Rightbridge Ventures divests portfolio company Knacks for 4,350 PLN and saves 450,000 SEK in short-term financing

Rightbridge Ventures Group AB (publ) (“Rightbridge”) or (“The Company”) has today entered into an agreement to divest all shares in Knacks SP. Z O.O (“Knacks”) to Dawid Szymański, who is a minority shareholder in Knacks. The purchase price amounts to 4,350 PLN. The sale of Knacks results in a write-down in the wholly-owned subsidiary Rightbridge Ventures AB of approximately 3 MSEK.

The Board of Rightbridge, along with management, has during November and December conducted a review of the operations to streamline the portfolio to become an investment company focused on investments and partnerships within IP rights and gaming. To implement the strategy, the board has chosen to divest portfolio companies that are not in line with the new strategic direction.

Knacks has had a significant impact on the Group's financial position during the fiscal years 2022 and 2023, which will be reflected in the Group's upcoming financial reports for 2023. Knacks' revenues amounted to 2.5 MSEK in 2022, with a net result of -0.95 MSEK. For the first two quarters of 2023, Knacks had revenues of 1.8 MSEK and a net result of -0.6 MSEK. The sale results in a write-down of 3 MSEK and a write-down of a loan of 176 KSEK. The sale is completed during December. The shares in Knacks are owned by the wholly-owned subsidiary Rightbridge Ventures AB.

“The sale of Knacks is in line with our new strategy and portfolio management. In a short time, we have evaluated and divested companies that fall outside the new strategy towards becoming a company more focused on gaming and IP rights,” comments Claes Kalborg - CEO of Rightbridge.