Nordic Business Report-September 29, 2006-Benefon announces delay to TWIG launch schedule
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Finnish wireless and GPS technology company Benefon Oyj reported on Thursday (28 September) that it had revised the large scale launch date of its new TWIG Discovery GSM/GPS handset in Europe to October 2006.
The reason was said to be a delay in the mass production associated with Benefon's new product introduction, which resulted in an approximate three-week delay of manufacturing at its Chinese facility.
The launch of the handset in China and Russia is still planned for December 2006.
As a result of this delay Benefon is to revise its forecast guidance for the quarter and expects to publish updated projections by 3 October 2006.
In addition Benefon has agreed a new financing package with Octagon Solutions Ltd and Ashland Partners LP, comprising subscriptions in shares, convertible bond loan issues, options and debt instruments, for a maximum of EUR7.35m. The investors' financing commitment is valid for six months until 28 March 2007.
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