Eltek settles Cyprus case
(Thomson Reuters ONE) -
Eltek ASA and several other parties have entered into a settlement agreement
with Digimed Communication in Cyprus, under which Eltek has agreed to pay USD
100,000 to Digimed. This fully and finally settles all disputes between Eltek,
Digimed and the other parties to the settlement agreement.
Digimed had put forward claims towards nine legal entities, including Nera ASA,
related to issues that arose before Eltek merged with Nera in 2006, and Eltek
retained the responsibilities associated with the claim when Nera Satcom was
divested the same year.
Reference is made to note 29 in Eltek's Annual Report for 2010, where the
combined claims from Digimed towards the nine legal entities were preliminary
estimated to approximately NOK 100 million.
For further information, please contact:
CFO Pål Skistad, Eltek ASA, tel: +47 908 50 378
About Eltek ASA:
Eltek is a strategic technology partner within power solutions through Eltek
Valere, and a regional supplier of transmission systems, satellite
communications and infocomm systems through Nera Telecommunications. The
Company reported revenue of NOK 4 billion in 2010, and has close to 2,700
employees in close to 40 countries. Following the divestment of Nera Networks,
Eltek focuses on its core business in telecom power and power electronics
solutions for industrial applications and renewable markets such as solar power
and electric vehicles. Eltek is listed on Oslo Stock Exchange and headquartered
in Drammen, Norway.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eltek ASA via Thomson Reuters ONE
[HUG#1538153]
Unternehmensinformation / Kurzprofil:
Datum: 12.08.2011 - 10:53 Uhr
Sprache: Deutsch
News-ID 57217
Anzahl Zeichen: 2369
contact information:
Town:
Drammen
Kategorie:
Business News
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"Eltek settles Cyprus case"
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