Savo-Solar Oy: Cooperation procedure of Savo-Solar concluded

07.July 2015 at 15:00:00 CET

Savo-Solar Ltd.
Company Release                  7 July 2015 at 3 pm (CET)


Cooperation procedure of Savo-Solar concluded

The cooperation procedure initiated by Savo-Solar Ltd. on 23 June 2015 was concluded today. As the outcome of the procedure the company adjusts its operations in Finland through temporary layoffs of 26 employees for an average of three weeks between August and the mid October. The target of the layoffs is to achieve savings of EUR 0.1 million in personnel costs.

The temporary need for adjusting operations is due to the postponement of large projects in Denmark. The company has recently gained new contracts and their deliveries will return the workload in production to a normal level towards the end of the year.

SAVO-SOLAR LTD.

Jari Varjotie
Managing Director

For more information:

Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: jari.varjotie@savosolar.fi

Ingrid Ísthols, communication
Phone: +46 721 810 867
E-mail: ingrid.osthols@savosolar.se

Certified Adviser
Mangold Fondkommission AB
Phone: +46 (0) 8 5030 1550
E-mail: info@mangold.se


Savo-Solar in brief
Savo-Solar provides solar thermal systems for heating of buildings, industrial processes and domestic hot water. Savo-Solar's systems are based on the verified world's most efficient 2 m2 collector utilizing MPE-absorbers with several patents pending. The absorbers are coated with a highly selective optical nano-coating. Savo-Solar is, according to the available information, the only company able to coat ready-made, complete absorbers. Focus is on large scale industrial applications such as district heating, industrial process heating and energy renovations of large buildings. Since 2011 the company has sold and delivered its products in over 17 countries on four continents. Savo-Solar's class A shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.fi.