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The board of Tecnotree has approved an offer made by Fitzroy Investments Limited regarding an investment in Tecnotree

The board of Tecnotree has approved an offer made by Fitzroy Investments Limited regarding an investment in Tecnotree

Tecnotree Corporation ("Tecnotree") has received an offer from Fitzroy Investments Limited ("Fitzroy") regarding an equity investment in the total amount of 5 million euros (the "Investment") in Tecnotree. Execution of the Investment is conditional upon the fulfillment of certain conditions detailed in the offer letter. The board of Tecnotree has approved the offer and resolved to continue negotiating the final terms of the Investment.

Issuance of the new shares and/or warrants to be issued in connection with the Investment would be resolved by the board of Tecnotree under the already existing shareholder authorization.

Execution of the Investment would require fulfillment of certain conditions specified in the offer letter such as (i) the agreement on and the execution of the definitive subscription agreement between Fitzroy and Tecnotree related to the Investment and (ii) the board members nominated by Fitzroy receiving majority at the board of Tecnotree. The intent of the parties is to agree on and execute the subscription agreement and fulfill all other conditions for the first tranche of the Investment before the extraordinary shareholders' meeting of Tecnotree to be held on 24 September 2018 apart from the condition regarding the board members nominated by Fitzroy receiving majority at the board of Tecnotree. The above condition regarding the board majority would be subject to the approval of the extraordinary shareholders' meeting of Tecnotree to be held on 24 September 2018.

The board will provide additional information on the terms of the Investment once, and provided that, the final terms of the Investment have been agreed between Tecnotree and Fitzroy. The intent of the parties is that this will happen before the extraordinary shareholders' meeting of Tecnotree to be held on 24 September 2018.

MORE INFORMATION

Harri Koponen, the Chairman of the Board of Tecnotree, tel. +358 40 1922 464
Padma Ravichander, CEO, tel. +358 40 015 6371