18th Apr 2006 10:30
Telit Communications PLC18 April 2006 Press Release 18 April 2006 Telit Communications plc ("Telit" or "the Company") Telit awarded grant to open new R&D centre Telit Communications plc (AIM:TCM.L), the global wireless communicationsdeveloper and distributor, is pleased to announce that it has been declaredeligible to receive a €11.4 million grant, and has secured a €14.1 million loanfacility, from the Ministry of Attivita Produttive in Italy. The funds, totalling €25.5 million, were awarded to Telit to invest in a new R&Dcentre in "Objective 1 Areas", which include Sicily, Sardinia, Campania,Basilicata, Puglia and Calabria. The new R&D centre will further strengthen Telit's existing R&D capability bysignificantly increasing the team of specialist developers dedicated to Telit'swireless solutions business unit. According to the latest ABI research, the m2mmarket is expected to show 33% annual growth from 2005 to 2010. Oozi Cats, Chief Executive of Telit Communications, commented, "This endorsementfrom the Italian government is testament to Telit's position as an innovator inthe exciting and lucrative m2m sector. The funds will allow Telit to introducenew and advanced products, based on our core technology and our own IP, into thehigh growth m2m market. "I am confident the investment that we are currently making into R&D willdeliver strong returns for our shareholders in the future." For further information: Telit Communications plcOozi Cats, Chief Executive Tel: 00 39 040 419 2491 www.telit.com Media enquiries: AbchurchChris Lane / Laura Riascos de Castro Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com Notes to Editors Telit Communications plc is a global business specialising in innovativecustomised mass production solutions for cellular communications. The Companyhas two distinct business operating divisions leveraging on its coreintellectual property and know how: • Wireless Solutions Business Unit which designs, develops, manufactures, markets and sells a range of data cellular communication products for the machine to machine ("m2m") market. The Company's technology and products enable other electronic devices and equipment manufacturers to utilise the widely deployed GSM/GPRS cellular infrastructure to relay and accept information without human intervention. Telit owns its own protocol stack and supplies A-Z solutions for the m2m market. • The Enhanced Value Added Reseller ("EVAR") Business Unit which customises and distributes to mobile operators and to independent retailers, under the recognised brand "Telit", ODM's and OEM's cellular products, utilising its extensive in-house research and development resources This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
TCM.L