|Net Asset Value of the ProgressNow! invest AG share per June 30, 2015 USD 0.01. loss of CHF 3.93 per share
Convening of an extraordinary general meeting on September 30 2015
The board of directors of ProgressNow! invest AG announce that the net asset value of the ProgressNow share per June 30, 2015 after the semi-annual valuations of all investments, amounts to CHF 0.01 per share (unaudited figure).
ProgressNow! invest AG expects a loss for the period of CHF 2760179 (CHF 3.93 per share)
This loss is due to the reduction in the valuation of Velico Medical, Inc. Following the failure of the proposed capital increase of ProgressNow! invest AG in May 2015 it has not been possible for the company to participate in the proposed capital increase of Velico Medical, Inc. This will result in a dramatic dilution in ProgressNow’s investment in Velico and the valuation has thus been reduced from USD 0.30 to USD 0.06 per share.
The Semi-Annual Report and Accounts 2015 of the ProgressNow!-Group will be published on September 8, 2015.
Following the rejection by the ordinary general meeting of the board of directors proposal to liquidate the company in the event of the failure of ProgressNow´s proposed capital increase, the board of directors has been evaluating future strategies. During this evaluation a group of investors emerged with whom intensive discussions have been held, leading to the signing of a letter of intent on August 12, 2015. This provides for a realignment of the company over which the Board will inform shareholders at an extraordinary general meeting to be convened for September 30, 2015. The shareholder group Deck/Schöni has also requested such an extraordinary general meeting.