Oslo, 10 May 2023 – Xplora Technologies (‘Xplora’ or ‘the Company’), Europe’s leading smartwatch company for kids, has today entered into a new European Master Distributor agreement with German based Brodos AG.
Pursuant to the agreement, Brodos shall buy the majority of Xplora’s European inventory at our standard distributor terms, and take over the full distribution of Xplora´s smartwatches to all its telco- and retail- channels and fulfill its online- sales channels across Europe. The transfer of assets shall be completed within Q2 2023.
The agreement marks another milestone in Xplora’s ongoing improvements to our operations and plans to efficiently scale the business.
“We are excited to announce Brodos AG as our European Master Distribution partner" says Sten Kirkbak, CEO of Xplora. “The agreement allows us to re-allocate up to 60 MNOK working capital, currently used for inventory, to secure financial resilience and enable further growth to the company".
This information is subject to disclosure requirements in Regulation EU 596/2014 (MAR) article 19 no. 3 and the Norwegian Securities Trading Act section 5-12.
For further information please contact:
Sten Kirkbak, CEO +47 9220 3710, sten.kirkbak@xplora.com
Jonas Ringstad, Interim CFO +47 406 39 886, jonas.ringstad@xplora.com About Xplora Technologies AS: Xplora is a platform and services company and an industry leader in the market for children’s smartwatches. Xplora was founded to give children a safe onboarding to the digital life and a better balance between screen time and physical activity. Xplora’s vision is to enable children around the world to experience how their everyday activities can create value and make a positive change to the world. The company is headquartered in Norway with operations in leading European markets. Xplora is listed on Euronext Growth under the ticker symbol XPLRA.
About Brodos AG:
With its headquarters in Baiersdorf, around 450 employees and sales of over 700 million euros (FY 2021/2022), Brodos - founded in 1991 - is one of the largest mobile service providers. Brodos has held an outstanding central position as a service provider in the German mobile communications market for over 30 years and is a strategic partner of all leading manufacturers (Apple, Samsung, Motorola, Nokia, Xiaomi and many more) as well as all German network operators (Telekom, Vodafone, Telefónica, 1&1).
