23rd May 2005 07:01
Telit Communications PLC23 May 2005 Press Release 23 May 2005 Telit Communications plc ("Telit" or "the Company") The Board of Telit Communications plc (AIM:TCM), the global wirelesscommunications developer and distributor, is pleased to announce that, furtherto the disclosure in the Company's admission document dated 30 March 2005regarding the settlement agreement reached between a subsidiary of the Companyand the claimant, the Italian Ministry has approved the agreement reachedbetween Dai Italy and the claimant for the removal of the claim and counterclaim without monetary compensation. There follows the text of the disclosure inTelit's Admission document. "Dai Italy has recently reached a settlement agreement in respect of a claimbrought against it for approximately €7 million. Dai counter-claimed for damagesin the sum of approximately €6.2 million. The settlement agreement is tied toperformance of a commercial agreement between Dai Italy and a company in theclaimant's group of companies relating to a joint venture between the parties.Dai Italy and the claimant entered into a waiver under which the claimant waivedits claim and Dai Italy waived its counter-claim. This waiver and commercialagreement is awaiting Italian Ministry approval which the Company expects toreceive shortly." - Ends - For further information: Telit Communications plcOozi Cats, Chief Executive Tel: 0039 040 419 2491 www.telit.com Media enquiries:AbchurchChris Lane / Katherine Murphy Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com About Telit Communications plcTelit Communications plc is a global business based in Trieste specialising ininnovative customised mass production solutions for cellular communications. TheCompany has two distinct business operating divisions leveraging on its coreintellectual property and know how: • The Data Products Division, 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 Branded Enhanced Value Added Reseller ("EVAR") Division 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 With its headquarters in the UK, an R&D site in Italy and a presence in 17countries, the Company has established a prominent position in mobile handsetsand m2m industries in its chosen markets. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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