Q-FREE ASA - RESULT FOR THE FIRST QUARTER 2011

“Progress continues, - increased revenues, improved profitability, good news flow, increased backlog  and settlement agreement in Slovakia signed”, says CEO Dr. Øyvind Isaksen.

HIGHLIGHTS

Revenues 170 MNOK.

Operating profit (EBIT) 5 MNOK,  3.0 % margin

Pretax profit 4 MNOK, 2.4 % margin 

Order intake 237 MNOK

Order backlog 642 MNOK

Settlement agreement signed with SkyToll, - cash position expected to improve further in the coming quarters

“The Company has already achieved some important wins in 2011, and it is all reasons to believe that 2011 will get us “back on track” after a challenging 2010. Next step is all about positing Q-Free for long term growth”, Isaksen concludes.

Enclosures: Quarterly report and presentation 

Trondheim, 27. April 2011

For further information, please contact:

CEO Øyvind Isaksen, cell: 47 905 59 401

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) - and ALPR (Automatic License Plate Registration) and GNSS (Global Navigation Satellite System) based solutions, with deliveries in Europe, Asia-Pacific, Middle East and North- and South America. The company has appr. 275employees 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. http://www.q-free.com

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