STOCKHOLM, March 26, 2021 /PRNewswire/ -- OXE Marine AB
today published the annual report for the 2020 financial year
on the company's website www.oxemarine.com.
MANAGEMENT REPORT
Information about the business
OXE Marine AB (publ) (NASDAQ STO: OXE) (OTCQX:
CMMCF) was formed in 2012 and after several years of
development has developed a diesel outboard for the marine market.
The head office is located in Helsingborg with product development,
part assembly, as well as testing of the product, carried out in
Ängelholm. OXE Marine AB is listed on Nasdaq First North, ISIN
SE0009888613. The global outboard market has long been dominated by
gasoline engines, but with a diesel engine you get a stronger and,
above all, a more fuel-efficient engine.Several attempts have been
made to develop outboard engines for diesel fuel, but the
difficulty lies in developing a sufficiently strong design for
power transmission between the engine and the propeller. OXE
Marine's outboard engine, OXE Diesel, is the first diesel outboard
that is capable of replacing the well-established gasoline
outboards in the higher power levels, in commercial and
governmental operations. The engine is a modular platform that has
been configured for a horizontally mounted engine, unlike
traditional outboards that have vertical engine installations. OXE
Marine's unique solution has led to great international demand for
the company's engines. Among other things, in 2015 the North
Atlantic Treaty Organisation ("NATO") introduced a directive,
Single Fuel, which stipulates that all NATO equipment must be run
on diesel if this is an available alternative in the market.
Significant events during the financial year
OXE Marine AB ("The Company") announced the following
significant events during the
year:
- The company name changed from Cimco Marine AB (publ) to OXE
Marine AB (publ)
- The company received EUR 4 m in
funding, relating to Tranche B of the EIB facility.
- PanLink in Tczew, Poland
selected as the production partner for the OXE300 and Outdoor
Network Manufacturing in Albany, USA selected as the new manufacturing partner
for the 125hp to 200hp series.
- Following the successful collaboration with the BMW Group of
marinizing their 3 liter, 6 cylinder bi-turbo engine for use in the
OXE300s, OXE Marine AB and BMW agreed to co-brand the OXE300.
- The Company received first commercial order from the US Coast
Guard following testing and validation.
- The Company entered into a cooperation agreement with Evoy AS,
an electric marine propulsion company based in Norway, to assess the technical and market
viability of a high-powered electric outboard.
- The Company announced that the European Patent Office intends
to grant OXE Marine AB (publ) a European patent for an electric
duoprop outboard.
- The Company carried out a directed share issue of SEK 65.9m to strategic and qualified investors to
finance an accelerated growth strategy. The directed share issue
increased the number of ordinary shares in OXE Marine by 32 950
000, from 164 839 521 to 197 789 521, and the share capital
increased by SEK 987 993.18 from
SEK 4 942 650.17 to SEK 5 930 643.35. The subscription price amounted
to SEK 2.0 SEK per share and has been
determined through a traditional book-building procedure with a
large number of qualified investors. The Board assessed that the
subscription price was market-based.
- The Company received the official approval and issuance of the
United States Environmental Protection Agency ("EPA") Tier 3
certificate for OXE300.
- The Company's distributor Diesel Outboards LLC confirmed order
for more than 50 OXE300 from US government for deployment in
Central America.
- COVID-19: The company was impacted by COVID-19 in
several ways, including delay in the preparations to start
production of the OXE300 due to supply chain disruption. The
Company also took appropriate action to conserve resources and
ensure continuity of business and put certain employees on short
term furlough and received funding from Tillväxtverket of
SEK 0.5m for the period April to
June 2020. The Management team took a
voluntary 20% pay cut during this period.
Future Prospects
OXE Marine's future growth is dependent on the company
developing and producing sustainable products. Work on quality
assurance of the product and the supply chain will continue during
2021. The Company continues to develop an organisation that works
in a structured and efficient way with quality. Based on the recent
development in the Order Book, Management's assessment is that
demand will continue to be strong from the market.
NOTE: The English version is a translation of the Swedish
version, for any inconsistencies in the translation refer to the
Swedish version.
This disclosure contains information that OXE Marine AB is
obliged to make public pursuant to the EU Market Abuse Regulation
(EU nr 596/2014). The information was submitted for publication,
through the agency of the contact person, on 26-03-2021 11:00
CET.
CONTACT:
Certified Adviser
FNCA Sweden AB is Certified Adviser for OXE Marine AB (publ).
Contact details to FNCA Sweden AB: tel. +46 8 528 00 399,
e-mail info@fnca.se.
For further information, please contact:
Myron Mahendra, CEO,
myron.mahendra@oxemarine.com, +46 76 347 59 82
Anders Berg, Chairman,
anders.berg@oxemarine.com, +46 70 358 91 55
OXE Marine AB (publ) (NASDAQ STO: OXE) (OTCQX: CMMCF)
has, after several years of development, constructed the OXE
Diesel, the world ́s first diesel outboard engine in the high-power
segment. OXE Diesel has a unique belt driven propulsion system that
allows a hydraulic multi-friction gearbox to be mounted. This means
that the engine can handle significantly higher loads than a
traditional outboard engine. OXE ́s OXE diesel has a horizontally
mounted engine as opposed to a traditional outboard with a
vertically mounted engine.
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/oxe-marine-ab/r/oxe-marine-ab-publishes-annual-report-for-2020,c3313649
The following files are available for download:
https://mb.cision.com/Main/16067/3313649/1392906.pdf
|
ANNUAL REPORT
2020
|
https://news.cision.com/oxe-marine-ab/i/annual-report-2020,c2892877
|
Annual Report
2020
|
View original
content:http://www.prnewswire.com/news-releases/oxe-marine-ab-publishes-annual-report-for-2020-301256655.html
SOURCE OXE Marine AB