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Q-Free: CEO to step down by end of second quarter 2022

(Oslo, 5 January 2022) The Board of Directors of Q-Free ASA (Q-Free, OSE:QFR) today announces that President and CEO Håkon Volldal has informed of his resignation to pursue other opportunities. The Board of Directors will initiate the process to appoint his successor, and Volldal will remain in his position until the end of the second quarter of 2022.

Q-Free has become a very different company since Mr. Volldal joined five and half years ago. We have simplified and reorganized the company, closed down unprofitable markets and product lines, rightsized the organization and reduced our cost base, and recapitalized the company. In parallel we have upgraded almost our entire product offering, made our portfolio more standardized and scalable, built solid positions in core markets and improved profitability. Perhaps more importantly – we have grown our annual recurring revenues to approximately 250 MNOK and our software revenues to almost NOK 300 million. The Board would like to thank Mr. Volldal for his contributions to this transformation and wish him the best of luck with his new endeavors when the time comes. We will initiate the recruitment process and use the opportunity to ensure that the company appoints a successor that can capitalize on the restructuring and development work conducted over the past years and continue to forcefully and profitably scale the business, says Trond Valvik, Q-Free’s Board Chair.

Håkon Volldal has today informed the Board of Directors of his resignation to pursue other opportunities. Volldal will remain in the position until the end of the second quarter of 2022.

“I am very grateful for the opportunity I was given to lead Q-Free through a demanding restructuring and turnaround process and would like to extend a big thank you to my colleagues and the Board for the strong support I have received from start to end. Furthermore, I would like to thank Q-Free’s largest owner, Rieber & Søn AS, for good cooperation and invaluable support in various transformation processes during the last years. Although I have decided to leave Q-Free, I want to emphasize that I strongly believe in the company’s current strategy and its market position going forward. Until my employment ends I will continue to do my utmost to make Q-Free successful. We have numerous new contracts we want to win in the coming months and several important projects to deliver and monetize,” says Håkon Volldal

For further information, please contact:

Trond Valvik, Board Chair, +47 992 32 815

This information is considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Rita Bøe Isaksen, Board Secretary in Q-Free ASA, on 5 January 2022 at 17.45 CET.

About Q-Free:

Q-Free ASA (OSE: QFR) is a global innovator in intelligent transportation systems that improve traffic flow, road safety, and air quality. With an open, collaborative approach to tolling, traffic and active transportation management, Q-Free works with customers and partners on every continent to digitize infrastructure and overcome modern mobility challenges for the greater good of society.

Headquartered in Trondheim, Norway, Q-Free has annual revenues of approximately 900 million NOK (100 MUSD) and employs approximately 350 transportation innovators, experts, and enthusiasts. To learn more about how Q-Free is “changing the movements of life”, visit www.q-free.com or Twitter:@Q-FreeASA