March 25, 2020 / 10:09 AM / 4 days ago

BRIEF-Avtech Provides Business Update Regarding Covid-19

March 25 (Reuters) - Avtech Sweden AB (publ):

* AVTECH PROVIDES A BUSINESS UPDATE REGARDING COVID-19

* WE HAVE A PORTFOLIO OF PRODUCTS THAT ARE OF INTEREST TO AIRLINES IN TIMES OF ENVIRONMENTAL CONCERNS AND COST SAVINGS.

* TARGET HAS BEEN FOR PROFLIGHT TO BE LAUNCHED COMMERCIALLY AIMED AT INDIVIDUAL PILOT USERS BY END OF MARCH.

* DUE TO PRESENT COVID-19 SITUATION LAUNCH WILL NOW BE DELAYED AT LEAST ONE MONTH.

* LARGE PART OF OUR REVENUE IS NOT AFFECTED IN SHORT TERM.

* PREPARING REDUCTION IN WORKING HOURS WITHIN FRAMEWORK PROVIDED BY GOVERNMENT TO REDUCE STAFF COSTS AND BE ABLE TO RETAIN ALL STAFF Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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