05/12/2011 - SENSYS Traffic AB (publ) has submitted an application to Armenian court for judicial review of a contract.
Sensys Traffic AB announced previously this year that its consortium partner Security Dreams had signed a contract with the Armenian Police force for a traffic speed monitoring system. During a legal examination of this contract, Sensys has discovered that the procurement procedure was carried out in breach of applicable procurement regulations. In view of this situation, Sensys believes that the risks related to the project are unacceptable, and has therefore submitted an application to an Armenian court for a judicial review of the contract. The application has been approved by the court. Moreover, Sensys has informed the Armenian authorities that Sensys is prepared to continue the project as an independent party outside the previous consortium.
Sensys is unable to provide an appraisal as to if and when the project may continue.
Sensys Traffic is obliged to publish the information contained in this press release pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication at 10.20am on December 5, 2011.
Sensys Traffic develops and markets various systems for traffic informatics and traffic safety. The products are primarily used for speed and red-light enforcement. The Sensys share is listed on NASDAQ OMX Stockholm.