1 June 2021 EAM Solar ASA has filed a private criminal proceeding against the companyEnovos Luxembourg SA inOslo District Court On Friday 28th of May,EAM Solar ASA filed a private criminal proceeding for the crime of serious fraud against the companyEnovos Luxembourg SA inOslo District Court . The private criminal proceeding is initiated in accordance with section 402 of the Norwegian Criminal Procedure Act. To the Company's knowledge, neitherEnovos Luxembourg SA , nor any of its employees, have been investigated or indicted by any prosecuting body for the fraud againstEAM Solar ASA . In 2016, through final judgements by theCriminal Court of Milan and theAdministrative Court of Lazio (Rome ), it became a legal fact that the subsidy contracts for 17 of 21 solar PV power plants transferred by a subsidiary ofEnovos Luxembourg SA toEAM Solar ASA were not valid and were consequently terminated. In addition to loss of future revenues, the solar PV power plants were also required to return all subsidy payments received between 2011 and 2014 to theState of Italy .EAM Solar ASA has experienced significant economic losses due to the fraud in the period 2014 to 2020. Reference is given to the Company's annual reports for the period 2014 to 2020 for further information.EAM Solar ASA to appeal Milan Criminal Appeal Court ruling to theSupreme Court of Cassation . Following the reception of the full judgement from theMilan Criminal Court of Appeal onApril 20th, 2021 ,EAM Solar ASA has decided to join with the Prosecutor's Office inMilan in appealing to theItalian Supreme Court of Cassation .EAM Solar ASA seeks to reinstate the convictions ofIgor Akhmerov andMarco Giorgi for the crime of fraud against EAM. The appeal is based on several cases of misinterpretation of facts in the grounds for judgment by theMilan Criminal Court of Appeal . For further information, please contact: Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no AboutEAM Solar ASA :EAM Solar ASA is a utility company that acquires and operates solar power plants. The Company currently owns solar PV power plants inItaly . The plants are operating under long-term sales contracts. In addition, the Company's business is lawsuits in relation acquisition of solar power plants. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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