Q-Free has today entered into a definitive agreement to sell its fully owned Serbian subsidiary Q-Free d.o.o. Beograd (formerly ELCOM d.o.o.) to Bosko Lekovic. Bosko Lekovic has been the Managing Director of Elcom over many years and has since November 2017 had the position as Technical Director.

The decision to exit Q-Free Beograd is part of Q-Free’s strategy to build leading positions in target segments, and reduce the complexity of its operations and reallocate resources to businesses with higher value creation potential.

The negative accounting effect of the transaction was taken as part of the impairment booked in Q4-17. The transaction will be closed in Q1-18 and have limited accounting effect in quarter.

For further information, please contact:

President & CEO, Håkon Volldal: +47 977 19 973 
CFO, Tor Eirik Knutsen: +47 950 50 062  

About Q-Free

Q-Free is a leading global supplier of ITS (Intelligent Transportation Systems) products and solutions. The company has approximately 400 employees, offices in 17 countries, and presence on all continents. Headquartered in Trondheim, Norway, Q-Free is listed on the Oslo Stock Exchange under the ticker QFR.