Eprcomunicazione S.p.A.

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07/06	From Eprcomunicazione communication plan for ITALYE for EUR135,000	AN
31/05	ITALY GROWTH WINNERS & LOSERS: Good Lemon Systems; GM Leather gives way.	AN

Eprcomunication takes over majority stake in Justbit

January 17, 2023 at 09:22 pm IST

(Alliance News) - Eprcomunicazione Spa announced that it has closed the acquisition of 51 percent of Justbit Srl from Daniele Albanese, Simone Notargiacomo, Francesco Pace and Carmine Vittorio Esposito.

The company paid the sellers EUR2.6 million while another EUR250,000 will be disbursed within the next six months.

The agreement includes specific clauses with reference to a possible earn-out, under which Epr will recognize to the sellers up to a maximum of two additional tranches of variable price, for EUR250,000 each, to be paid in cash upon the achievement of certain targets linked to Justbit's Ebitda values resulting from the approval of the financial statements as of December 31, 2022 and December 31, 2023, respectively.

In view of the costs and effort provided by Justbit and its founding partners in the context of Epr's listing process, Epr has announced that the parties have signed an addendum to the agreement under which they have agreed to change Justbit's relevant Ebitda threshold with reference to its FY2022 results for the purpose of accruing the relevant earn-out, redetermining it from EUR750,000 to EUR675,000.

Eprcomunicazione's stock is flat at EUR3.68 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

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