(Alliance News) - ESPE Spa has made it known that it has proceeded with the notarized deed of transfer inherent to the Operation & Maintenance business unit in favor of Reflow Srl, a company active in the O&M market, mainly in the wind power plant sector based in Carmignano di Brenta in Padua, consequently assuming control

by right.

As stated in the company's note, the transferred business unit consists of a set of capital assets consisting of equipment and motor vehicles, finance lease contracts, software licenses used to carry out the business, staff consisting of 8 employees and trade receivables outstanding as of April 30 amounting to approximately EUR14,000.

The transaction took place in full continuity of book values, and the contribution was made in the amount of EUR50,000, of which EUR20,304 was capital and EUR29,696 was share premium.

The company specified that the appraiser assigned a value of EUR199,797 to the contributed business unit.

As a result, the share capital of Reflow, following the Transaction, amounts to EUR30,304, of which ESPE holds a 67 percent share.

The remaining part of the share capital is held by the founding shareholders of Reflow, respectively by Pietro Fabris with 8 percent and HPRO Srl with 25 percent, a company that is 50 percent owned by Enrico Savegnago and 50 percent owned by Ivan Fabris.

Enrico Meneghetti, president and CEO of ESPE commented, "The collaboration with Reflow, a partner with whom we already have a solid foundation of trust, not only strengthens our position in the market, but also allows us to capitalize on the experience of a team of high-profile entrepreneurs. We look forward to the future with confidence that this transaction will position us even better in the market to meet the challenges and seize the opportunities of such a rapidly evolving industry."

By Claudia Cavaliere, Alliance News reporter

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