DGAP-News: cyan AG / Key word(s): AGM/EGM
cyan AG: Successful first Annual General Meeting forms the basis for further growth
Munich, July 4, 2019 - At the first ordinary shareholders' meeting since the successful IPO in March 2018, the Executive and the Supervisory Board of cyan AG received great approval from the shareholders for their strategy and for the strategic orientation of the company. All items on the agenda were accepted by a large majority. Besides the discharge of the Executive and Supervisory Board, the adjustment of the Supervisory Board remuneration and the election of the auditor, shareholders have accepted the conclusion of a non-cash contribution and contribution agreement. This serves to make cyan group's organization leaner and more efficient - especially after the successful acquisition of I-New AG in July 2018.
In addition, Dr. Lucas Prunbauer has now been confirmed as a member of the Supervisory Board of cyan AG by resolution of the Annual General Meeting. Previously, he has already been a member of the Supervisory Board appointed by the District Court of Munich.
At the Annual General Meeting an authorized capital in the amount of 50 % of the share capital was newly created. In addition, the Executive Board received the authorization to issue convertible bonds and/or bonds with warrants. Accordingly, a conditional capital was created.
Michael Sieghart, CFO of cyan AG: "The capital resolutions of the Annual General Meeting are a great sign for the confidence of our shareholders. We have shown in the past that we take this responsibility very seriously by having deployed our existing capital very wisely for the successful acquisition of I-New AG. Overall, the resolutions of the Annual General Meeting have now laid the foundation for further growth."
cyan AG is very satisfied with the business development in 2019 so far. The preliminary work for the roll-out with Orange - one of the largest mobile phone providers in Europe - which will start in the fourth quarter of 2019 continues according to plan. The forecast for 2019 was confirmed with expected revenues of EUR 35m and an EBITDA of EUR 20m.
cyan is a leading European provider of intelligent, white labeled IT security solutions with more than 15 years of experience in the area of IT security. cyan's holding company is based in Munich, Germany. The main business areas of the company are mobile security solutions for the end customers of mobile network operators and fixed line internet service providers (MNO, ISP), mobile virtual network operators (MVNO), the insurance and financial services sector and government institutions. With the acquisition of I-New in July 2018, cyan became a one-stop solution for MVNOs worldwide. Today, the group has more than 40 international MVNOs with around 5.5 million end consumers among its contractual partners. cyan's solutions can easily be integrated into the existing infrastructure of business partners and introduced to the market via a revenue share model. In addition, data protection is assured through full integration into the customer's own network environment. In December 2018 cyan has concluded a global group contract with Orange for its cyber-security solutions.
cyan operates its own research and development center and maintains close links to universities, international research institutes, security, financial and social organizations. This close collaboration ensures the early recognition of trends and technical developments for integration into cyan's products.
Further information is available at www.cyansecurity.com
Florian Rukover, Head of IR
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Stuttgart, Tradegate Exchange|
|EQS News ID:||836197|
|End of News||DGAP News Service|