Tallinn, Estonia, 2014-01-29 10:56 CET (GLOBE NEWSWIRE) --
On 10 January 2014, the board of the Court of Arbitration of the Estonian Chamber of Commerce and Industry decided to proceed with the AS Eesti Meedia action filed against AS Ekspress Grupp. AS Eesti Meedia requires AS Ekspress Grupp to pay EUR 8 590 140 based on AS SL Õhtuleht, AS Ajakirjade Kirjastus and AS Express Post shareholders agreements between the parties.
AS Ekspress Grupp will remain to the statements and opinions expressed in the company announcement published on 13 December 2013.
The company is of the opinion that AS Eesti Meedia has not enabled AS Ekspress Grupp to fulfill its rights to acquire the shares of the public limited companies SL Õhtuleht, Ajakirjade Kirjastus and Express Post by means deriving from the shareholders agreement and the law. Consequently, AS Ekspress Grupp has withdrawn from the share buyout agreement of the joint venture AS Express Post and is preparing a response to the filed action and its own action to require AS Eesti Meedia to fulfill their contractual duties and payment of contractual penalties for breaching the agreement.
Additional information:
Gunnar Kobin
Chairman of the Management Board
GSM: +372 5188111
E-mail: gunnar@egrupp.ee