Q-FREE –CONTRACT IN INDONESIA – 940 MNOK
PT Rin and Q-Free has today signed a contract for delivery of an Electronic Law Enforcement (ELE) system for Jakarta (DKI) and greater area of Jakarta (Bodetabek). The contract is subject to financing of the project.
The ELE-system will be based on Q-Free’s latest tolling solutions and will be used by the local police for controlling traffic in Jakarta. The purpose of the system is to provide a more efficient system for registration and control of registered vehicles in Indonesia and will improve the efficiency of the local police to enforce stolen vehicles, fake number plates and security related incidents. Furthermore, the ELE system will improve security for the public through an encrypted electronic monitoring of vehicles in the city of Jakarta. By improving the state’s ability to control that vehicles are duly registered and that all vehicle taxes and other related fees and charges are paid, the system will cater for a substantially increased income to the State of Indonesia.
The potential contract value is approximately 940 MNOK based on the current USD-exchange rate and will comprise of road side infrastructure, operational back office, tags and a service & maintenance contract for six years. More than half of the contract value is related to delivery of tags.
The delivery period will start after financing is closed and last for approximately 24 months.
“In many ways, this is the start of a new era for Q-Free. This is by far the biggest contract in the company’s history and it will facilitate profitable growth. Furthermore, it will also be the start of a new application area for our advanced tolling system”, Dr. Øyvind Isaksen, CEO of Q-Free, comments.
The aim is to finance the project through Norwegian export finance schemes, and it is the intention to finalise the financing in the beginning of 2012. The project will not be started, nor be counted for in the company’s backlog, before financing is closed and payment secured.
“We are very excited about this opportunity, and believe this represents the start of many years with high activity in Indonesia for Q-Free. The project confirms Q-Free’s view of the market and we are well prepared for this project”, Dr. Isaksen concludes.
Trondheim 28. October 2011
For further information, please contact:
CEO Øyvind Isaksen, cell: 47 908 76 398
CFO Roar Østbø, cell: 47 932 45 175
About Q-Free
Q-Free is a leading global supplier of solutions and products for Road User Charging and Traffic Surveillance having applications mainly within electronic toll collection for road financing, congestion charging, truck-tolling, law enforcement and parking/access control. Q-Free offers solutions and products based on state of the art technology, and is the leading supplier within DSRC (tag), ALPR (Automatic License Plate Registration) and GNSS (Global Navigation Satellite System) based solutions, with deliveries in Europe, Africa, Asia-Pacific, Middle East and North- and South America. The company has approximately 270 employees and is represented in 17 countries. Headquarter is based in Trondheim, Norway. Q-Free is listed on the Oslo Stock Exchange with the ticker QFR. www.q-free.com (http://www.q-free.com)
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