[BARCELONA], 03rd July 2024, 17h hrs CEST - SPEAR Investments I B.V. (the "Company") announces a delay in the publication of its 2023 Annual Report following the discovery of a fraud case during the annual audit. The Company is undertaking both an internal and a comprehensive external investigation to assess the extent of the potential fraud.
Delay annual report 2023
On 17th April 2024, the Company previously announced a delay in the publication of its Annual Report 2023 due to recent changes in the audit procedure within the Company and its subsidiary. However, during the preparation of the Annual Report 2023, a fraud case was identified, necessitating further investigation by the Company's accountant. This investigation will result in an additional delay in the publication of the Annual Report.
In light of this investigation, the publication of the Company's financial statements will be postponed until the final conclusions are reached. Upon completion of the financial statements, the Company will convene a shareholder meeting to discuss the findings and implications of the fraud case.
Fraud
Preliminary findings indicate that the fraudulent activity appears to be isolated and limited in scope, with a short duration before it was identified and addressed by the company. So far, our ongoing investigation suggests that the incident did not have a significant impact on our operations or financial performance. The fraudulent invoices have been identified and have been corrected on the financial statements.
Additionally, the Company has revised its internal processes to prevent similar issues in the future.
About QEV Technologies
QEV Technologies designs, develops, manufactures and sells electric light commercial vehicles and electric buses, and provides after-sales and maintenance services. The company has other businesses related to electric vehicles. QEV Technologies sells its electric vans, trucks and buses primarily to businesses and public transport operators looking to establish or expand their electric fleets, and focuses on serving the urban mobility and last mile delivery markets. Under the ZEROID brand, QEV Technologies offers a zero- emission fleet that includes multiple models of electric vans, delivery trucks and electric and hydrogen bus platforms. Established in 2013, QEV Technologies provides design, engineering and training services to the electric vehicle industry. Building on its history and expertise in electric mobility, the company expanded into the commercial electric vehicle market in 2018 and now has both in-house and outsourced manufacturing capabilities. Inside Information
This press release contains or may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (Regulation 596/2014).
Press contacts
Harmon - Carlos Serrano - cserrano@harmon.es, +34 669 51 93 98
Harmon - Rodrigo Jiménez - rjimenezs@harmon.es
Delay annual report 2023
On 17th April 2024, the Company previously announced a delay in the publication of its Annual Report 2023 due to recent changes in the audit procedure within the Company and its subsidiary. However, during the preparation of the Annual Report 2023, a fraud case was identified, necessitating further investigation by the Company's accountant. This investigation will result in an additional delay in the publication of the Annual Report.
In light of this investigation, the publication of the Company's financial statements will be postponed until the final conclusions are reached. Upon completion of the financial statements, the Company will convene a shareholder meeting to discuss the findings and implications of the fraud case.
Fraud
Preliminary findings indicate that the fraudulent activity appears to be isolated and limited in scope, with a short duration before it was identified and addressed by the company. So far, our ongoing investigation suggests that the incident did not have a significant impact on our operations or financial performance. The fraudulent invoices have been identified and have been corrected on the financial statements.
Additionally, the Company has revised its internal processes to prevent similar issues in the future.
About QEV Technologies
QEV Technologies designs, develops, manufactures and sells electric light commercial vehicles and electric buses, and provides after-sales and maintenance services. The company has other businesses related to electric vehicles. QEV Technologies sells its electric vans, trucks and buses primarily to businesses and public transport operators looking to establish or expand their electric fleets, and focuses on serving the urban mobility and last mile delivery markets. Under the ZEROID brand, QEV Technologies offers a zero- emission fleet that includes multiple models of electric vans, delivery trucks and electric and hydrogen bus platforms. Established in 2013, QEV Technologies provides design, engineering and training services to the electric vehicle industry. Building on its history and expertise in electric mobility, the company expanded into the commercial electric vehicle market in 2018 and now has both in-house and outsourced manufacturing capabilities. Inside Information
This press release contains or may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (Regulation 596/2014).
Press contacts
Harmon - Carlos Serrano - cserrano@harmon.es, +34 669 51 93 98
Harmon - Rodrigo Jiménez - rjimenezs@harmon.es
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