Agility would like to announce that it has reached a settlement regarding claims between Agility and the United States Army. The settlement relates to the disputes between the parties in connection with, the logistics and management support contract awarded by the Coalition Provisional Authority on the 6th of June, 2004 (“PCO Contract”) and the distribution depot contract with the U.S. Defense Logistics Agency dated 1st of September 2005 (“DDKS Contract”). The result of the settlement is the elimination and waiver by the US Army of its debt claim against Agility of $81 million (equal to KWD 24.5 million) as well as the waiver and elimination of Agility’s claim against the US Army under the PCO Contract and payment of $17.7 million (equal to KWD 5.3 million) by the United States to Agility under the DDKS Contract.
Agility will record the $17.7 million (equal to KWD 5.3 million) as income in the profit and loss statement
Investor Relations Team