Digital Vision AB Completes Successful Reorganisation

Solna District Court has decided to grant Digital Vision's application to end the reorganisation that began on October 9, 2008 and was extended on January 14, 2009.
Digital Vision's reorganisation has been successfully completed, its goals have been met and the company can continue to run its operations with increased financial strength.
The reorganisation has been implemented without a composition, which means that all trade creditors will have their debts repaid in full. The company's suppliers will, during the coming days, receive payment for their outstanding invoices from the time before the reconstruction and the holders of convertibles will receive the interest payments withheld during this period.
Klas Astrom, who now takes over as Chief Executve Officer (CEO), said: "This is, of course, a great day. The reorganisation has been a success on many levels and we are now in a very good position. Since the reconstruction began almost six months ago, we have implemented many improvements in our operations and have laid the foundation for the new Digital Vision.
"The focus has been on product innovation, cost reduction and cash flow and we have further strengthened the financial procedures and enhanced our sales channels. Added to this, our financial situation is now secured, as the recently undertaken share issue is closed."
While the company was under reconstruction, the following actions have been taken:

• Appointment of new CEO and new CFO
• Reduction in operating costs and financial costs
• Total review of the business model and sales strategy
• Cash issue of about 35 million SEK - with preferential rights to existing shareholders to avoid dilution
• Offset issue of 40 million SEK - lowering the debt burden and reducing financial risk

Through the share issue, the company has received several new strong and committed owners. Since cash is now secured, the company can continue major development projects and focus on long-term growth.
Digital Vision AB shares will now be moved from the observation segment back to the ordinary list on the NASDAQ QMX exchange.
Klas Astrom said: "During the time that I have been working with the reorganisation, I have come to know the company, staff and products very well. Our team is extremely capable and have a huge desire to make Digital Vision a success.
"We have a strong product portfolio and are active in a market that is growing. Despite the difficult situation the company has been in, the good relationships with both customers and suppliers has been maintained. I see excellent opportunities to project our technology into new markets and I look forward to continuing to deliver products of superior quality."
Klas joined Digital Vision in October 2008 as acting CFO. He was appointed as CEO in March 2009.
He will also keep his position as CFO. Prior to Digital Vision Klas has had top management positions in a number of Swedish listed companies. Klas holds a Bachelor of Economics from the University of Stockholm.
(KMcA/BMcC)