Dear shareholders,
It has now been just over two weeks since the new Board of Directors was elected, largely thanks to initiatives taken by the shareholders Hans Isoz and Elias Kalla.
Since the extraordinary general meeting, we have been working intensively to ensure that the company has stable operation and a foundation for continued business. That foundation is our British subsidiary, Daro Group.
The Board’s first weeks of work
The Board’s first week was spent in Stockholm focusing on mapping the company’s actual historical development and current situation, as well as beginning the work of defining a clear direction forward.
Thereafter, members of the Board, together with CFO Henrik Resmark, visited Sudbury in south-eastern England for follow-up meetings with Simon Marshall and his colleagues at Daro Group. During the week, a thorough review of the operations was conducted, and meetings were held with the company’s auditors to ensure accurate historical data and identify business opportunities in the short and medium term.
It is encouraging to conclude that within Daro Group there are no indications whatsoever of exaggerated, incorrect or fraudulent figures. On the contrary, it has become clear that Intellego’s incorrectly reported figures and the media attention surrounding them have not affected Daro Group to any significant extent. While a few partners have raised questions, Daro Group clearly has strong and long-standing relationships entirely separate from the parent company.
Daro Group, with approximately 55 employees, operates in contract manufacturing (metal manufacturing), water purification and UV applications, as well as security lighting. The company is one of only three companies approved by the UK Ministry of Justice to carry out installations of security lighting. Daro Group not only shows a positive and stable result over time, but is also cash-flow positive, which provides us with a solid platform to build upon.
Strategic direction
Based on the above, we plan for Daro Group to become the operational hub of the Group for all business areas. In this scenario, all assets and business opportunities – such as dosimeters – previously handled by the parent company will be transferred in their entirety to Daro Group.
As part of this restructuring, Simon Marshall has been appointed as the new CEO of both Daro Group and the parent company Intellego Technologies AB. Simon will work closely with Intellego’s CFO Henrik Resmark and the existing staff at Daro Group.
Review of historical sales
KPMG has delivered a preliminary report regarding Intellego’s invoicing during 2024. Unfortunately, as feared, 2024 follows the same pattern as 2025: actual sales have taken place only to a very limited extent, and customer contacts have largely been characterized by promises of counter-purchases, large investments, or conditions linked to unlikely future events.
Against this background, we have initiated a review of sales also for 2023.
Customer relationships and market activities
We have initiated contact with all serious existing and potential customers, distributors and partners in North America, Europe and Asia. Where deemed beneficial, members of the Board will meet these parties personally to build sustainable and long-term relationships. It should be noted that only a small proportion of the company’s customer contacts from 2024 and earlier are assessed to have real potential as actual customers.
Liquidity and tax matters
Because of the review of the company’s 2024 revenues, we have applied for – and been granted by the Swedish Tax Agency – a deferral of the payment of corporate income tax for 2024, amounting to slightly more than SEK 20 million. The tax was originally due on March 12, 2026 and was based on the incorrect result reported for 2024.
Together with the implemented terminations of the majority of Intellego’s employees, this means that the liquidity forecast now looks significantly better compared with the situation when we took office.
In addition, preparations will begin to revise the financial statements for 2024 and 2023 as soon as the audit for 2025 has been completed. Our hope is that after these revisions we will also be able to reclaim previously overpaid taxes.
Balance sheet control and ongoing disputes
Despite the positive developments, the Board has decided to prepare a balance sheet for capital deficiency (control balance sheet) as of February 28, 2026, and a notice convening an extraordinary general meeting will be issued shortly. The decision aims to create a clear timeframe for resolving ongoing disputes and ensuring that the company’s equity is sufficient to handle the challenges we are facing.
This measure is largely a consequence of the claims that have been made against the company, primarily Heights Capital Management’s (HCM) demand for repayment of its investment, an upcoming corporate fine, and the settlement of the debt to Svensk Exportkredit.
Finding solutions to these disputes is the Board’s highest priority and a prerequisite for the company to continue its operations.
At the same time, information gathering and planning are underway regarding potential outward legal actions aimed at holding responsible parties accountable for the events that have placed Intellego in its current situation. A full review of historical data is a prerequisite for this work. The Board is working purposefully to safeguard and, to the extent possible, restore shareholder value.
Board changes
Due to personal circumstances, Anders Ermén has chosen to step down from his position on the Board. A replacement will be proposed at a later stage, but no later than at the Annual General Meeting 2026.
Delisting and potential future listing
We will shortly publish a Q&A section on the company’s website regarding the effects of the delisting from Nasdaq First North Growth Market. At the same time, the possibilities of listing the company on an alternative marketplace are being evaluated once a stable foundation has been established.
On behalf of the Board of Directors,
Fredrik Olsson
Chairman
Intellego Technologies AB
Daro Group UK