FRIEDBERG, Germany--(BUSINESS WIRE)--voxeljet AG (NYSE:VJET) (the “Company”, or “voxeljet”), a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers has concluded the following three loan agreements with Kreissparkasse Augsburg, a bank that specializes in providing financing to small and medium-sized businesses, in the aggregate amount of EUR 4,000,000 to finance the building of new office and production facilities in Friedberg in Balthasar-Schaller-Str.: (i) a loan agreement in the amount of EUR 2,000,000 with a fixed interest rate of 2.47% per annum until the end of the term of the loan on December 30, 2025, (ii) a loan agreement in the amount of EUR 1,000,000 with a fixed interest rate of 2.72% per annum until the end of the term of the loan on December 30, 2030 and (iii) a loan agreement in the amount of EUR 1,000,000 with a variable interest rate of 1.75% per annum, which can be terminated by either party with a notice period of 3 months.
Among other terms, the loan agreements contain certain covenants, including that voxeljet deposit EUR 2,000,000 with Kreissparkasse Augsburg until it has reached certain target numbers with respect to its ability to service the debt. In case voxeljet has not reached certain target numbers with respect to its ability to service the debt by the end of its business year 2019, voxeljet is obliged to grant a pledge over the deposited amount of EUR 2,000,000 in favor of Kreissparkasse Augsburg. The loan agreements further include a change of control provision that is triggered in the event voxeljet shareholders Dr. Ingo Ederer and Franz Industriebeteiligungen AG hold less than 512,300 (2,561,500 ADS’s) or 229,700 (1,148,500 ADS’s) voxeljet ordinary shares, respectively. The change of control provision is only applicable as long as voxeljet does not meet the debt service target numbers. The real estate in Balthasar-Schaller-Str. will serve as collateral under the loan agreements.
voxeljet had previously purchased the parcels of land in Balthasar-Schaller-Str. in December 2013. Management expects that construction will commence shortly, i.e. at the latest in May 2016.
voxeljet is a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers. The Company’s 3D printers employ a powder binding, additive manufacturing technology to produce parts using various material sets, which consist of particulate materials and proprietary chemical binding agents. The Company provides its 3D printers and on-demand parts services to industrial and commercial customers serving the automotive, aerospace, film and entertainment, art and architecture, engineering and consumer product end markets. For more information, visit http://www.voxeljet.com/en/
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements concerning our business, operations and financial performance. Any statements that are not of historical facts may be deemed to be forward-looking statements. You can identify these forward-looking statements by words such as ‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘intends,’’ ‘‘may,’’ ‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’ ‘‘aims,’’ or other similar expressions that convey uncertainty of future events or outcomes. Forward-looking statements include statements regarding our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations concerning, among other things, our results of operations, financial condition, business outlook, the industry in which we operate and the trends that may affect the industry or us. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that forward-looking statements are not guarantees of future performance. All of our forward-looking statements are subject to known and unknown risks, uncertainties and other factors that are in some cases beyond our control and that may cause our actual results to differ materially from our expectations, including those risks identified under the caption “Risk Factors” in the Company’s Annual Report on Form 20-F and in other reports the Company files with the U.S. Securities and Exchange Commission, as well as the risk that our revenues may fall short of the guidance we have provided in this press release. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.