Identive Group Inc.: Identive Continues to Simplify and Focus with Plans to Dispose of Non-Core Businesses
(firmenpresse) - (DGAP-Media / 13.11.2013 / 15:00)
IDENTIVE CONTINUES TO SIMPLIFY AND FOCUS WITH PLANS TO DISPOSE OF NON-CORE
BUSINESSES
SANTA ANA, Calif. and ISMANING, Germany, November 13, 2013 - Identive
(NASDAQ: INVE) (Frankfurt: INV) announces that its Board of Directors has
approved the sale of non-core businesses as part of a plan to simplify the
company's organizational architecture and enhance its focus on high-growth
products and markets. Within the next few months, the company expects to
execute agreements to sell its Multicard U.S. business as well as the
assets related to its Tagtrail(TM) platform.
'Simplification, focus and growth. Those are the key principles guiding the
company over the next few months as we look to create long-term value for
our stakeholders,' said Jason Hart, chief executive officer of Identive.
'As discussed on our recent earnings call, we are implementing dramatic
changes to philosophically and structurally transform Identive into a
single, unified company focused on providing trusted ID products for
high-growth markets. Part of our right-sizing of the business is to strip
out activities that are not core to this vision. A simpler and more focused
organization will allow us to make meaningful reductions in our operating
expense base and to enhance investment in our target growth markets such as
cloud-based identity management.'
For financial reporting purposes, beginning in the current fourth fiscal
quarter of 2013, the company intends to classify the assets related to its
Multicard U.S. business group and its Tagtrail mobile services platform as
discontinued operations, and expects to report income from discontinued
operations and a separate expected disposal loss from the write-down to
fair value of the net assets held for sale. At this time, the company is
unable to make a determination of an estimate or range of estimates with
respect to the charges associated with its decision to dispose of these
assets.
About Identive
Identive Group, Inc. (NASDAQ: INVE); (Frankfurt: INV) provides trusted
products and solutions that address the markets for identity management,
physical and logical access control, and NFC/RFID-enabled applications for
customers in the government, enterprise, consumer, education and healthcare
sectors. For additional information, please visit www.identive-group.com.
Note Regarding Forward Looking Information:
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Forward-looking
statements can be identified by words such as 'anticipates,' 'believes,'
'plans,' 'will,' 'intends,' 'expects,' and similar references to the
future. Examples of such statements include, without limitation, statements
regarding the expected sale of our Multicard U.S. business, the sale of
assets related to our Tagtrail mobile services platform, our intention to
create long-term value for our stakeholders, our intention to attempt to
sell additional assets that we consider to be non-core to our business, and
our expectation of meaningful reductions in our operating expense base and
increased investments in our target growth market as a result of our
efforts to simplify and focus our business structure and activities.
Readers should not unduly rely on theseforward-looking statements, which
are not a guarantee of future performance and are subject to a number of
risks and uncertainties, many of which are outside our control, which could
cause our actual business and operating results to differ. Factors that
could cause actual results to differ materially from those in the
forward-looking statements include our ability to complete transactions to
sell non-core components of our business within the next few months or at
all; our ability to operate effectively as we reorganize our operations;
and our ability to reduce our operating expense base through the
restructuring of our operations. For a discussion of further risks and
uncertainties related to our business, please refer to our public company
reports, including our Annual Report on Form 10-K for the year ended
December 31, 2012 and subsequent reports filed with the U.S. Securities and
Exchange Commission. All forward-looking statements are based on
information available to us on the date hereof, and we assume no obligation
to update such statements.
Note: Identive, the Identive logo and Tagtrail are trademarks of Identive
Group, Inc., registered in many jurisdictions worldwide. All other company,
product or service names may be trademarks or registered trademarks of
others and are the property of their respective owners.
Contacts:
Darby Dye, +1 949 553-4251, ddye(at)identive-group.com
Lennart Streibel, +49 89 9595-5195, lstreibel(at)identive-group.com
End of Media Release
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Issuer: Identive Group Inc.
Key word(s): Enterprise
13.11.2013 Dissemination of a Press Release, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Identive Group Inc.
1900B Carnegie Avenue
CA 92705 Santa Ana
United States
Phone: +49 (0)89 9595 5000
Fax: +49 (0)89 9595 5555
E-mail: info(at)identive-group.com
Internet: www.identive-group.com
ISIN: US45170X1063
WKN: A1C0ZG
Listed: Freiverkehr in Berlin, Düsseldorf, München, Stuttgart;
Frankfurt in Open Market (Entry Standard)
End of News DGAP-Media
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