Q-FREE - DIVESTMENT OF SECURITY DIVISION

Q-Free has entered into an agreement to sell all assets related to its security business Prometheus Security Group Inc. (PSG) located in Austin, Texas. The net consideration is NOK 10 million. Q-Free expects the transaction to be closed during February 2017, upon which all contracts, employees, and other assets will be transferred to the new owner. Consequently, PSG will be taken out of Q-Free’s consolidated accounts with effect from fourth quarter 2016 and reported as “discontinued operations”. 

- As communicated in our Q3 report, the security division is not part of Q-Free’s core business going forward. We want to move forward with a more focused offering and invest our time and resources in developing leading positons in the tolling, parking, infomobility, urban, and inter-urban segments. Therefore, we are pleased to announce that we already have found a buyer for PSG’s assets and that the transaction will be consummated shortly, comments Q-Free’s CEO, Håkon Volldal.

For further information, please contact:

President & CEO, Håkon Volldal: +47 977 19 973

CFO, Roar Østbø: +47 932 45 175

About Q-Free

Q-Free is a leading global supplier of ITS (Intelligent Transportation Systems) products and solutions. The company has approximately 460 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