Achiko AG Announces Annual Results for the Year Ended 31 December 2021

Achiko AG / Key word(s): Annual Results Achiko AG Announces Annual Results for the Year Ended 31 December 2021 26-Jun-2022 / 23:55 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement.

Achiko AG Announces Annual Results for the Year Ended 31 December 2021

Zurich, 26 June 2022– Achiko AG(SIX: ACHI; OTCQB:  ACHKF; ISIN CH0522213468) (“Achiko”, the “Company”) announces its financial results for the year ended 31 December 2021, and progress since then.

For the year ended 31 December 2021, the Group recorded a net loss of USD $9,231,779 resulting in an increase of the Group’s accumulated losses to USD $34,568,395.  The Company also notes that Achiko AG is currently managing creditors, and that while the assets of the Group at the reporting date was negative $4.584m, it also has over $2.4m in subordinated loans. 

As a result, the Company’s auditors have given an adverse opinion, noting the Company’s ability to remain a going concern depends on the successful approval of an increase in Authorised Capital at the upcoming General Meeting, and the support of the Company’s creditors and shareholders.

“2021 was a challenging year”, said Mr Steven Goh, Co-Founder and CEO of Achiko. “We realise that the Covid-19 challenge and for us to deliver a timely solution continues to evolve.  For some markets, there’s an optimism that the challenges Covid-19 presents may be over.  For many others, they’re finding it’s anything but.”

The Company moved to reduce costs in the last half of 2021, and encountered numerous operational challenges, including continuity of the Company’s accounting and finance function.

“From a personal standpoint, after two years being restricted in travel and movement, I’ve spent the last few months travelling including fixing production in Indonesia including review, solving issues and optimising production, managing technology development in Europe, seeing investors and working to get the Accounts out.”, added Goh.