26 Feb 2016 07:00
26 February 2016
EU Supply plc
("EU Supply", the "Company" or "the Group")
Termination of non-exclusive broker agreement
EU Supply plc (LSE AIM: EUSP), the e-procurement software provider, announces with effect from 27 February 2016 the termination of the agreement with its non-exclusive broker SI Capital, as a part of the Group's cost reduction programme.
FURTHER ENQUIRIES
EU Supply PLC Thomas Beergrehn, CEO Mattias Ström, CFO
Stockdale Securities Tom Griffiths, David Coaten | Tel: 020 7127 4545
Tel: 020 7601 6100
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Notes to Editors
EU Supply is the UK holding company of the EU Supply Group, a Sweden-based e-commerce business, which has an established, market-leading, multilingual e-procurement platform for esourcing, e-tendering and contract management, tailored for the highly regulated European public sector market.
Since 2006, the Group has invested heavily in employing specialist programmers to add functionality, legal compliance as required and security features to its Complete Tender Management™ ("CTM™") platform to ensure that the Group is ideally placed to secure new contracts with EU Member States and their Contracting Authorities. The platform is available in 16 different languages.
The Directors believe that the Group's CTM™ platform is one of the easiest to use and most functionally advanced solutions available in the market. The CTM™ platform is used by over 7,000 European public sector bodies in 8 EU/EEC Member States and has National Procurement System status in four Member States (the UK, Ireland, Norway and Lithuania).
The Company's shares were admitted to trading on AIM in November 2013. In August and September 2015, the Company raised a total of £2.061m (before expenses) through a placing of new shares and the issue of first and second tranches of Convertible Loan Notes to institutional and other investors.