Q-Free ASA and the Norwegian Public Roads Administration (NPRA) have today
settled a dispute related to invoicing of services for the central system for
toll collection in Norway from 2006 to July 2016. Reference is made to note 13
in Q-Free's Q4-16, Q1-17 and Q2-17 reports.
Per the settlement agreement, Q-Free will pay NOK 27.8 million to the NPRA. A
main reason for this is that Q-Free unintentionally miscalculated the invoice
amount for some initial change orders. Over the years these initial errors have
aggregated into a significant amount.
The settlement amount will be paid in four installments over the coming 12
months, one per each of the next four quarters. Q-Free will book the settlement
amount as a loss in the third quarter of 2017.
With the signing of the settlement agreement, all issues related to Q-Free's
invoicing of central system services up until July 2016 are resolved. Q-Free and
the NPRA are pleased to close this case and look forward to continuing their
cooperation.
For further information, please contact:
President & CEO, Håkon Volldal: +47 977 19
973 (http://tel+47%C2%A0977%2019%20973)
About Q-Free
Q-Free is a leading global supplier of Intelligent Transportation Systems.
The company has approximately 420 employees, offices in 20 countries, and
presence on all continents. Headquartered in Trondheim, Norway, Q-Free is listed
on the Oslo Stock Exchange under the ticker QFR.
www.q-free.com
Twitter: @Q-FreeASA