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Sensys Traffic AB and Telvent reach a settlement
22-03-2012
SENSYS Traffic AB (publ) and the Spanish company Telvent have reached a settlement regarding a dispute related to a contract for deliveries to Saudi Arabia.
The net effect of the settlement agreement for Sensys is a negative impact of SEK 9.8 million in the first quarter and a positive effect on liquidity of SEK 6.9 million in the second quarter. The claim between Sensys and Telvent amounted at year-end to SEK 16.7 million, which will now be written off further to the settlement.
The settlement implies that the arbitration proceedings between Sensys and Telvent will be discontinued. No commitments or claims between Sensys and Telvent remain further to the settlement.
"It is positive that we can now set aside the considerable uncertainty and potential risk that has prevailed with the open arbitration proceedings, and can now fully concentrate on business opportunities in the market," says Johan Frilund, CEO of Sensys Traffic AB.
Sensys Traffic is obliged to publish the information contained in this press release pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication at 09.00 CET on 22 March, 2012.
Sensys Traffic develops and markets various systems for traffic informatics and traffic safety. The products are primarily used for speed and red-light enforcement. The Sensys share is listed on NASDAQ OMX Stockholm.