Fastator transfers continued development of Rehact Energy System and patent rights for RVU
Since the reversed acquisition, Fastator has evaluated the operation that was previously conducted in Rehact AB in the form of Rehact Energy System and the patented product RVU. Management’s assessment is that extensive work remains in order to achieve commercial success and that the development work should therefore occur in a company with greater experience in the development and sale of energy-saving products. Accordingly, Fastator has signed an agreement concerning the divestment of the previous operation in Rehact AB to Hansen Capital SA for a total purchase consideration of MSEK 3.
To facilitate Fastator’s shareholders benefiting from a potential increase in value if and when the products achieve commercial success, most of the purchase consideration comprises a promissory note of MSEK 2. The promissory note extends for one year and according to predetermined conditions, can be converted into shares in Mistral Energi AB, the subsidiary of Hansen Capital SA in which Rehact’s previous operation will be conducted. The remaining portion of the purchase consideration amounts to MSEK 1 and will be paid in cash on the date of the transfer.
“Fastator is a property investment company. Developing proprietary technical solutions ties up capital, is associated with high risk and is outside our current strategy and business model,” says Erika Kveldstad, Acting CEO of Fastator. “Accordingly, the Board of Directors has decided to divest the operation that was previously conducted in Rehact AB to a more suitable owner. Fastator still has the opportunity, through partnership in Mistral Energi, to receive yield from Rehact Energy System if and when the technology is completed.”
For more information, please contact:
Erika Kveldstad, Acting CEO
tel: +46 (0)70-339 99 99
Fastator is a Swedish property investment company that invests in property-related companies run by entrepreneurs. The company’s share has been traded on Nasdaq First North Stockholm since 24 September 2015. The company’s Certified Adviser is Mangold Fondkommission AB, tel. +46 (0)8-5030 1550. This is information of the type that Fastator is obligated to disclose in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on 25 November 2015 at 10.00 a.m.