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Beskrivning

LandNorge
ListaEuronext Growth Oslo
SektorInformationsteknik
IndustriProgramvara
Zwipe är ett teknikbolag. Bolaget är specialiserade inom biometri och kommersialisering av diverse autentiseringslösningar inom områdena betalning, ID och personlig åtkomst. Exempel på produkter innefattar kompatibla accessystem, fingertrycksavläsning samt digital ID-identifiering. Bolaget grundades under 2009 och har idag störst verksamhet inom Nordamerika, Europa och Asien.
2019-11-06 08:00:07
OSLO, NORWAY - 6 November 2019

Q3 2019 highlights and recent developments

During the third quarter Zwipe focused on extending its technology portfolio and
network of partners covering the biometric payment card and wearables value
chain:

  · Zwipe entered ground-breaking agreement with industry leader Idemia for a
disruptive biometric payment card platform
  · Zwipe was selected by dz card to launch biometric payment cards in South
East Asia, expanding Zwipe's global network of card manufacturer clients
  · The "Zwipe Experience" was introduced to set industry benchmark for
facilitated go-to-market program
  · G+D chose Zwipe to develop biometric payment wearable
  · Zwipe delivered the first customer order of its second-generation biometric
card inlay
  · Successful prototype completion of Zwipe's proprietary "Z5" energy
harvesting and power management integrated circuit (ASIC)
  · Q3 revenues of MNOK 1.0 (0.9) on biometric payment card inlays and wearables
project
  · Average monthly cash flow at MNOK -7.6 (-5.6) in Q3, versus MNOK -8.9 in
first half year 2019

Status update from the CEO

André Løvestam, CEO of Zwipe said "Q3 2019 exceeded our expectations and we are
happy with the major milestones we have completed over the last months. The
announced collaboration with Idemia on a disruptive technology platform for
biometric payments represents a defining moment for Zwipe. The new biometric
payments platform will drastically reduce product and manufacturing costs by
integrating into a single chip the functions that previously required a Secure
Element, a Microcontroller, and more than thirty external components. This
enables Zwipe to take a strong cost leadership position and gain competitive
advantage as the industry moves towards large-scale volumes.

In parallel, we are forging ahead with our internal research and development
activities and have expanded our intellectual property (IP) portfolio. In the
period, our in-house IP development has progressed well. Zwipe now has 31
granted patents across 10 patent families in its IP portfolio, representing
significant licensing revenue potential for the company going forward.
Immediately after the closing of Q3, we announced the successful completion of a
two-year development project: a working prototype of our Z5 chip which we plan
to commercialize to stakeholders across the payments ecosystem, both as a stand
-alone chip and as part of our biometric payment platform, the biometric inlay.

We have complemented our products with services. At the end of the quarter,
Zwipe introduced the "Zwipe Experience" to its customers - a comprehensive
program of products and services, enabling the card manufacturers to prepare for
all aspects of launching biometric payment cards.

With product development taking positive strides, we have also continued
expanding our network of customers. In Q3 we added Thailand-based card
manufacturer dz card to our already substantial global customer network. Dz card
plans to launch biometric payment solutions to address the emerging needs of
customers in Thailand and across Southeast Asia, a region poised to see
exponential growth in payment card adoption over the coming years.

Beyond dual-interface payment cards, we are pursuing complementary payment
solutions where our technology represents a competitive advantage for our
customers. During the quarter, we announced that we had been engaged by G+D
Mobile Security, one of the world's largest players within security solutions,
to provide product design and prototyping for a wearable biometric payment
device to be piloted by a leading bank.

With good momentum in these two emerging product verticals, we are confident
that our focus on building relationships with our customers will play a major
role in securing both short- and long-term success for the company. The new
relationships diversify our customer base and extend our geographical presence,
securing ties with regional leading card manufacturers and banks. Industry
leaders in the biometric payment industry such as Idemia and G&D are firming up
their roles, setting up commercial structures and investing in trial and
production capacity. The fact that they select Zwipe as a key partner for their
endeavours is a testament to our strong role in the value-chain.

It is exciting for us to see that our future potential is materializing in near
-term commercial opportunities. Our initial sales of biometric card inlays, and
customer-funded engineering efforts are opening doors for greater opportunities
going forward. I am delighted to see that the steps we have taken are starting
to bear fruit."

Financials and Significant Events During Third Quarter 2019

Financial Status

During the third quarter Zwipe had revenues of MNOK 1.0 (0.9) representing sale
of products for trial purposes as well as NRE invoiced to certain customers for
specific developments. Accumulated revenues for the year amount to MNOK 1.3
(1.6).

Average monthly cash flow during Q3 2019 was MNOK -7.6 (-5.6), compared to MNOK
-8.9 in the first half of 2019. The closing cash balance at end of Q3 was MNOK
51.0.

Subsequent event: Completed prototype Zwipe Z5 chip

After closing of the third quarter, Zwipe announced the successful prototype
completion and power-on of its in-house developed "Z5" energy harvesting and
power management integrated circuit (ASIC). The proprietary new chip is a
significant milestone in component consolidation, cost reduction and efficiency
improvement for Zwipe. Commercial samples are planned to be ready by mid-2020,
by which time mass production can start. The Z5 chip will precede and
subsequently complement the emerging biometric payment technology platform
announced with Idemia.

For more information please contact:

André Løvestam, CEO, +47 930 44 040
info@zwipe.com (info@zwipe.com?subject=Press%20Release%20Inquiry)