Glaston Corporation Stock exchange release 30.11.2021 at
9.30
Since late 2015, Glaston has been a small stockholder and development partner in
a Californian start-up project with the goal to develop a nanotechnology based
smart glass technology for the market. Glaston’s role in the project has been to
develop a production line to produce smart glass developed by Heliotrope
Technologies on an industrial scale. The development of the production line was
completed already in 2018. Product development of the actual smart glass
technology, on the other hand, has been delayed and Heliotrope Technologies has
not been able to raise needed funding in recent financing negotiations to
finalize the product development, and the company’s operations are to be ceased.
As a result, Glaston has decided to write off all balance sheet items related to
Heliotrope, totaling approximately EUR 5.2 million, of which EUR 0.8 million is
cost impacting operating profit and recorded as items affecting comparability.
The impairment of loan receivables recognized in financial items is EUR 1.6
million and the impairment of shares affecting equity with no profit and loss
impact is EUR 2.8 million.
The write-off has no cash flow effect nor impact on Glaston’s outlook for 2021.
Furthermore, the growth targets and strategic projects of Glaston’s updated
strategy announced in August this year are not based on the Heliotrope project
or any other projects related to completely new technologies.
However, there is a growing need for dynamic glass technologies and in the long
run such market will offer growth opportunities.
New customer contacts
Thanks to the Heliotrope partnership, Glaston has established contacts with
parties developing new glass technologies, which has brought the company new,
interesting openings and customer projects for consulting services.
“Through the Heliotrope project and the other contacts it has brought, we have
learned a lot about new glass technologies and industry development trends,
which has been valuable for our own development work. We are now using this new
expertise for the benefit of our customers. As a frontrunner in our sector, we
also do not rule out new cooperation models with glass industry start-ups. When
successful, they can open up new business opportunities,” says Glaston President
& CEO Anders Dahlblom.
For further information, please contact:
Päivi Lindqvist, CFO, +358 40 708 5351
Glaston in brief
Glaston is the glass processing industry’s innovative technology leader
supplying equipment, services and solutions to the architectural, automotive,
solar and appliance industries. The company also supports the development of new
technologies integrating intelligence to glass.
Glaston is committed to providing its clients with both the best know-how and
the latest technologies in glass processing, with the purpose of building a
better tomorrow through safer, smarter, and more energy efficient glass
solutions. Glaston operates globally with manufacturing, services and sales
offices in 10 countries and its shares (GLA1V) are listed on NASDAQ Helsinki
Ltd.
Distribution: NASDAQ Helsinki Ltd, key media, www.glaston.net