Announcement on business strategy change
Joint-stock company “Baltic Telekom” (hereinafter – the “Company”) announces change of the Company’s business strategy to focus on risk and early stage venture capital investment in perspective start-up projects and technologies, specifically in the fields of technology, energy, biotech, data security, media and communications. The Company is confident that the strategy change would have a positive effect on its operations. Technology, energy, biotech, data security, media and communications are developing rapidly and as investment object have sustainable future potential.
The legal structure of the Company does not change, the Company continue to operate as a holding company.
To start implementing the new business strategy the Company has concluded an Intellectual Property Assignment Agreement, whereby the company has acquired intellectual and industrial property rights to two inventions of Mr. Maxim Hunt. Patenting of the inventions is ongoing.
To ensure the Company is represented in conformity with its core business and business strategy, it is planned to change the Company’s firm name to the joint-stock company (akciju sabiedrība) “Baltic Technology Ventures”, abbreviated as AS “Baltic Technology Ventures”. The change of the Company’s firm name is included in the agenda of the Company’s Annual General Meeting of Shareholders to be held on April 22, 2020. The agenda and draft decisions are announced at the joint-stock company’s “NASDAQ Riga” website www.nasdaqbaltic.com.
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