The delivery of an electronic tolling system has been delayed beyond the initially estimated project completion in mid-2013, as customer and project-specific requirements have proven to demand system adaptations that have been unfeasible within the currently established timelines. A decision to consider alternative options required termination of the existing tolling systems contract.
RMS and Q-Free has a long-standing business relationship and continues the cooperation on other contracts including tag deliveries and tolling system service and maintenance agreements.
It is too early for Q-Free to assess the financial implications of the termination. Since the project start-up, Q-Free has recognized revenues of approximately NOK 18 million related to the project, of which approximately NOK 15 million in 2013. Q-Free’s liabilities under the contract are capped to the contract value of NOK 33 million.
Trondheim 16. December 2013
For further information, please contact:
CEO Øyvind Isaksen, cell: +47 908 76 398
CFO Roar Østbø, cell: +47 932 45 175
Q-Free is a leading global supplier of products and solutions for Road User Charging and Advanced Transportation Management. The company has approximately 290 employees and is represented in 18 countries. Headquarter is based in Trondheim, Norway. Q-Free is listed on the Oslo Stock Exchange with the ticker QFR.