Elcoteq Chooses a New Strategic Partner in the Equity Process and
Ends Negotiations with Kaifa
(Thomson Reuters ONE) - Elcoteq SEStock Exchange ReleaseSeptember 30, 2009, at 8.30 am (EET)Elcoteq SE announced on July 22 that it has signed a conditionalLetter of Intent with Chinese industrial company Shenzhen KaifaTechnology Company Limited. After mutual re-assessment, the partieshave concluded that the sufficient prerequisites for entering into adefinitive agreement will not be met and negotiations concerning anequity investment have ended.Instead, Elcoteq has signed a non-binding Letter of Intent withanother Asian strategic investor. This transaction aims atstrengthening Elcoteq's financial position and it also offers clearbusiness synergies.The Board of Directors has given authorization to proceed with thedue diligence and final contract negotiations with the new investorand the parties are aiming at a rapid process to conclude thenegotiations. The company will disclose further details, includingthe anticipated transaction timetable and the name of the newinvestor, within one week.Elcoteq and the new investor proceed with the negotiations regardingthe debt restructuring as previously announced. Successful senior andsubordinate debt restructuring is also a precondition for concludingthe definitive agreement with the new investor.ELCOTEQ SEMinna AilaDirector, Communications and Corporate ResponsibilityFurther information:Jouni Hartikainen, President and CEO, tel. +358 10 413 11Mikko Puolakka, CFO, tel. +358 10 413 1287About ElcoteqElcoteq SE is a leading electronics manufacturing services (EMS)company in the communications technology field. Elcoteq's globalservice offering covers the entire lifecycle of products, fromproduct development to after-market services. By further combiningmechanics expertise into its service offering, Elcoteq's vision is tobe a leading integrated electronics manufacturing services (IEMS)company.Elcoteq provides global end-to-end solutions consisting of productdevelopment services, supply chain management, NPI, manufacturing,and after market services for the whole lifecycle of its customers'products. These products include Consumer Electronics products suchas mobile and wireless phones, their parts and accessories, set-topboxes, flat panel TVs and other consumer products as well as SystemSolutions products such as wireless and wireline infrastructuresystems and modules, enterprise network products and other industrialsegment products.The Group's consolidated net sales for 2008 totaled 3.4 billion eurosand it employs approximately 13,000 persons. Elcoteq SE is listed onthe Nasdaq OMX Helsinki Ltd. For more information visit the Elcoteqwebsite at www.elcoteq.com.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.09.2009 - 07:30 Uhr
Sprache: Deutsch
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Ends Negotiations with Kaifa"
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