STOCKHOLM, SWEDEN (May 29th, 2019) – Stockholm IT Ventures AB (Frankfurt Stock Exchange: SVAB – ISIN SE 0006027546) announces that it has decided not to close the acquisition of Sprinkle AB.
The board of Stockholm IT Ventures AB and Sprinkle AB have decided to change the parameters from an acquisition in to a partnership between the two companies. Since announcing the acquisition on April 26th of 2019, the two companies have been working diligently to merge the two companies. After some weeks of preparation for the merger, it has become evident that the two parties would benefit more from working as business partners than actually being part of the same company and strive for a holding structure. Therefore, it has been decided that it is in the best interest of both Stockholm IT Ventures AB and Sprinkle AB not to close the planned acquisiton and change the deal to a partnership agreement.
As the acquisition will not take place, there will be no transaction or issuance of Stockholm IT Ventures AB – shares. The partnership agreement at commercial terms will be put into place as soon as possible.
Stockholm IT Ventures AB’s strategy to become a Fintech Bank will be announced in the near future, with a combination of the acquired businesses of SAS Bank, Blocktrade Technology and Fantrac Global Ltd., the partnership agreement with Sprinkle AB and appropriate changes of the Board of Directors.
”We look forward to working in close partnership with Sprinkle. It has become evident over the past weeks that an acquisiton of Sprinkle is not adding value for us and our shareholders. As we have much to offer to each other’s businesses – but our strategies are different and a partnership agreement is the best solution to drive our common activities”, says Bert Scheen, CEO of Stockholm IT Ventures AB.
About Stockholm IT Ventures AB
Stockholm IT Ventures AB is a Swedish public company listed on the Frankfurt Stock Exchange since 2014 under the ticker symbol SVAB. The Company specialises in clean and efficient low-cost energy cryptocurrency mining, production and related FinTech and Blockchain technologies. For more information visit www.stockholmit.co. You can also find the Company on Facebook, Twitter and LinkedIn.
Stockholm IT Ventures AB, Bert Scheen, email@example.com