9 Jul 2018 16:45
Telit Communications PLC
BAMES update
London, 9 July 2018 - Telit Communications PLC (AIM: TCM, "Telit", the "Group"), a global enabler of the Internet of Things (IoT), announces an update on the legal proceedings regarding the Group and Bartolini After Market Electronic Services Srl ("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. Telit was not and is not formally involved in these criminal legal proceedings but has been closely monitoring their development.
Telit has been informed, following a court hearing on 9 July 2018, that the administrators to BAMES have taken steps to bring a civil claim against Telit regarding its involvement with BAMES. Telit considers, after having taken legal advice, that the claim is without merit and intends to vigorously defend its position. It remains the case that at this early stage it is not possible to quantify any possible liability to Telit.
Enquiries:
Telit Communications PLC Yariv Dafna, Finance Director | Tel: c/o Instinctif Partners |
finnCap (Nomad and joint broker) Henrik Persson/Giles Rolls/Hannah Boros | Tel: +44 20 7220 0500 |
Berenberg (Joint Broker) Chris Bowman/Mark Whitmore/Ben Wright | Tel: +44 20 3465 2722 |
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.
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Copyright © 2018 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.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.