NEXT BIOMETRICS signs strategic level cooperation with FOXCONN, the world´s largest manufacturing services provider. The parties have agreed that FOXCONN will invest in the upcoming NEXT IPO in June 2014, and will also, for the benefit of FOXCONN clients, explore opportunities for use of NEXT technology within a wide range of key FOXCONN business areas.
NEXT intends to raise new equity through an initial public offering (IPO) with a subsequent listing on Oslo Stock Exchange. FOXCONN supports the planned IPO by subscribing to shares for an amount totaling NOK 30 million, at the final IPO share price. FOXCONN will have the right to further investments of up to NOK 30 million. To fully earn this right, the agreement requires FOXCONN Group purchases of a significant volume of sensors over the coming three years.
Further, NEXT and FOXCONN have signed a non-binding memorandum of understanding defining a number of business areas in which the parties and their respective group companies will explore opportunities for industrial synergies.
NEXT Biometrics CEO, Tore Etholm-Idsøe, is commenting on the cooperation with FOXCONN and the upcoming NEXT IPO:
“Being the world leader in it´s field, FOXCONN have followed the emerging fingerprint sensor industry closely over the years. The list of fingerprint relevant products manufactured by FOXCONN is significant. Therefore we are obviously extremely pleased being able to sign such an agreement, where we have the corporate support of FOXCONN, both financially and industrially. NEXT has now started mass delivery of our unique fingerprint sensors. The FOXCONN deal and the upcoming IPO will secure a strong basis for us to achieve our 2014 and 2015 targets, comments CEO Tore Etholm-Idsøe”.
The contemplated IPO will take place in June 2014. Activities targeting integration projects under the cooperation agreement are planned to be initiated immediately thereafter.
ABOUT NEXT BIOMETRICS
Enabled by its patented Active Thermal Principle, NEXT offers high quality area fingerprint sensor at a fraction of the prices of comparable competitors. A wide range of products format including Smartphones, tablets, PC's, doors, time registration systems, payment terminals, flashdrives, usb-tokens, keyfobs and many more are targeted. NEXT BIOMETRICS GROUP ASA is headquartered in Oslo, Norway, with sales, support and development subsidiaries in Seattle, Taipei and Shanghai.
FOXCONN, headquartered in Taipei, is the world's largest electronics contracter manufacturer, with 1,4 million employees, and is the third-largest information technology company by revenue (USD 132 Billion). For 11 consecutive years the company has been the largest Chinese exporter. In 2012 FOXCONN Group`s export value was 4,9 % of total China`s export.
Contact Information :
Investor & Press contact : Tore Etholm-Idsoe / CEO, mob + 47 922 32 439, e-mail email@example.com
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