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Tecnotree has received a summons concerning the calculation of supplementary share

Tecnotree has received a summons concerning the calculation of supplementary share

Tecnotree has received from Viking Acquisitions Corporation a summons related to a demand for EUR 1.95 million, linked to payment of supplementary share of cash flow proceeds included in the company’s restructuring programme. According to the provisions of restructuring programme, ordinary restructuring creditors are entitled to a supplementary share, if the company’s operating cash flow is realized to be better than predicted. According to the demand, Viking Acquisitions Corp. claims that the calculation of Tecnotree’s operating cash flow should be adjusted to certain pledged receivables received in the past.

Tecnotree has in its own investigations and calculations in cooperation with several experts come to the conclusion that the calculation of the operating cash flow of the company is correct, and it does not justify any distribution of supplementary shares and, therefore, Tecnotree considers the summons to be unfounded. Tecnotree has delivered a written response to the original demand received from Viking Acquisitions Corp. stating its position on this matter.

Tecnotree Corporation
The Board of Directors

Further information:
Padma Ravichander,CEO, +97 156 414 1420

Kirsti Parvi, CFO, +358 50 517 4569