Larger subsidy for new process line from PARP to BRASTER S.A.

The Polish Agency for Industrial Development (PARP) has granted BRASTER a more than PLN 4.094 million subsidy for the launch of construction of the new TESTER manufacturing line. Thus, the Company will be ready to market the device in accordance with the strategic plan: as early as mid-2016. Earlier, in autumn this year, the Company will issue its stocks to secure funds for this purpose, among others, and move its stocks to the main WSE (Warsaw Stock Exchange) floor.

“The PARP’s acceptance of our request means, first of all, that we will proceed with the strategy adopted and announced in June, as scheduled, while the commissioning of the plant (I mean the line for the manufacture of the unique liquid-crystal matrices based on our proprietary technology patented in many countries throughout the world) will become possible once we source the lacking funds from the autumn public issue of our stock. In line with our plan, we will gain the serial manufacturing capacity as early as mid-2016” – commented Krzysztof Pawelczyk, BRASTER S.A.’s President.

The total value of the investment in the matrix manufacturing line will exceed PLN 11.82 million and the project will be completed by June 30, 2016.

“Our initial request for the subsidy for action 4.1 under Project 1.4-4.1, accepted by PARP, was for PLN 1,313 million. However, as the development of the TESTER progressed, we discovered new areas requiring funds. Therefore, we asked PARP for additional PLN 2.781 million under action 4.1 and now our annexed agreement with PARP provides for PLN 4.094 million in aggregate for our project (current report N° 57/2014)” – said Konrad Kowalczuk, BRASTER S.A.’s Management Board Member and CFO.

“The increase of the subsidy for action 1.4-4.1, which we requested from, and have been granted by, PARP addresses the final substance of the core process infrastructure components that we have elaborated and validated in performance and quality terms. In addition, the design contains technologies we have developed with third party vendors, conforming to our growth strategy. Our Company is going to focus on the key TESTER components, liquid-crystal films, while the third party vendors will supply the remaining parts for the device. This approach to the project will enable us to optimize our manufacturing processes. This means that, in the forthcoming future, for procedural reasons, we will cancel the original agreement for action 4.6, providing for the original, extensive, scope of the investment (current report N° 22/2013), and we will focus on the maximum absorption of the funds secured for action 1.4-4.1” – added Henryk Jaremek, BRASTER S.A.’s Vice President and Chief Operations Officer.

BRASTER S.A., presently traded at the NewConnect, plans to move to the main WSE floor and issue new stocks to finance the launch of the TESTER after mid-2016.

“From the financial point of view, project 1.4-4.1 will become much more cost-effective owing to the full adjustment of the deliverables of project 1.4-4.1 to our requirements even if the subsidy will be slightly smaller than the one proposed for actions 1.4-4.1 and 4.6 combined. This is a consequence of the fact that our aggregate demand for cash under the PARP-accepted annex will be smaller. What matters most to our investors, the funds from PARP will enable us to reduce the value and volume of the autumn issue” – added Krzysztof Pawelczyk, BRASTER S.A.’s President.

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