Dear Shareholders,
We have now been operating in our assignment for just under three months. As a summary of previous communications, it can be concluded that KPMG’s forensic investigation regarding the company’s invoicing during the period 2023–2025 shows that actual sales have been extremely limited. The dosimeter business has essentially consisted of customer contacts in various, more or less advanced, stages of discussions without any significant sales taking place.
Balance Sheet for Liquidation Purposes
The Board convened a first control meeting on April 28, at which continued operations were approved based on the presented balance sheet for liquidation purposes. The decision means that the company has eight months to fully restore its equity capital in order to avoid liquidation; this decision will formally be made at a second control meeting. A significant uncertainty factor is the dispute with Heights Capital Management (HCM), where arbitration proceedings have been initiated and commenced.
Annual General Meeting
A notice to the ordinary Annual General Meeting will shortly be distributed. In previous communications, it was announced that the Board intends, among other things, to present an updated corporate structure, business plan for 2026–2028, company name change, and future listing alternatives. At present, we cannot proceed regarding listing alternatives and the business plan, as the fundamental prerequisites have not been secured, mainly due to the ongoing processes involving HCM and the Swedish Economic Crime Authority (EBM).
Regarding the corporate structure, the plan is to liquidate the subsidiaries in the United States and China, which are relatively costly to maintain and do not conduct any commercially significant operations. The Board will propose changing the company name to DGH International AB and thereafter – once the ongoing processes have been concluded – changing it to Daro Group International AB.
Investments
It can be concluded that the company’s operations have essentially been financed through share issues and certain invoice financing, and that the business activities communicated to the market have not corresponded to the actual circumstances. The company that everyone believed they were investing in does not exist, and has never existed.
HAI Solutions, in which the company has invested USD 1 million, received FDA approval in December 2025 for its product QikCap, in which Intellego’s photochromic ink constitutes a vital component. As previously communicated, there is interest in the product, but the business remains at an early stage.
Intellego currently consists of a subsidiary in England with approximately 55 employees, carried at approximately SEK 100 million, an investment in HAI Solutions of USD 1 million, loans to Lumaegis of USD 0.2 million, and a patent portfolio – all of which currently have an unclear value. In addition, there are the claims brought against the company by HCM, an upcoming corporate fine from the EBM, and a possible additional purchase price relating to the acquisition of Daro Group, where the terms are relatively unclear.
At the same time, as previously communicated, information gathering is ongoing regarding possible legal actions aimed at establishing liability for the events that have placed the company in its current situation.
Finally, the Board would like to welcome Jonas Sohlman as a new member of the Board of Directors.
On behalf of the Board,
Fredrik Olsson
Chairman of the Board
Intellego Technologies AB
DARO Group UK