24SevenOffice Group AB received court ruling on price for shares in Busy Technologies AS

24SevenOffice is currently involved in a legal matter with the founders of Busy Technologies AS (“Busy”) concerning the terms of an earnout agreement and the founders’ admitted tax fraud. The core of the dispute lies in whether Busy fulfilled specific financial criterias that would allow its founders to exercise an option to sell their remaining shares in Busy to 24SevenOffice. The option for the founders to sell their shares only applies if Busy 1) has not raised additional capital after the initial investment of 2.5 MNOK and 2) has an ARR over 3 MNOK.

Through the preliminary ruling, the judge has avoided addressing questions of fraud related to the founders' misuse of Norway's SkatteFUNN scheme and illegal loans, which would impact the first covenant detailing the additional capital. These issues are pending investigation by the tax authorities and police and must be clarified before impacting a potential future court decision. Given this, 24SevenOffice is weighing the option of an appeal, contingent on the timeline of these external investigations.

Following the preliminary court ruling, 24SevenOffice is required to purchase the remaining 49.7 % of shares in Busy Technologies for 29,245,106 NOK and cover legal fees. 24SevenOffice Group CEO Eirik Aalvik Stranden affirms the company's dedication to resolving the matter in line with Norwegian law and the interests of investors and partners.

For further information please contact:

Eirik Aalvik Stranden, CEO

Tel: +47 247 00 030, eas@24sevenoffice.com

24SevenOffice in brief

24SevenOffice's vision is to empower businesses for the future by delivering first-class business systems based on cloud technology. The business system is modular, with modules offered separately or as complete solutions. For more information, see www.24sevenoffice.com.