16th Sep 2008 07:00
Telit & Magneti Marelli Settle Legal Claims
September 16, 2008 - Rome, Italy - Telit Communications PLC is pleased to announce that it has settled the outstanding legal claims which were pending with Magneti Marelli Brazil, with no impact on the Company's income statement. The claim filed in Brazil in 2004 by Magneti Marelli against Telit and the counter claim filed by Telit, in connection with Telit's discontinued operations, are both to be withdrawn, with neither party paying any sum to the other. Following the dismissal of this claim Telit is not involved in any significant litigation.
ENDS
About Telit
Telit is a leading global wireless technology company. It develops, manufactures and markets GSM/GPRS, UMTS/HSDPA and CDMA/EVDO enterprise communication modules for machine-to-machine (m2m) applications which streamline business processes by enabling machines, devices and vehicles to communicate via mobile networks. Telit's products are sold and deployed worldwide through offices in Brazil, China, Denmark, Germany, Great Britain, Israel, Italy, Korea, Spain, Taiwan, Turkey and the USA. Telit Communications PLC is listed on the AIM (Ticker: TCM). For more information about the company, please visit www.telit.com.
Contacts:
|
Telit Communications PLC Maya Lustig, Vice President, Investor Relations |
Tel: 00 972 3 791 40 40 www.telit.com |
|
Seymour Pierce Limited Stuart Lane / Parimal Kumar, Corporate Finance |
Tel: +44 (0) 20 7107 8000 www.seymourpierce.com |
Related Shares:
TCM.L