Current report 26/2013 (01.10.2013)
Title:
Conclusion of the project financing agreement with PARP
Legal basis:
Art. 56 sec. 1 point 1 of the Act on Public Offering – confidential information
Message:
The Management Board of URSUS S.A. hereby informs that on 30 September 2013 the Issuer concluded with the Polish Agency for Enterprise Development (PARP) with the seat in Warsaw the co-financing agreement concerning the project „Infrastructure of research and development facilities to ensure innovative market position of the company”.
The subject of the agreement is granting the Company co-financing from the public funds for implementation of the project within the Operational Programme Development of Eastern Poland 2007-2013, Priority Axis I Modern Economy, task I.3 Supporting innovativeness. The agreement defines rights and obligations of the parties related to management, accounting, monitoring, reporting and control of the project covered by the agreement, as well as information and promotion.
As a result of the project implementation the Company plans to set up in the main seat of the Company in Lublin a modern infrastructure necessary to conduct research and development works for the purpose of the Company operation.
According to the Issuer’s Management Board, conclusion of the project financing agreement will significantly accelerate completion of tasks related to research and development activities undertaken in the frames of the Company’s strategy implementation, what will increase innovativeness of the production process and will enhance competitiveness of the Company’s offer.
On the basis of the concluded agreement the Issuer will receive co-financing destined for implementation of the project in the total amount not exceeding 8 040 243 PLN, while the estimated total cost of the project execution will amount to 23 641 562,44 PLN net.
The project implementation should be finished till 30 June 2015.
To guarantee proper execution of the contractual obligations, the Company will issue at disposal of PARP a blank promissory note together with a bill of exchange agreement .
The agreement does not include provisions regarding contractual penalties.
The terms of the concluded co-financing agreement do not differ from the standard terms commonly used in co-financing agreements within this Operational Programme.
The concluded agreement is considered material due to the fact that its total amount exceeds 10% of the Issuer’s equity.
The legal grounds of transmission of the present report are § 5 sec. 1 point 3 in connection with § 9 the Regulation of the Minister of Finance dated 19 February 2009 regarding current and interim reports published by issuers of securities and the terms of finding as equivalent the information required under the laws of any non-member state (Journal of Laws, 2009 No. 33, point 259 with subsequent changes).
