Brief: Ellwee Divests Electric Vehicle Business

Ortelius International AB (publ)

01/07/2022 06:49

July 1 (Reuters) - Ellwee AB (publ)  ELLWEE.ST :
    * UNIT ELLWEE EV DECIDED AND SIGNED AGREEMENT TO DIVEST THE
SHARES
IN THE SUBSIDIARY ELLWEE MPV AND INDIRECTLY THE WHOLLY OWNED
AMERICAN SUBSIDIARY ELLWEE INC
    * DIVESTED BUSINESS INCLUDES ALL PRODUCTION AND SALES OF
ELLWEE'S
ELECTRIC VEHICLES, WHICH TODAY TAKE PLACE VIA THE SUBSIDIARIES.
    * ELLWEE EV AB DIVESTS ITS OPERATIONS THROUGH A SHARE
TRANSFER FOR
SEK 10 MILLION
    * THE BUYER IS ELECTRIC MOVES AB
    * TRANSACTION IS EXPECTED TO BE COMPLETED IN JULY 2022.
    * FOR ELLWEE, THE SALE MEANS A REDUCTION OF A NEGATIVE
IMPACT ON
EARNINGS THAT THE ELECTRIC VEHICLE BUSINESS HAS ENTAILED, AT THE
SAME TIME AS ELLWEE STRENGTHENS ITS FINANCIAL POSITION THROUGH
THE SALE
    * FOLLOWING THE DIVESTMENT OF THE ELECTRIC VEHICLE BUSINESS,
ELLWEE IS FOCUSED ONLY ON FOR-PROFIT OPERATIONS AND THE SALE
ALSO STRENGTHENS THE COMPANY'S FINANCIAL POSITION

Source text for Eikon:  ID:nMFN3rxPl5 
Further company coverage:  ELLWEE.ST 

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