Elektrobit Group Oyj - Parrot S.A. has withdrawn the legal proceeding against e.solutions GmbH, a jointly owned company of Elektrobit Corporation (EB) and AUDI
September 22, 2014
Parrot S.A. has withdrawn the legal proceeding against e.solutions GmbH, a jointly owned company of Elektrobit Corporation (EB) and AUDI
Stock exchange release
Free for publication on September 22, 2014 at 5.15 p.m. (CEST+1)
Parrot S.A. has withdrawn the legal proceeding against e.solutions GmbH, a jointly owned company of Elektrobit Corporation (EB) and AUDI
Elektrobit Corporation (EB) has received information that Parrot S.A., a supplier of e.solutions GmbH, a jointly owned company of EB and AUDI, has withdrawn the legal proceeding taken against e.solutions GmbH in the Tribunal de Commerce de Paris (Commercial Court Paris) on April 2014. In the claim Parrot S.A. requested to collect damages in the amount of approximately EUR 18.4 million for loss of profit and reputational damage. According to e.solutions GmbH's initial legal analysis as announced in EB's stock exchange release on April 4, 2014, the claim was without merit both in terms of the grounds and the amount of the claim.
Neither the legal action nor the withdrawal will cause any such financial consequence that would affect EB's profit outlook or financial position. EB has no information on Parrot S.A.'s possible plans to initiate further legal actions in another forum.
e.solutions GmbH is a jointly owned company of EB's subsidiary, Elektrobit Automotive GmbH, and AUDI AG's subsidiary, Audi Electronics Venture GmbH (AEV), and is currently developing infotainment software and provides systems engineering and systems integration services for Volkswagen Group car models. EB owns 51% of e.solutions GmbH and AEV 49%.
Oulu, September 22, 2014
Elektrobit Corporation
Jukka Harju
CEO
Further information:
Jukka Harju
CEO
Tel. + 358 40 344 5466
Kari Jokela
Chief Legal Officer
Tel. + 358 40 344 5258
Distribution:
NASDAQ OMX Helsinki
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Elektrobit Corporation (EB)
EB creates advanced technology and turns it into enriching end-user experiences. EB is specialized in demanding embedded software and hardware solutions for wireless and automotive industries. The net sales in 2013 totaled EUR 199.3 million and operating profit was EUR 8.1 million. Elektrobit Corporation is listed on NASDAQ OMX Helsinki. www.elektrobit.com
