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Message: Re: Interesting profile

Oct 16, 2015 07:06AM

Not clear what they will do with Miljobil, seems useless now with Litarion.

13. Innovation Norway

Innovation Norway made a loan to Miljobil Grenland AS repayable from May 2011 for $722 (4.0 million Norwegian Kroner). As of June 30, 2015, the balance of the loan is $339 (2.6 million Norwegian Kroner) (2014- $432). The loan bears interest at 5.75%. The principal balance is repayable in 18 equal installments every 6 months over nine years at $ 28.5 semi-annually.

The loan is secured by the property, equipment and intellectual property of Miljobil Grenland AS Annual principal payments over the years are as follows

In April, 2015, Innovation Norway agreed to forgive all outstanding loan payments for 2014 and the payment due on May, 2015. Innovation Norway also agreed to the sale of the Miljobil equipment in an orderly fashion based on a sharing formula from the proceeds arising from the disposition.

iii) Miljobil

During the fiscal year ended September 30, 2014, a supplier obtained a court order for $155 (GBP 90k) related to a dispute concerning work performed for Miljobil prior to Electrovaya’s acquisition. This amount has been recorded in the financial statements. During the quarter, an agreement was reached whereby Miljobil agreed to pay $153 (GBP 103k), with GBP 15k paid immediately and the balance secured by a first charge over equipment until the equipment can be sold. Pursuant to the agreement, Innovation Norway agreed to release its charges over the equipment in consideration of a GBP 100k guarantee from Electrovaya.

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