ASTG brings forward Q1 2020 reporting and gives update on Coronavirus impact
To address questions from many shareholders regarding the impact of the Coronavirus on ASTG, the company will bring forward the Q1 report to from May 11, 2020 to April 20, 2020.
CEO, Carsten Drachmann explains: "We continue to receive questions from several investors regarding the impact of the Coronavirus on the ASTG business and I want to give you a status update since our last communication on March 4, 2020.
First of all, my thoughts go out to everyone who is impacted by the Coronavirus. These are difficult times and I know we are all concerned about the future. At present time, none of our employees have contracted the virus. Most of our staff have the possibility to continue their work from home and when the need arises to work in the office, guidelines are in place to minimize close contact. This allows us to continue the execution of our plans.
As it pertains to our business, all the antenna systems needed for deliveries in Q1 2020 have now been produced and is ready for delivery to the customer.
Being a technology and growth company, our business is not experiencing a sudden decline in sales and revenue. However, in these times we are continuously reviewing our cashflow projections to be able to adapt and prepare for potential changes and opportunities which may arise. While we have a diligent focus on the cashflow, ASTG continues to execute on its operational and strategic plans as before.
To provide our shareholders with more concrete insight to our financial results for Q1 sooner, we have, with the help of our accounting team, moved up the Q1 2020 reporting to April 20, 2020."
Carsten Drachmann, CEO
Telefon: +45 4063 4036
ASTG includes the wholly owned subsidiary AIMS AB.
ASTG AB develops, manufactures and sells innovative 4-axes stabilizing VSAT antennas for maritime use. The company is also selling development projects based on C2SAT's antenna platform. AIMS AB develops and sells advanced inertial sensor units (IMUs) designed to measure movements in three dimensions.
The company's registered office is in Stockholm, Sweden.
For accuracy, please exclusively rely on the Swedish version. Should there be unintentional translation differences between the English and the Swedish press release, the Swedish version will take precedence.