Vienna (ptp024/05.05.2017/10:10) In remembrance of the late lamented Dexwet inventor, founder and Supervisory Board Member Erich Peteln, the annual ordinary shareholders assembly of Dexwet International AG for the business year 2016 took place on the evening of Friday, 28th of April in Wolke 19 in Vienna, Donau-City. http://www.dexwet.com
"Loosing is not an option, the show must go on" was the credo of Dexwet inventor Erich Peteln. Following this mission, the management could maintain and even foster the investor confidence of the participating shareholders, showing good management performance as well as a bright future. The turnaround of the company was executed successfully and Dexwet International AG entered profit stage, with a planned profit after taxes for this business year 2017.
Dexwet CEO Mag. Clemens Sparowitz reported the details of the financial results of the "turnaround year" 2016. After the massive balance sheet loss in 2015 the operative revenues recovered and increased again by 46 %. Total revenues could be increased by 193,5 % through extraordinary financing measures. The balance loss for 2016 could be reduced by 81 % to EUR 289.000.
In the second half of business year 2016 a rigid cost saving program was executed and in combination with recovering turnover, profitability was reestablished in the fourth quarter as planned, sign for the achievement of the operative turnaround.
"After six more loss months in the first half of the year, we took according action ánd finally succeeded to finalize the business year and financial results in an orderly manner. In the last 10 months we led Dexwet back into the profit zone and combined with extraordinary financing measures we could avoid debt overload and maintain the equity of the company. In 2016 we finalized our investments in the areas of production and product development and the market position of Dexwet is stronger today than ever yet. We achieved revenues in all four business areas, domestic as well as international. Taken together, we could reestablish a solid basis for further growth." reported Dexwet CEO Clemens Sparowitz.
Two capital increases after special financing measures
The formal approval of the actions of the Management and the Supervisory Board was then given by the shareholders assembly with unanimous consent. The shareholders assembly then also voted for the two proposed capital measures with unanimous consent. The capital of the company will therefore be increased by app. 10% and the subscription right was limited to those persons, who contributed to the extraordinary financing measures and the orderly financial results 2016. The subscription right of the other shareholders was excluded by the vote.
Turnaround phase finalized
"To take this turn was not really easy." said Dexwet COO Alexander Wiesmüller. "We had to take painful decisions to secure the prosper continuity of the company. Today we are happy about the positive decisions of the assembly for the capital increases, when this is executed we can say that the turnaround phase has ended successfully."
"We have the honor to proceed the lifework of our founder Erich Peteln and we will promote Dexwet company as well as technology further as a strong team, to lead this to real size and relevancy. True Filter Solutions, rigorous improvements sensible for the users. Sustainable solutions for humans and machines. Economically, ecologically and socially beneficial Dexwet compared to existing technologies. We set our goals high for this year in all four business areas and we continue to be highly innovative and to broaden our fields of application. Everything is set for growth and we are highly motivated." summarized Dexwet CEO Clemens Sparowitz, working out the values that will keep on defining the strategy of the company.
Dexwet International AG is specializing in the development of innovative filter technologies and owns nearly 50 patents in the USA, Asia and Europe. The company´s unique filter system separates coarse-, fine- and micro dust in an efficient and reliable way, while standing out for its considerably high air permeability. dexwet´s filter systems are produced and distributed as fine dust filter systems for office equipment (printer, copying machine, fax) used in the pharmaceutical sector, gambling industry (gambling machines), and in the banking sector (ATMs). Since 2014 the company has been intensively working on solutions for the automotive industry as well as in the field of inroom air purification. http://www.dexwet.com