1 Apr 2014 07:00
Telit Communications Plc
("Telit" or the "Company")
Update on Acquisition and Appointment of Non-Executive Director
Update on the Acquisition of NXP's Automotive Telematics Onboard unit Platform ("ATOP")
Appointment of Lars Reger as Non-Executive Director
April 1, 2014 - As previously announced, the Company, through a fully owned subsidiary, entered on December 22, 2013 into an agreement with NXP B.V. ("NXP"), a fully owned subsidiary of NXP Semiconductors N.V. (Nasdaq: NXPI) to purchase NXP's ATOP business.
The Board is pleased to announce that its acquisition of NXP's ATOP business closed yesterday, 31 March 2014. Telit therefore today announces that application will be made to the AIM Market of the London Stock Exchange for the admission of 2,255,943 ordinary shares of 1 penny each in the Company, paid as part of the consideration to NXP for the Acquisition.
In addition, Telit today announces the appointment of Lars Reger as a Non-Executive Director of the Company. Mr. Reger, aged 43, is Head of Chip Development and General Manager for New Business in NXP's automotive business division. Mr. Reger has held various functions with Siemens, Infineon, Siemens VDO, Continental and NXP, and has gained a deep insight into the microelectronics industry, focusing especially on the automotive sector. Mr. Reger holds a degree in physics from Rheinische-Friedrich-Wilhelms University of Bonn and an executive MBA from London Business School.
Save as disclosed above, there are no other details to be disclosed regarding Mr. Reger's appointment as required under paragraph (g) of Schedule 2 of the AIM Rules.
Oozi Cats, Chief Executive of Telit, said "Telit Automotive Solutions, now significantly strengthened with the purchase of the ATOP business and its expertise in automotive products and platforms, looks to make it one of our growth engines in the coming years enabling us to deliver high level, secure solutions to our customers. We welcome the ATOP team to the Telit family and welcome Lars Reger who joins our board and will contribute from his vast experience in the Automotive industry."
For further information please contact:
Telit Communications plc | Tel: +39 06 420 4601 |
Oozi Cats, Chief Executive | |
Yosi Fait, Finance Director | |
Canaccord Genuity Limited | Tel: +44 207 523 8000 |
Nominated adviser Simon Bridges | |
Peter Stewart Mo Mirza |
Notes to readers
Telit is a global leader in the development and manufacture of wireless machine-to-machine ("m2m") communication modules,marketing the industry's most extensive portfolio of the highest quality cellular, short-range and global navigation satellite system (GNSS) devices. The company has consistently ranked in the top three for the module vendor space and ranks number one in the space known as industrial M2M with an estimated market share of 31% in 2013. Telit products and services are available in over 80 countries from 32 sales offices, 60 exclusive distributors, and a sales force of 350+ sales people servicing over 5,000 customers. With over 12 years exclusively dedicated to the m2m market, Telit constantly advances its technological leadership from seven R&D centers around the globe.
In order to leverage cellular m2m functionality in electronic devices, integrators require a range of services from two distinct domains to connect them end-to-end, over the air and over the internet all the way to the back-end servers and enterprise systems they integrate. Telit's m2mAIR Business Unit offers all such services enabling customers to fully integrate their devices to the business systems that power them. The mobile network domain encompasses such elements as mobile network connectivity, module management, account optimization, cost control. From the perspective of the connected asset, the last mile of the connection happens over the Internet (IP) domain, which devices use to reach the Cloud and application enablement platforms (Paas), allowing them to interact with the business systems they belong to. For more information on m2mAIR please click here.
Telit is listed on AIM (Ticker: TCM). Itprovides customer support and premier design-in expertise from its sales and support offices, global distributor network of wireless experts and 30 accredited Competence Centers. Telit is entrenched not only as a supplier but also as an active member in standards definition bodies for a number of segments and application areas including automated meter reading, automotive, fleet management, healthcare, security systems, telematics, POS, and others. More information on Telit can be found on its website: www.telit.com.