To ensure sufficient time to secure continued funding for the company, Swedish entity Narrative AB initiates a company reorganization.
Linkoping, Sweden. – July 6, 2016 – Narrative, the company that has developed the wearable camera Narrative Clip, today announces that it initiates a company reorganization.
“Narrative is transitioning between two product generations, and a company reorganization allows for this to happen in a way that lets us continue developing great products,” says Martin Källström, CEO of Narrative.
A company reorganization (In Swedish företagsrekonstruktion) under Swedish law is carried out with the aim to restructure a company that has a viable business but is facing a risk of temporary financial difficulties. During a company reorganization, the company usually also carries out a public composition to resolve possible debt problems. Company reorganization in Sweden is regulated under the Business Reorganization Act (Lag 1996:764 om företagsrekonstruktion).
Narrative will work closely with creditors and other partners during the reorganization to ensure continuous successful and profitable partnerships. The aim is to successfully close the reorganization within 3-6 months. In the meantime, Narrative will continue supporting the Narrative Clip 2 for its many users around the world, as well as continue selling and distributing to new customers. With the reorganization, Narrative strives to ensure future development of the hardware and software and further enforce its position as a market leader in wearable cameras.
Narrative is a Swedish company with a vision of giving everyone the ability to capture and share moments that matter. Narrative is an innovative market leader in wearable cameras and intelligent photo analysis that has created the world’s most wearable camera. Narrative’s image analysis service analyzes the photos and data and serves the user with her most meaningful and memorable moments in a mobile app photo and video stream. For more information on Narrative and Clip 2, please visit www.getnarrative.com