11th Sep 2008 07:00
September 11, 2008
Telit Receives €6.5 Million Grant Payment
Telit Communications PLC is pleased to announce that it has received the first instalment, in the amount of €6.5 million, from the previousely announced grant from the Italian ministry of Economic Development. The award, which was obtained in 2006, is split into a €2.6 million grant and a €3.9 million loan at favorable terms, secured by the Italian government with a repayment schedule spanning 10 years. The entire updated amount of the award is approximately €13 million and the next instalment is expected at the end of 2009.
The award was granted in connection with Telit's R&D facility in Sardinia which, since its incorporation in 2006, has greatly strengthened Telit's R&D capabilities and has already contributed to Telit's product portfolio with the addition of the UMTS, WiFi and integrated applications. The Sardinia facility, currently employing 36 R&D personnel and expected to reach 40 employees by year end, specilaises in short range RF technologies such as Bluetooth, Zigbee and WiFi, as well as the convergance of long and short range technologies. This R&D centre also leads, among other projects, Telit's involvement in the E-Call initiative and the Gas AMR project mandated by the Italian authorities.
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:
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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 |
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