19 Mar 2019 16:05
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Telit Communications PLC
BAMES settlement agreement
London, 19 March 2019 - Telit Communications PLC ("Telit", "the Group", AIM: TCM), a global enabler of the Internet of Things (IoT), has reached a settlement on the legal proceedings regarding the Group and Bartolini After Market Electronic Services Srl ("BAMES").
Telit reached a settlement agreement approved by the court according to which it will pay, without any admission of liability and against a waiver from the administrators of BAMES of all claims against Telit in this respect, an amount of €840,000 plus approximately €21,000 of legal costs. This agreement has been entered into by Telit in order to bring certainty and closure to the matter between the Group and the administrators of BAMES.
As previously disclosed, between 2007 and 2010, Telit and its Italian subsidiaries were parties to several agreements with BAMES and its subsidiary. In 2013, BAMES went into liquidation. In 2016, Telit became aware of a criminal investigation against a number of parties with respect to BAMES' insolvency including Telit's former CEO. In July 2018, Telit was informed that the administrators to BAMES had taken steps to bring a civil claim against Telit regarding its involvement with BAMES.
Enquiries:
Telit Communications PLC Paolo Dal Pino, Executive Chairman | Tel: +44 203 289 3831 |
Yariv Dafna, Finance Director | |
finnCap (Nomad and joint broker) | Tel: +44 20 7220 0500 |
Henrik Persson/Giles Rolls (corporate finance) | |
Tim Redfern/Richard Chambers (ECM) | |
Berenberg (Joint Broker) | Tel: +44 20 3465 2722 |
Chris Bowman/Mark Whitmore | |
Instinctif Partners | Tel: +44 20 7457 2077 |
Adrian Duffield/Chantal Woolcock | |
About Telit
Telit (AIM: TCM), is a global leader in Internet of Things (IoT) enablement. The company offers the industry's broadest portfolio of integrated products and services for end-to-end IoT deployments - including cellular communication modules in all technologies, GNSS, Wi-Fi, short-to-long range wireless modules, IoT connectivity plans and IoT platform services. Through the IoT Portal, Telit makes IoT onboarding easy, reduces risk, time to market, complexity and costs for asset tracking, remote monitoring and control, telematics, industrial automation and others, across many industries and vertical markets worldwide.
# # #
Copyright © 2019 Telit Communications PLC. All rights reserved. Telit and all associated logos are trademarks of Telit Communications PLC in the United States and other countries. Other names used herein may be trademarks of their respective owners.