LEUVEN, Belgium – October 28, 2010 – Option (EURONEXT Brussels: OPTI; OTC: OPNVY), the wireless technology company, today announced that during the third quarter of 2010 the Company generated revenue of EUR 10.3 million.
Cost savings are on track with cash operating expenses (excluding IPRs, depreciation and capitalized R&D) in the quarter of EUR 7.9 million versus the 2010 year end run rate target of EUR 8 million. These savings represents a reduction of 38% compared to the Q3 2009 operating cash expenses.
Option’s transition towards its new business model and new value added product range is continuing to progress. However, we believe, that in line with our statement from the First Half Year 2010 Results, that it is unlikely that the Company will achieve growth in the second half of the year compared to the EUR 30.9 million reported in the first half of the year.
Mr. Arnoud De Meyer resigned from the Board of Directors as he has taken on a new role as president of Singapore Management University in Singapore. The Board of Directors wishes to express its deep gratitude for his thirteen years of dedicated service to the Company and best wishes as he takes on his new responsibilities.
Following the quarter, on October 27th, Option announced a cooperation agreement with Huawei, for a license agreement, the sale of M4S and plans for joint R&D projects. The figures stated above do not include any impact of this agreement.