Appeal of Arbitration decision of 2019 inMilan dismissed by theCivil Appeal Court of Milano EAM Solar ASA filed on the 4th ofJuly 2019 an appeal of the decision by Chamber of Arbitration ofMilan in case no. 8816 to the civilCourt of Appeal of Milan requesting the annulment of the arbitration award of the 2nd ofApril 2019 .The Civil Court of Appeal of Milan has decided to dismiss the request for the annulment of the Arbitration. The Arbitration decision of theArbitral Tribunal in 2019 in the case no. 8816, decided to dismiss EAM's claims for annulment of the Share Purchase Agreement of 2014 based on the claim of fraud. However, the Tribunal declared the right of EAM to be compensated for losses suffered in connection with the breach of the Representation and Warranties under the SPA within the limits of the liability cap as defined in the SPA. The liability cap in the SPA is defined to be approximatelyEUR 3,7 million . The Tribunal also decided that the ascertainment of any fraudulent act or behaviour of Messrs Giorgi and Akhmerov falls outside of the scope of theArbitral Tribunal's jurisdiction, thus concluding that the arbitration decision was without any prejudice of any additional amount that might be found due because of any fraudulent act or behaviour ofMr Giorgi orMr Akhmerov . The Arbitration decision of 2019 is still not final since EAM may decide to appeal the dismissal by the Civil Appeal Court inMilan to theSupreme Court inItaly within the deadline of the 22nd ofSeptember 2021 . Criminal proceedings inOslo District Court againstEnovos Luxembourg SA 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 criminal proceedings are now formally initiated by theOslo District Court . EAM will revert with information on court proceedings as this is published by the court. 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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