Announcement The joint stock company "LATVIJAS T

The joint stock company "LATVIJAS TILTI" (hereinafter - JSC "LATVIJAS TILTI") would like to state the following:

The bankrupted Lithuanian enterprise UAB "Baltic Dredging" initiated legal action against the JSC "LATVIJAS TILTI" in District Court of Klaipeda Region (hereinafter – the district court), the first court session was held on July 22, 2013.

Information published by some media that the amount of claim is 1.5 million litas (about 306 thousand lats) is inaccurate. The claimant partially waived the claim and currently the claim of UAB "Baltic Dredging" amounts to 687 702.70 LTL (about 140 thousand lats) only.

During the first court session the representative of the bankrupted Lithuanian enterprise UAB "Baltic Dredging" was not able to prove the performance of their contractual obligations to JSC "LATVIJAS TILTI". The judge of Klaipeda district court requested the claimant to submit the evidence of the completion of works under the contractual obligations of UAB "Baltic Dredging" for the amount of claim till the next court session.

Taking into account that UAB "Baltic Dredging" has failed to fulfill its contractual obligations, JSC "LATVIJAS TILTI" does not admit the claim of the bankrupted Lithuanian enterprise.

In addition, the JSC "LATVIJAS TILTI" indicates that on June 27, 2013 the Court of Appeals of Lithuania rejected the claimant’s request for application of interim measures (to secure the claim) against the defendant - JSC "LATVIJAS TILTI" due to the lack of strong evidence grounding the claim.