16th Feb 2009 07:00
Telit Communications plc
("Telit" or "the Company")
CHANGES TO THE BOARD OF DIRECTORS
Telit Communications plc (AIM: TCM), the global wireless communications developer and distributor, is pleased to announce the appointment of Mr. Massimo Testa as a non-independent, non-executive Director, on the Board of Directors to the Company, and the resignation of Mr. Maurizio Gasparri from the Board, due to an increased workload in his other commitments, with immediate effect.
Mr. Testa, aged 51, established his first company in 1984, which provided construction, transportation and auxiliary services to the real estate sector. Over 25 years operating in the field, Mr. Testa has established a group that today works alongside manufacturers of raw materials for international real estate development companies.
Mr. Testa is currently a director and shareholder of Techvisory S.A. ("Techvisory") and Wireless Solution Management S.L. ("WSM"), which are corporate parents of Boostt B.V., a significant shareholder of the Company.
In addition to the his directorships in the above mentioned companies, Mr Testa is or has been, within the last 5 years, a Director of the following Companies:
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Current Directorships |
Previous Directorships |
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E.20 SRL |
C.D.E. Consorrzio distributori edili |
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Testa Commerciale SPA |
Groupr Edilcom SRL |
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Testa Holding SRL |
EDIL Ligure SRL |
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Testa Gestione Finanziarie SNC |
Mr. Testa is the brother of Mr. Enrico (Chicco) Testa, Chairman of the Board of Directors of the Company.
Mr. Massimo Testa owns, or is interested in (by way of his directorship and shareholdings in Techvisory and WSM) 16,783,357 ordinary shares of the Company, representing 37.7 per cent of the issued share capital of the Company.
There are no further matters which are required to be announced with regard to this appointment under paragraph (g) of Schedule 2 of the AIM rules.
Commenting on the appointment, Chief Executive Officer Oozi Cats said: ''I am delighted to welcome Massimo Testa to Telit. He is a highly experienced and respected businessman and will be a valuable asset to the Company going forward." Commenting further, on Mr. Gasparri's resignation, Mr. Cats said: "On behalf of the Board of Directors I would like to thank Mr. Gasparri for his assistance and commitment to the Company during his tenure as a director and wish him every success in the future".
ENQUIRIES:
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Telit Communications plc |
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Michael Galai, Finance Director Maya Lustig, VP Investor Relations |
Tel: 00 972 3 7914040 |
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www.telit.com |
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Seymour Pierce |
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Stuart Lane, Corporate Finance |
Tel: +44 (0) 20 7107 8000 |
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www.seymourpierce.com |
Related Shares:
TCM.L