LOAN AGREEMENT EXPORT CREDIT NORWAY - AVAILABILITY PERIOD EXPIRED FOR JAKARTA PROJECT
Oslo/Trondheim, July 9 2014: Q-Free has received information from Export Credit Norway that it does not extend the current availability period under the loan agreement with PT Rin in Indonesia. This will have implications for the start up of the Electronic Law Enforcement project in Jakarta.
Export Credit Norway has informed Q-Free that as certain milestones were not met by PT Rin on time, the Availability Period relating to Export Credit Norway’s commitment to let PT Rin draw on the loan has expired. However, Export Credit Norway has also informed Q-Free that the loan agreement is still valid. It is Q-Free’s understanding that Export Credit Norway may reengage with PT Rin, provided that PT Rin re-establishes a renewed basis for mutual progress.
All parties have expressed that they are positive to continuing the dialogue with the aim of possibly re-establishing the funding commitment from Export Credit Norway and launching the project.
S tart-up of the project is still pending an initial, locally funded customer payment of USD 6 million to Q-Free.
“The process of getting started with the ELE project in Jakarta has taken far more time than we had anticipated, and the expiration of the availability period for the Export Credit Norway loan is obviously a set-back in this process. We have previously said that we were working towards July 1st as a deadline for launching this project. We now see that this project will not commence as planned. However, we are still working with Rin with the intent of getting the project launched”, says CEO Thomas Falck in Q-Free ASA.
For further information, please contact:
CEO Thomas Falck, cell: +47 468 00 767
CFO Roar Østbø, cell: +47 932 45 175
Q-Free is a leading global supplier of products and solutions within Road User Charging and Advanced Transportation Management Systems. The company has approximately 350 employees in 17 countries and is represented on all continents. The company's main offices are in Trondheim, Norway. Q-Free is listed on Oslo Stock Exchange under the ticker QFR.