GomSpace is adjusting the organisation to reach cash flow objectives

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6/18/2019

GomSpace continues to reduce the costs and intents to reduce the staff with up to 30 employees before the end of this month. The change will have full effect from the fourth quarter of 2019.

The cost reductions will be aimed at reducing overhead costs in the administration and overhead costs in manufacturing.

The cost reductions also include replacements in the Executive Team:

· Lars Alminde, the leading founder of GomSpace, will return to the Executive Team as the Chief Commercial Officer.

· Peter Worsøe, previously Quality Manager in GomSpace, will join the Executive Team as Chief Manufacturing Officer.

Meanwhile, GomSpace is continuing to build up the engineering capacity as we are engaged with the European Space Agency on a number of very important innovative developments of the nanosatellite capabilities in Denmark, Luxembourg and Sweden.

The adjustments will not have an impact on the direction of the company and the ability to meet customer demands.

For more information, please contact:
Niels Buus (CEO)
Tel: +45 40 31 55 57
E-mail: nbu @ gomspace.com

About GomSpace Group AB
The company’s business operations are mainly conducted through the wholly-owned Danish subsidiary, GomSpace A/S, with operational office in Aalborg, Denmark. GomSpace is a space company with a mission to be engaged in the global market for space systems and services by introducing new products, i.e. components, platforms and systems based on innovation within professional nanosatellites. The company is listed on the Nasdaq First North Premier exchange under the ticker GOMX. FNCA Sweden AB, info@fnca.se, +46-8-528 00 399 is the Company’s Certified Adviser. For more information, please visit our website on www.gomspace.com.

Miscellaneous
This information was submitted for publication, through the agency of the contact person set out above, at 09:00 a.m. CET on June 18, 2019.
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