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Board Appointments

5th Jul 2012 07:00

RNS Number : 9606G
Telit Communications PLC
05 July 2012
 



 

 

 

 

Press Release

05 July 2012

Telit Communications PLC

("Telit" or "the Company")

Board Appointments

 

Telit Communications PLC (AIM: TCM), a global leader in machine-to-machine (m2m) communications, is pleased to announce that Mr Steven Sherman and Mr Sergio Luciano Buonanno have been appointed to the board as Non-Executive Directors with immediate effect.

 

Mr Sherman, aged 66, has been, since 1988, the managing member of Sherman Capital Group, a merchant banking organisation with a portfolio of private and public investments which is interested in 4,128,578 ordinary shares of the Company. Mr. Sherman is currently Chairman of Purple Wave Inc.. Mr. Sherman's former directorships include the following: Co-founder, Chairman and CEO of Novatel Wireless, Inc.; Chairman of Airlink Communications, Inc.; founder of Vodavi Communications Systems Inc. where he served as Chairman and CEO; Chairman of Executone Information Systems; and a director of Inter-Tel (Delaware) Incorporated. Mr. Sherman was also founder, Chairman and CEO of Main Street and Main Inc., the world's largest franchisee of T.G.I. Friday's Restaurants.

 

Mr. Sergio Luciano Buonanno, aged 41, is Managing Director at Idea Capital Funds SGR S.p.A.. Previously, Mr. Buonanno worked for the Enel Group for ten years where he held various positions, including Head of Organisational Development. Mr. Buonanno obtained a PhD degree in Electrical Engineering from Politecnico di Milano. He is also a director of Domotecnica S.p.A., and he has previously held board positions with VivaBioCell S.p.A., Adriacell S.p.A., and Surgica Robotica S.p.A.. He is a member of the VC Committee at AIFI, the Italian private equity and venture capital association.

 

Oozi Cats, Chief Executive and member of the board of directors of Telit said "We are pleased to welcome to Telit's board individuals with such obvious talents as Steven Sherman and Sergio Buonanno. We are sure that, with their vast experience, they will help Telit go from strength to strength."

 

There are no further disclosures required to be made relating to Mr Sherman or Mr Buonanno under Schedule 2(g) of the AIM Rules for Companies.

 

The Company expects to release a pre-close Trading Update on Monday July 09, 2012.

 

For further information:

 

Telit Communications PLC

Tel: +39 06 4204601

Oozi Cats, CEO - Oozicats@telit.com

Yosi Fait, Finance Director - Yosi.fait@telit.com

Yariv Dafna, CFO - Yariv.dafna@telit.com

 

Canaccord Genuity

Simon Bridges

Tel: +44 20 7523 8000

 

Notes to readers

 

Telit sells its products through a network of value added resellers to more than 5,000 communications solution providers and systems integrators in more than 60 countries around the world. Our customers are served both directly or through a global network of more than 50 distributors.

 

Telit's headquarters are in Rome, Italy, with regional headquarters in Raleigh NC, USA and Seoul, Korea. Its R&D centres are in Trieste and Cagliari, Italy, Seoul, Korea Sofia Antipolis, France, Tel-Aviv and Jordan Valley, Israel and Foothill Range, California, with regional sales offices in Brazil, China, Denmark, France, Germany, Great Britain, India, Israel, Italy, Korea, Poland, Russia, Spain, the Republic of South Africa, Taiwan, Turkey and the USA.

 

Telit provides global support to its international customers covering substantially all of the m2m market verticals. Its vast experience doing business across the globe has helped Telit establish strong channels and excellent access to key suppliers, customers and distributors in all major world markets. Telit's diverse worldwide customer base includes cellular operators and cellular distributors, as well as designers, manufacturers and system integrators of cellular m2m module-based applications.

 

Brief introduction to the machine to machine (m2m) market

 

Machine to machine (m2m) technology establishes wireless communication between machines and the information centre of a business. The goal of m2m is to enable applications that allow businesses to increase productivity and competitiveness. At the heart of each m2m implementation is a communication module which receives processes and transmits information.

 

The international market for machine-to-machine (m2m) wireless communications is rapidly growing as wireless communications are now a must-have rather than a luxury technology. Businesses that were not interested in m2m wireless solutions in the past are now looking to incorporate this technology in their business as their operations expand and modernise.

 

The Beecham Research report on the m2m sector, released in June 2011, analyses the latest market developments in all regions around the world and forecasts that the market will enjoy high growth over the coming years. Beecham Research believes that the number of units to be shipped will reach 95.5 million by 2015 representing a 2011-15 CAGR of 27.2%. Beecham Research also projects an average selling price decline of 11.6% p.a. resulting in a CAGR of 12.5 % growth in monetary value of the sector through to 2015 with a total value of m2m market of $1.5bn.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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