Brief: Irras Shifts Commercial Strategy To Focus Resources On United States Market Opportunity And Publishes Financial Update

Irras AB

29/06/2023 22:33

June 29 (Reuters) - Irras AB  IRRAS.ST :
    * IRRAS SHIFTS COMMERCIAL STRATEGY TO FOCUS RESOURCES ON
UNITED
STATES MARKET OPPORTUNITY AND PUBLISHES FINANCIAL UPDATE
    * IRRAS WILL INCUR NON-RECURRING ONE-TIME COSTS OF SEK 3
MILLION,
WHICH WILL IMPACT COMPANY DURING Q3 OF THIS YEAR
    * PLANNING TO CONSOLIDATE ITS OPERATIONS WITHIN US AND BEGIN
PROCESS TO CLOSE ITS WHOLLY OWNED COMMERCIAL SUBSIDIARIES IN
EUROPE
    * RESTRUCTURING IS PROJECTED TO RESULT IN COST SAVINGS
AMOUNTING
TO APPROXIMATELY SEK 17 MILLION ON AN ANNUAL BASIS.
    * WILL CONTINUE TO STRENGTHEN ITS DIRECT SALES AND EDUCATION
TEAM
IN UNITED STATES
    * PLANS TO NO LONGER EMPLOY A DIRECT SALES AND EDUCATION
TEAM IN
EUROPE
    * PLANS TO NOT DRAW UPON ITS 10 MILLION EUR LOAN FACILITY
WITH
EUROPEAN INVESTMENT BANK (EIB)
    * STILL ACTIVELY EXPLORING ALTERNATIVES TO SECURE LONG-TERM
FINANCING OF COMPANY.
    * IRRAS ESTIMATES THAT NET SALES FOR Q2 WILL AMOUNT TO
APPROXIMATELY SEK 8.5 - 11.5 MILLION

Source text for Eikon:  ID:nWkr9MhnjS 
Further company coverage:  IRRAS.ST 

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