Q1, JANUARY-
- Net revenue was 3 206 (492) kkr of which US was 275 (308) kkr.
- Operating result was -4 144 (-7 462) kkr.
KEY EVENTS IN Q1- The Board convened an Extraordinary General Meeting to carry out a rights issue of approximately 25.1 mkr, a directed set-off issue and the issuance of warrants.
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Two orders were received for biomass of microalgae totaling 3.0 mkr. They were delivered during the quarter.
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The number of shares and votes in
Simris Alg AB was changed as a result of the conversion of 250 000 A shares into B shares. In accordance with the conversion reservation specified in the Articles of Association §7 Conversion reservation, shareholders of Class A shares have requested conversion to Class B shares. Simris Alg withdrew its EFSA application for Omega-3 oil from the microalgae strain Phaeodactylum tricornutum as the company found other strains that are more cost-effective to grow for Omega-3 oil.
KEY EVENTS AFTER Q1 Simris Alg has appointed Julian Read as CEO, starting on May 16, 2022 . Julian was most recently Managing Director (Nordics) for Dyson, and before that marketing director (Nordics) for Omega Pharma.-
On
Friday, April 8, 2022 , an Extraordinary General Meeting was held in Simris Alg AB (publ). Decisions were made on a rights issue of shares, on a directed issue of shares with payment by set-off and on directed issues of warrants. The incumbent CEO, Julian Read , has the right to subscribe for the warrants. -
The Board resolved to change the language of communication to English as a result of the company having an international board where only 1 in 4 members has a Swedish background.
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The Board resolved to postpone the company's Annual General Meeting until
May 25, 2022 . Simris Alg published investment memorandum regarding Rights Issue on 20 April, 2022 .
COMMENTS FROM THE CHAIRMAN
Simris Alg has appointedJulian Read as CEO, starting onMay 16, 2022 . Julian was most recently Managing Director (Nordics) for Dyson, and before that marketing director (Nordics) for Omega Pharma.-
On
Friday, April 8, 2022 , an Extraordinary General Meeting was held inSimris Alg AB (publ). Decisions were made on a rights issue of shares, on a directed issue of shares with payment by set-off and on directed issues of warrants. The incumbent CEO,Julian Read , has the right to subscribe for the warrants. - The Board resolved to change the language of communication to English as a result of the company having an international board where only 1 in 4 members has a Swedish background.
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The Board resolved to postpone the company's Annual General Meeting until
May 25, 2022 . Simris Alg published investment memorandum regarding Rights Issue on20 April, 2022 .
COMMENTS FROM THE CHAIRMAN
Dear Shareholder
The first quarter of this year has been a most encouraging one, especially when we compare it with the two previous quarters.
As you are now aware, the new
Effectively, in the second half of 2021, we spent almost all of our time and energy just fixing problems. This is never pleasant for entrepreneurs: by nature we are business builders, with a deep desire to focus our energy on developing sales.
I am proud to say that as we entered Q1 of 2022, almost all of that hard and unpleasant work had been done. Along the way we successfully developed new strategic relationships that enabled us to sell our high-quality fucoxanthin, and in this quarter we have processed and shipped two large orders with a combined value of approximately 3.0 mkr. Full credit for this success must go to our strong team for their valued work and technical capabilities. Significantly, revenue for this quarter is up 550 percent on the same quarter last year.
Recognising that we want to be a business that is about much more than just fucoxanthin, or EPA Omega 3, we have made a lot of effort to strengthen our R&D. In so doing we have conducted (for the first time in the history of SIMRIS) a scientific hot-water extraction on defatted microalgae biomass under the close supervision of our CSO Prof. Dr.
This hot-water extraction can be compared to making a "tea" and in this "tea" we search for natural compounds that are desirable as skincare actives. Once identified, the next step is for us to isolate these compounds, evaluate them in the lab for performance (in vitro testing) and then later we test on human skin (in vivo testing) to develop claims. This sequence enables us to verify and support any marketing claims that attest to the performance of these actives, which is critical if we are to sell these actives to the major players. Already we are seeing some encouraging signs that are in line with our expectations, and our two PhD students are progressing this work in our labs.
This quarter has also been memorable (at least for me personally) for another important reason: I spent a lot of my time in the second half of last year looking for a CEO that I felt could lead SIMRIS, not just for the next few years, but for its foreseeable future as we build it to be a major player in the global microalgae space. Great CEO's are not available "off the shelf". They are almost never looking for a job, and they are always held onto tightly by their current employers who value them highly. Fortunately for me it was in this quarter that my most favoured CEO candidate decided that he and SIMRIS were finally aligned and thus the appointment of
Finally, as would be expected after all this time spent fixing the business and repositioning it for an ambitious future, we must "put fuel in the tank" to ensure that the company is on a secure financial footing. No CEO should begin a new journey with one hand tied behind their back, and hence the Board have committed to a substantial Rights Issue and concomitant
The next few years are promising to be transformative, as we build an agile and adaptive organisation with a profit focus. As always, thank you for your support and loyalty - it is greatly appreciated.
For further information, please contact:
Tel: +44 791 771 5533, email: steven@simris.com
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