In July 2018, Serstech cancelled the agreement with International Outsourcing Services (IOS) in Indonesia and wrote off the remaining payment due for delivered products. After a legal process, Serstech now has repossessed products with a sales value of more than 2 MSEK. The value of the repossessed products is higher than the amount owed by IOS and covers all costs Serstech has had related to the matter. The products will be included as an asset, valued at production cost, in Q4 2018.
“I am content that we can close the chapter related to the IOS order. We continue to expand our distribution partner network and having these units ready for quick delivery will be an advantage”, says Stefan Sandor, Serstech CEO.
Serstech AB (Publ.) Is required to publish the information in this press release under the EU Market Abuse Regulation. The information was submitted for publication on January 16, 2019 at 14.40.
About Serstech AB
Serstech delivers solutions for chemical identifications and has customers across the world, mainly in the safety and security industry. Typical customers are customs, police authorities, security organizations and United Nations. The solutions and technology are however not limited to security applications and potentially any industry using chemicals of some kind could be addressed by Serstech’s solution. Serstech is traded at Nasdaq First North and you find more information about the company at: www.serstech.com. Certified advisor to Serstech is Västra Hamnen Corporate Finance AB, phone: 040-20 02 50, e-mail: firstname.lastname@example.org.