INFORMATION RELATED TO KAPSCH TRAFFICCOM AG’S PURCHASE OF SHARES IN Q-FREE ASA
Reference is made to notification of large shareholding dated 29 September 2011, where Q-Free’s largest competitor, Kapsch TrafficCom AG’s (“Kapsch”) announced purchase of shares in Q-Free increasing their ownership from 18.46 to 20.00%. In 2009, Kapsch purchased a larger block of shares in Q-Free, and Q-Free’s Board commented on its view in relation to its competitor’s purchase of shares in announcements dated 16 January 2009 and 21 January 2009.
In 2009, the Board viewed the share purchase as an unfriendly approach from Kapsch, and the Board sees no reason to change their view in relation to the share purchase conducted 29 September 2011. Kapsch has not approached the Board and disclosed their strategic intentions and rationale behind the ownership. Neither the Board nor the management of Q-Free has been contacted prior to the share purchase.
Q-Free has in the last years invested significantly in a new competitive product portfolio and won several international tenders. In addition, Q-Free has established a global organisation. It is the opinion of the Board that this will enable a positive operational and financial development of Q-Free going forward.
The Board is of the opinion that the current share price does not reflect the underlying value of the business, and is of the opinion that Q-Free will continue to create strong returns to shareholders as an independent company. Reference is made to Q-Free’s Q2 2011 report for further information related to the company’s development and projects the company is working with.
Q-Free has engaged Arctic Securities ASA as financial advisor and Wikborg Rein as legal advisor.
30 September 2011
Ole Jørgen Fredriksen, Chairman of Q-Free
For further information, please contact:
Chairman, Ole Jørgen Fredriksen, cell +47 920 58 777
Arctic Securities, Einar J. Greve, cell +47 900 27 766
About Q-Free
Q-Free is a leading global supplier of solutions and products forRoadUser Charging and Traffic Surveillance having applications mainlywithinelectronic toll collection for road financing, congestioncharging,truck-tolling, law enforcement and parking/access control.Q-Free offers solutions and products based on state of the arttechnology, and is theleading supplier within DSRC (tag), ALPR(Automatic License PlateRegistration) and GNSS (Global NavigationSatellite System) basedsolutions, with deliveries in Europe,Asia-Pacific, Middle East andNorth- and South America. The company hasapproximately 275 employeesand is represented in 17 countries.Headquarter is based in Trondheim,Norway. Q-Free is listed on the OsloStock Exchange with the tickerQFR. www.q-free.com (http://www.q-free.com/)