Dear shareholders,
We have now reached mid-April and in about two weeks an extraordinary general meeting will be held to decide on the continued operation of the company. The board has prepared a control balance sheet that is largely a consequence of the claim made against the company by Heights Capital Management (HCM) and the expected corporate fine. Shareholders who are unable to attend have the opportunity to provide a proxy via the company’s website.
We have now also had the opportunity to take part in KPMG’s extended report for 2023 and can conclude that the pattern is unfortunately repeating itself – actual sales were also extremely limited this year. Similar to what was communicated regarding 2024, where we applied for – and were granted by the Swedish Tax Agency – a deferral of payment of income tax, we will now investigate the possibilities of requesting a refund of tax paid for 2023 as well.
At the end of March/beginning of April, board member David Pastrana and CEO Simon Marshall visited China. Together with the company’s representative on site, visits were made to existing and potential new customers. The picture afterwards is mixed and the result of the trip can be described in three parts:
- Customer contacts regarding the dosimeters are at a very early stage where no significant sales have been made.
- Regarding Qikcap, where Intellego has a license for sales in Asia, several national distributors showed interest in the product.
- The best results were achieved regarding DARO Group’s products, especially in lighting. A number of discussions are underway that have the potential to lead to actual sales later on.
Overall, it can be concluded that there is a good opportunity to build up sales and distribution on the Chinese market, directly or via local distributors, for the DARO Group’s products – but it will require an investment in time, personnel and marketing to succeed. Unfortunately, it is more difficult to see the opportunities for the dosimeter business.
The board is working in parallel to prepare the annual general meeting to be held on June 25 in Stockholm. At the meeting, the board intends to present:
- Updated corporate structure
- Name change
- Business plan 2026–2028
- Future listing options
On behalf of the board,
Fredrik Olsson
Chairman
Intellego Technologies AB
DARO Group UK