SPEAR Investments I B : QEV Press Realease | Financial Statements

PRESS RELEASE

SPEAR Investments I B.V. publishes QEV Technologies' 2022 financial statements and updates working capital statement

AMSTERDAM, 25 September 2023, 17:00 hrs CEST - SPEAR Investments I B.V. (the Company) announces the publication of QEV Technologies, S.L.'s (QEV Technologies) consolidated financial statements as at 31 December 2022 and the independent auditors report thereon (the 2022 QEV Technologies Financial Statements). The Company also provides an updated working capital statement.

2022 QEV Technologies Financial Statements

The Company has published the 2022 QEV Technologies Financial Statements, which includes the independent auditor's report thereon. The full report can be downloaded via the following link:

QEV-audit- financial-statements-2022report-

The 2022 QEV Technologies Financial Statements supplement the information in section 12 (Financial Information of QEV) of the Company's shareholder circular dated 1 August 2023 (the Shareholder Circular). The Shareholder Circular can be found on our website at: https://www.spearinvestments.com/investor-relations/.

Updated working capital statement

Section 12, page 130, of the Shareholder Circular provides for a going concern statement by the Company, indicating that QEV Technologies' management has a reasonable expectation that the QEV Technologies group has and will have adequate resources to continue in operational existence for the foreseeable future.

The Company hereby provides for an updated working capital statement, confirming that in the opinion of QEV Technologies, the working capital available to the QEV Technologies group is sufficient for its present requirements, that is for at least 12 months following the date of the Shareholder Circular. This updated working capital statement is consistent with the Company's prospectus dated 9 November 2021 (see page 95), which can be found on our website at https://www.spearinvestments.com/investor-relations/.

Further information

Further information can be found in the Shareholder Circular on our website at https://www.spearinvestments.com/investor-relations/.

About SPEAR Investments I B.V.

SPEAR was formed in order to identify and become a valuable partner to a fast-growing European business, and to support this company in the accelerated achievement of its goals. SPEAR's multi-skilled team has many decades of experience in successfully supporting the listings and ongoing growth of public companies, as well as in providing sector-specific, operational, and capital-market related support for leading global businesses.

About QEV Technologies S.L.

QEV Technologies designs, develops, manufactures, and sells electric light commercial vehicles and electric buses, as well as offering aftersales and maintenance services, and has further business lines related to electric motorsport. QEV Tech sells its electric vans, trucks and buses primarily to businesses and public transport companies seeking to establish or grow their electric fleets, and is focused on serving the urban mobility and last mile delivery markets. Under the ZEROID brand, QEV Technologies offers a zero-emission fleet that includes multiple electric van models, delivery trucks, and electric and hydrogen platforms for buses. QEV Technologies was founded in 2013, and both historically and on an ongoing basis also provides design, engineering and training services to the electric motorsport industry. Building on its history and expertise in electric mobility, the company expanded into the commercial electric vehicle market in 2018 and now has both inhouse and outsourced manufacturing capabilities, having together with its joint venture partner won the tender for a major former Nissan facility in the free trade area of Barcelona in March 2023.

Inside Information

This press release contains or may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (Regulation 596/2014).

Important Information

This press release or any part of it does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States, Canada, Australia, the Republic of South Africa, Japan or any other jurisdiction in which the same would be unlawful. No public offering of the securities referred to herein is being made in any such jurisdiction.

This press release or any part of it is not a public offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the US Securities Act 1933, as amended (the "Securities Act") or under the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold directly or indirectly in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with the securities laws of any state or any other jurisdiction of the United States.

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