927 shares, which corresponds to a dilution of approximately 85.7 percent of the total number of shares and votes in the Company for existing shareholders that have not participated in the Rights Issue.

Advisors
SB1 Markets, filial i Sverige is acting as Sole Global Coordinator and Bookrunner and Snellman Advokatbyrå AB is acting as legal advisor in connection with the Rights Issue.

For more information, please contact:
Patrik Hahne, CEO, Soltech Energy Sweden AB (publ)
E-mail: patrik.hahne@soltechenergy.com
Phone: 073 518 51 66

The information was submitted for publication, through the agency of the contact person set out above, at 08:30 CEST on 23 October 2025.

Important information
The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such legal restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in Soltech in any jurisdiction, neither from Soltech nor from someone else.

This press release is not a prospectus for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) and has not been approved by any regulatory authority in any jurisdiction. In connection with the Rights Issue, the Company has prepared an information document in accordance with Article 1.4 (db) of the Prospectus Regulation. The information document has been prepared in accordance with the requirements of annex IX to the Prospectus Regulation and is available on the Company’s website.

This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the Company. The information contained in this announcement relating to the Rights Issue is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. SB1 Markets, filial i Sverige (“SB1 Markets”) is acting for Soltech in connection with the Rights Issue and no one else and will not be responsible to anyone other than Soltech for providing the protections afforded to its clients nor for giving advice in relation to the Rights Issue or any other matter referred to herein. SB1 Markets is not liable to anyone else for providing the protection provided to their customers or for providing advice in connection with the Rights Issue or anything else mentioned herein.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public Rights Issue of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the US, the United Kingdom, Australia, Belarus, Canada, Hong Kong, Israel, Japan, New Zeeland, Russia, Singapore, South Africa, South Korea, Switzerland or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, “qualified investors” (within the meaning of the Prospectus Regulation as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018) who are (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

Forward-looking statements
This press release contains forward-looking statements that reflect the Company’s intentions, beliefs, or current expectations about and targets for the Company’s and the Group’s future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company and the Group operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “intend”, “may”, “plan”, “estimate”, “will”, “should”, “could”, “aim” or “might”, or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors and readers of this press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of its date and are subject to change without notice. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, unless it is required by law or Nasdaq First North Growth Market’s rule book for issuers.