As previously informed ASTG’s new board of directors and principal owner have been in discussion with GEM Global Yield Fund LLC SCS and GEM Investments America LCC with the purpose of rescinding the financing agreement entered into by the parties.
Whilst the GEM entities have complied with all of its contractual obligations, the new ASTG’s shareholders have concluded that alternative financing arrangements would better suit ASTG’s financial needs. ASTG has therefore concluded that it should amicably terminate its financing arrangement with GEM.
To be able to enter into a final settlement based on the agreement GEM has agreed to a reduced consideration for making a facility of 30 MSEK available to ASTG and R-Östman Invest AB has on behalf of ASTG settled all dealings. ASTG and GEM have agreed that a reduced consideration of 10 million shares would be reasonable in the circumstances. The settlement payment has been settled by GEM receiving the 10 million ASTG-shares via R Östman Invest AB. These shares have been transferred to GEM as a settlement payment for all dealings between ASTG and GEM. Hence, no warrants will be issued to GEM and GEM and ASTG have no further claims on each other.
N.B. English translation is for convenience purposes only
About Advanced Stabilized Technologies Group AB
In ASTG is the wholly owned subsidiary AIMS AB included.
ASTG AB develops, manufacture, and sell innovative 4- axle stabilized VSAT antennas mainly for maritime installations. The company also operates a development project based on C2SATs antenna robot. C2SAT. AIMS AB develop and sell advanced innovative slowness sensor systems, IMU’s that are intended for measurements of movements in three dimensions.
The commercial domicile of the company is Stockholm.
For furhter information, contact:
Nils Eriksson 070-34 17 486
Olov Widigsson 070-488 48 86
Andreas Adelgren 072-73 74 317
Advanced Stabilized Technologies Group AB
Isafjordsgatan 32B, 164 40 Kista, Sverige
www.astg.se
About GEM (www.gemny.com)
The Global Emerging Markets Group, www.gemny.com is a $3.4b alternative investment group having completed 365 transactions in 65 countries. The firm manages a diverse set of investment vehicles across the world. GEM’s funds include: CITIC/GEM Fund; Kinderhook Industries; GEM Global Yield Fund; and GEM India.
For more information, please contact:
The Global Emerging Markets Group
Mr Warren P. Baker, III
E-mail: wbaker@gemny.com