OTI Greentech AG (ISIN DE000A2TSL22) is giving an overview of the current business development. The global COVID-19 pandemic has regionally different effects: in Asia, orders are seen on the increase again already. Likewise, noteworthy orders – especially for the ECOSOLUT products with strong margin – are received from the USA. The orders for this very important product for OTI are currently above the figures of the previous year. Uniservice Unisafe is presently as an exception to the shutdowns of businesses in Italy: both the chemistry segment (ATECO Code: 20.59) as well as the safety segment (ATECO Code: 46.69) under which USUS is registered are classified as “essential business segments” by the Italian government, which are allowed to continue production. The safety of employees meanwhile has the top priority for OTI: for this reason, the majority of employees both at USUS as well as at our other companies are working from their home offices by now.
The operative units currently have sufficient inventories to complete the orders. To be able to react to changes on short notice, OTI is analysing the situation all the time.
By now, OTI could convert the outstanding loan almost completely. The registered share capital of the stock corporation amounts to EUR 7,257,458.00 at this time. The conversion price was EUR 1.00, whereby EUR 1.00 debt capital was converted into 1 share. The conversion price is therefore above the current price of the OTI Greentech stock, which is listed at the stock exchange at EUR 0.41 (closing price 22/03/2020). At this time, the technical implementation according to which the additional shares will become tradeable is being initiated. This means OTI is now largely debt-free with the exception of a few credit lines in Uniservice Unisafe and small loan amounts in the other companies.
Preliminary figures for the year 2019 will be published in the coming weeks. The financial report will be published on 15 June 2020.
Dr John C. Kisalus, CEO of OTI Greentech AG, explains: “2019 was a year of reorganisation, which we have accomplished to close successfully. 2020 brings many challenges relating to COVID-19 for which there are no real comparisons, but we have started the year positively and hope that we will be able to continue this positive development.”