| Ordinary general meeting ProgressNow! invest AG - 18.03.2015
The ordinary general meeting of ProgressNow! invest AG will take place on April 9th, 2015 at 10:00 in the Hotel Blumenstein, Bahnhofplatz, Frauenfeld.
Following the cancellation of the plannned transaction „Reverse Takeover“ with Conicor Medical AG, the financial situation of ProgressNow! invest AG is weak. At this ordinary general meeting the board of directors are thus proposing to the shareholders a reorganisation of the company through a reduction in share capital by a reduction in the nominal share value, followed by a capital increase as follows:
1. The reduction of share capital to CHF 2´767´850.00 by a reduction in the nominal share value from CHF 50.00 to CHF 3.94. The capital reduction is conditional on the successful completion of subsequent capital increase. (see 2 below)
2. The increase in share capital by a minimum of CHF 2´000´000.00 to CHF 4´767´850.00 and a maximum of CHF 10´000´000.00 to CHF 12´767´850.00 through the issue of a minimum 507´614 and maximum 2´538´071 fully paid registered shares each with a nominal value of CHF 3.94.
Although a minimum capital increase of CHF 2 million is proposed, the board of directors recommend an increase of at least CHF 5 million. An amount of CHF 1 million will be required to cover restructuring costs and operating expenses for approximately two further years. The rest of the capital increase will be used by the board of directors for a further investment in the portfolio company, Velico Medical. Bill Skillman and Tom Fitzgerald, CEO and CFO respectively of Velico Medical, will make a presentation to the general meeting of the development work completed and the challenges facing Velico and its blood technologies, SpDP und V-TECH.
The board of directors also propose the conditional liquidation of the company should the reorganisation measures not be completed.
A shareholder letter (in German) will be sent to all shareholders registered in the company’s share register. The shareholder letter together with the annual report 2014 can be viewed, downloaded and printed from the company’s website (Annual Reports). In addition the agenda for the annual general meeting will be published on March 19th, 2015 in the Swiss Official Gazette of Commerce.