Pointpack has a contract of assignment of rights and obligations under the contract of Poczta Polska and P2A Box

Pointpack, its subsidiary P2A Box (P2A), a consortium member of P2A and Poczta Polska concluded an assignment of rights and obligations agreement, based on which Pointpack took over from P2A and its consortium member the rights and obligations under the agreement for the supply of technologies and equipment to Poczta Polska (agreement PP), the company said. At the same time, Pointpack and Poczta Polska concluded an annex to the PP agreement, in which they agreed, among others, total remuneration in the amount of PLN 241.26 million net.

Poczta Polska waived all claims arising from non-performance or improper performance of the PP contract by P2A and its consortium member, and P2A and its consortium member waived all claims against Poczta Polska resulting from the current performance of the contract, with the exception of part of the remuneration due to P2A under the performance of the PP contract, given.

“As a result of the assignment of the rights and obligations of the PP contract, the company became the sole contractor in the PP contract with Poczta Polska S.A. and entered into all rights and obligations of the existing contractors, i.e. P2A and its consortium member. Change of contractor in the above-mentioned PP contract was dictated by the need to resolve the issue of claims that Poczta Polska S.A. could have in connection with its performance by P2A and its consortium member, as well as the elimination of the risk of termination of PP’s contract by Poczta Polska S.A. for reasons attributable to P2A and the related financial risk related to the claims of Poczta Polska S.A. The conclusion of the assignment agreement was a condition of Poczta Polska S.A. to continue cooperation under the PP contract, and thus release P2A from liability for non-performance or improper performance of the PP contract for the period from the date of its conclusion.

At the same time, Pointpack and Poczta Polska concluded an annex to the PP agreement, in which they defined, among others:

  1. New schedules for the implementation of individual stages of the PP agreement, providing for the delivery of subsequent APM tranches no later than by the end of 2024;
  2. Changes in the scope of the subject of the agreement, including by specifying the provisions regarding the method of settlements for the implementation of individual stages of the PP agreement;
  3. Principles of liability for non-performance or improper performance of PP’s contract, by reducing the maximum threshold of liability for non-performance or improper performance of the contract to PLN 30 million, subject to certain circumstances where the limitation does not apply, including those where the limitation of liability is legally ineffective;
  4. Total remuneration for the performance of the contract in the amount of PLN 241,264,560.0049 net (increased by the VAT due), which may be reduced by discounts in the amount of approx. PLN 7 million;
  5. New extended term of the PP contract as at December 31, 2029 (previously January 31, 2029).

At the same time, the company and P2A, in a separate agreement, agreed on the terms of further cooperation, including the terms of settlements for services rendered and assignments.

Pointpack offers IT solutions and maintenance services for the retail and courier industry in the area of infrastructure of the first and last mile of urban logistics. It provides courier companies with access to a large number of sending and receiving points through integration with commercial networks that use cash register systems, cash registers and payment terminals. The company also integrates manufacturers of transceivers. Since 2018, it has been listed on the NewConnect market.

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