CHICAGO–(BUSINESS WIRE)–Clover Technologies Group (“Clover” or “the Company”) today issued the following statement providing a business update:
Clover is operating in the ordinary course of business and its number one priority remains serving its customers. Clover is confident in the strength of its platform and market leadership position due to its healthy sales pipeline and continued efforts to identify key strategic investments that enable the Company to capitalize on long-term growth opportunities. With respect to its financial position, the Company has substantial liquidity, including a significant amount of cash on its balance sheet, which will allow Clover to continue to meet the needs of its business and customers.
We also wish to address certain speculative reports disseminated in an industry trade publication. Contrary to a report regarding a transfer of ownership to a new strategic investor and provision of additional capital, Clover has not executed any such transaction at this time and cannot provide any assurances as to whether any such transaction will occur in the future.
Clover, in close coordination with its advisors, is evaluating strategic options to address its existing capital structure.
About Clover Technologies Group
Clover Technologies Group is the global leader in helping businesses reclaim value by innovating new solutions for retired assets. Founded in 1996, Clover is one of the fastest growing, privately held companies in the United States with over 60 locations in 18 countries. Clover is the world’s largest collector and recycler of empty printer cartridges. The complete line of Clover’s quality toner and ink is available through leading office products distributors and resellers and marketed under a variety of private label brands. Clover uses this same industry-leading reverse logistics business model to service the rapidly expanding wireless market with a comprehensive portfolio of mobility device lifecycle solutions. Clover Wireless delivers market-leading service and value to its customers through a full range of repair, reclamation and trade-in solutions within the global mobile device, personal computing and portable electronic assets ecosystems. To learn more, visit www.clovertech.com.
For Clover Technologies Group
Sard Verbinnen & Co
David Isaacs / Alyssa Lorenzo