The company is now entering the market expansion phase and needs to reallocate the management resources for this important step. This week LYYN has shipped the first units of the new LYYN Hawk platform to be integrated in end customer solutions. The first LYYN Hawk customers are in the Sub Sea segment but this new product will also be targeted towards other business segments. This management change will release resources to develop these other markets.

Bengt has for many years worked with international management and sales for both large and small Swedish companies, stationed abroad as well as in Sweden.

“LYYN is in a very interesting stage. The founders have done a tremendous job in developing LYYN, and now it is time to take the next step. LYYN is rapidly becoming a well known player in the international Sub Sea arena.” says Bengt. “I believe my experience in developing market channels will come in handy. LYYN is an exciting company with interesting technology and market opportunities.”

“We are happy to have been able to recruit someone with Bengt’s experience to manage LYYN in the next development phase. It has been in the plans all along, that when LYYN takes off, we would recruit the best possible management team.” Says Mats Cremon, Chairman of the LYYN Board, “And focusing Andreas time on New Business Development is an important strategic decision. We see great growth potential for LYYN in e.g. the Homeland Security, Surveillance and Medical Technology industries.”

The proud LYYN President, Andreas Ekengren

Rapidus is the leading business news wire of the Örersund region (Southern Sweden and Denmark). Every year they highlight interesting companies and entrepreneurs at an Awards Gala.

This year LYYN was given the most prestigious award: “Rapidus Company of the Year”.

Motivation:

“For taking their original advanced medicinal idea to a completely new universal concept, quickly developing it and strongly driving the process to successful sales of their first ingenious product. In other words they have turned their vision into something visual remarkably quickly.”

We, the LYYN Team, want to send our thanks to all Partners, Investors and Customers. You are the reason for our existence. THANK YOU!

www.rapidus.se

Pictures from the ceremony (in Swedish)

Bengt has a background in management positions with Tetra Pak in various countries and has recently worked as President for Bioett AB, a start-up company in Lund.

We wish Bengt very welcome to the LYYN team!

We released our first product, LYYN T38, in November last year. This has been well received by the market, especially within the offshore and submarine technology areas. Since then we have recruited over 20 resellers throughout the world, and several more are in the queue. This means that LYYN needs to grow quickly which in turn requires a stronger capital base.

In addition to increased marketing investments we are also initiating the development of our next generation products, which will be adapted to the requirements of the surveillance industry, thereby opening up new, interesting markets for us.” Says LYYN’s CEO Andreas Ekengren.

”Augmenta Venture Partners has followed LYYN on its exciting journey from an early stage to today’s breakthrough. Now the company is growing from ”seed stage” and needs to increase its activities. We therefore welcome Östersjöstiftelsen as a new long-term shareholder in LYYN.” Concludes Mats Cremon, Chairman of the Board of LYYN.

”LYYN™ is an exciting innovation company that is at a stage that fits in well with our investment strategies. As in every other project there is a high risk but the market potential is very great. This adds up to an extremely interesting investment.” Says Per-Olof Edin at Östersjöstiftelsen.

Press release in PDF format in Swedish and English

Andreas Ekengren, Anders Holm and Fredrik Beckman at the award ceremony

The ALBIHN Innovation Award is a yearly prize awarded to a person or company from the Skåne region that the jury sees has a high innovation level and good market opportunities.

This years winner is LYYN, with the motivation:

“A really good invention is characterized by the fact that the benefits can be enjoyed by everyone.”

Article in Sydsvenskan (in Swedish)

”Our business model is based on technology licensing and our revenues increase in line with our customers’ market success. Since we are now in the beginning of a market expansion we need to increase our marketing and sales activities, both regionally and internationally. This additional financing will enable us to invest in technology development and LYYN V.E.T. based product development.” says Andreas Ekengren, Managing Director, LYYN AB.

“LYYN has a very strong product that generates a big interest within the organizations we are in contact with. Indications from these companies point to extremely great potential. The company needs to increase its activity levels to respond to the great market interest being generated. This requires additional financing.” By issuing new shares, Augmenta Venture Partners, has become the company’s majority owner. This demonstrates their confidence in LYYN. “In 2006 we will start reaping the rewards of our marketing efforts from this year.” ends Mats Cremon, Chairman of the Board and the Augmenta representative on the Board of Directors of LYYN AB.

Pressrelease in English and Swedish.

The winner will be presented in the beginning of 2006.

Links in Swedish: CONNECT Sweden IVA Ny Teknik

The prize is intended for ideas/projects at research level, preferably with a cross-scientific approach.

LYYN was one of the two projects that received an honorary nomination with the motivation:
” The project combines many years of technical development with research within different disciplines which leads to practical solutions of everyday problems such as orientating in fog.”

The prize is shared by the inventors Olle and Anders Holm, and Andreas Ekengren who started LYYN AB.

”It’s not so much the money, it’s more the honour of receiving this award after all the hours we have invested. It is fantastic that it has led to something that has a real use and potential. It’s a real spur to be recognized in this way when you consider how many entrepreneurial companies there are in this region.” says Andreas Ekengren, CEO, LYYN AB.

Read the press release in Swedish or English.

The software has many application areas where good visibility through video and camera based systems are important. Prioritized business areas are surveillance systems, underwater technology, the automobile industry, and medical technology, but many other industries have shown an interest LYYN V.E.T.

LYYN does not currently develop any products of its own. It licenses LYYN V.E.T. to other companies who develop products. ”The company is involved in advanced discussions with several potential customers and is at the edge of a major breakthrough”. Says Mats Cremon at Augmenta Venture Partners, newly appointed chairman of the LYYN board.

Even though the invested sum is not large Mats Cremon calculates that it is enough to build a robust company”. It always takes a large investment to break through with a new technology, but if LYYN succeeds the potential is enormous. I can confidently look forward to several exciting years with LYYN” concludes Mats Cremon.

Read the press release in Swedish or in English.

Link to the Augmenta web page [link]

The article reports from a Business Angel meeting arranged by Connect Skåne, where LYYN™ is one of four start-up companies looking for financing. Our technology must have interested the reporter since he completely focused on LYYN.