SRJ Technologies Announcement Overview

SRJ Technologies (ASX: $SRJ) has announced the removal of revenue from unreturned BoltEx R inventory against the original unaudited position of 50% provision for the total invoiced amount. The decision was made based on ongoing positive discussions with the customer, aiming to recoup the revenue through the purchasing of SRJ asset integrity solutions by the client moving forward. The impact of the proposed settlement on the 31 December 2023 financial results has been outlined, and the Company is finalizing the annual report with its auditors for lodgment on 28 March 2024.

Executive Commentary

The Board has decided to remove the revenue for 2023 in its entirety against the original unaudited position of 50% provision for the total invoiced amount. We believe that maintaining a positive relationship with the customer and focusing on the potential for future business opportunities through the purchasing of SRJ asset integrity solutions is more beneficial than pursuing a legal resolution. This decision aligns with our long-term strategy to support the client's fleet asset integrity management and build a valuable partnership. We are currently finalizing the annual report with our auditors and look forward to the lodgment on 28 March 2024.

Summary of SRJ Technologies Announcement

SRJ Technologies (ASX: $SRJ) has removed revenue from unreturned BoltEx R inventory against the original unaudited provision for the total invoiced amount. The decision was based on ongoing positive discussions with the customer, aiming to recoup the revenue through future business opportunities. The Company is finalizing the annual report with its auditors for lodgment on 28 March 2024. This strategic decision reflects SRJ's focus on building long-term client relationships and supporting fleet asset integrity management. The outlook includes the Company's commitment to providing a wider range of asset integrity consulting services and delivering high-quality, agile, and cost-conscious solutions globally.