Interim Report 2017-01-01 - 2017-03-31

The following summary refers to the period 2017-01-01 – 2017-03-31, compared to 2016-01-01 - 2016-03-31 

• Net sales for the first quarter totaled 0 SEK (0 SEK)
• Operating result for the period of -2 370 816 SEK (-1 502 999 SEK)*
• Cash and bank balance of 8 203 519 SEK (18 096 266 SEK)
• Capitalized development costs of 259 354 SEK (193 733 SEK)
• Registered shares 8 580 000 (8 580 000)
• Result per share -0,28 SEK (-0,18 SEK)
• Equity Ratio 87,5% (92,2%)

*Result incl depreciations for the period

First of all, it is a pleasure and honor to share my first comments on the quarterly results as new CEO of OptiFreeze. Although I have had previous contact with my predecessor Fredrik Westman as Chairman of the Board of Vidinge Grönt, I became very excited about the OptiFreeze progress when Fredrik showed me the research results in the beginning of January. The intensified contact in February and March lead to my appointment in April. I am very excited about the great journey which lies ahead of us.

Before elaborating on future developments, I would like to inform you about the progress made in the first quarter. Great efforts by the method development team has led to very promising results on yield improvement and shelf life extension for fresh cut apple, melon, cucumber and zucchini.

In March the new Vacuum Impregnation (VI) and Pulsed Electric Field (PEF) generation IV prototypes have been ordered from KISAB (SEK 300k) and Ångpanneföreningen (SEK 800k). Both are expected to arrive in the beginning of July. The entire team is very much looking forward to extensively test both prototypes, first at the OptiFreeze facility and subsequently at customers’ facilities. The capacity of the prototypes is over 1,000 kilos of processed fruit and vegetables. This is the quantity required for large fruit and vegetable processors.

In April and May, we have dedicated a significant part of our time to defining the corporate vision, mission, goals, objectives and strategies. On the marketing side, the team has been busy with designing a new corporate logo and website. The strategy outline, market segment focus and key benefits will be communicated on June 9th, which is also the date when our new corporate website will go live. One of the defined strategies is to improve communication with our shareholders, suppliers and customers, so you can expect more frequent updates on social media. After the summer, we will frequently post news on our website as well.

In short, we will keep you posted on the progress made regarding the prototype equipment, commercial focus and our research progress.

Lund, May 30th, 2017

Nick Kramer, CEO