Crown Energy AB (publ) has been served with documents relating to a European Payment Order claim filed by PartPro S.r.l., a subsidiary of Proger S.p.A., before the court in Italy. The claim concerns EUR 5 million and relates to part of a legacy debt previously described in the Company’s financial reporting in connection with the acquisition structure relating to the founders of Accyourate. Crown Energy will respond to the claim in the Italian proceedings. Crown Energy contests the claim and disputes its validity on both procedural and substantive grounds.
The claim concerns EUR 5 million, corresponding to the Proger/PartPro portion of the previously disclosed outstanding EUR 10 million amount that has been described in the Company’s financial reporting in relation to the acquisition structure connected to the founders of Accyourate.
Crown Energy contests the claim and disputes its validity on both procedural and substantive grounds. The Company is preparing its response in Italy together with legal counsel and will take the procedural and other measures it considers necessary to protect its interests.
Crown Energy also notes that the parties have been, and remain, in ongoing discussions with a view to finding an amicable solution to the matter. Those discussions are still ongoing.
Crown Energy will provide further information if and when appropriate.