Telit Communications PLC BAMES settlement agreement (3489T)
20 March 2019 - 3:05AM
UK Regulatory
TIDMTCM
RNS Number : 3489T
Telit Communications PLC
19 March 2019
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 EUR840,000 plus
approximately EUR21,000 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 Tel: +44 203 289
Paolo Dal Pino, Executive Chairman 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 (c) 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.
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END
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