As notified in Stock Exchange Announcement dated 22. October 2010, the company’s Prospectus dated 30. March 2011 ands Annual Report published 15. April 2011, there is a ongoing dispute regarding the Technology License Agreement (the “TLA”) entered into between the Company and Pictometry on 29 January 2009. The bankrupcy claim from Pictometry is a part of a dispute which is ongoing in several jurisdictions, namely Norway, USA and London. Claims put forward by Pictometry have not been upheld by courts in Norway and USA. The dispute, including all monetary claims, between the Company and Pictometry shall be settled by arbitration under ICC rules in London.
Pictometry is claiming license fees and royalty payments from Blom and has on this background filed a bankrupcy claim against Blom. Blom dispute that Pictometry has any claim against Blom, and therefore there is no clear and due debt according to § 63 of the Norwegian Banckrupcy law. Consequently the claim is not legally enforceable. Further, Blom is neither insolvent nor insufficient, ref. § 63 of the Norwegian Banckrupcy law. On the contrary Blom is of the opinion that it has a significant claim against Pictometry which will be settled by the abitration court in London.
For further information please contact:
Dirk Blaauw, CEO Blom ASA, at tel: +47 22 13 19 23 or
Lars Bakklund, CFO Blom ASA, at tel: +47 22 13 19 34