Q-FREE - SETTLEMENT OF DISPUTE WITH NPRA
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
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.