Telit Communications PLC Italian government provides loan and grant (3771J)
September 09 2016 - 2:00AM
UK Regulatory
TIDMTCM
RNS Number : 3771J
Telit Communications PLC
09 September 2016
Telit Communications PLC
Italian government provides EUR12.8m loan and EUR3.6m grant to
fund development of IoT Technologies
London, September 9, 2016- Telit Communications PLC (AIM: TCM,
"Telit", the "Group"), a global enabler of the Internet of Things
(IoT), has been provided with a preferred loan of EUR12.8 million
(the "Loan") and awarded a grant of EUR3.6 million (the "Grant") by
the Italian Ministry of Economic Development (MiSE) to further
develop an innovative platform for the application of IOT
technologies. The Loan and Grant will fund approximately two thirds
of the expected development costs.
The Loan and Grant will allow Telit to increase its already
significant investments in research and development of new
technologies, products, applications and services and, in
particular, in the development of a new and innovative family of
LTE class 4 gateway products. The gateway will be able to collect
data and serve multiple types of end devices wirelessly connected
via short range technologies including BlueTooth, Smart BlueTooth
(BLE) and WiFI.
The Loan bears a preferred interest rate of 0.8% p.a. and has a
term of 11 years, with repayments commencing three years after the
loan is drawn down. The Grant and the Loan are expected to be
received in a few instalments over the next two years, subject to
achieving certain milestones.
Oozi Cats, Chief Executive, commented:
"This additional financial resource will enable us to invest
further in innovations and R&D in wireless connectivity which
is a key element of our growth strategy.
"The funds will enable us to strengthen our IOT platforms and
competitive advantages by integrating many wireless connectivity
technologies on both existing platforms and on those still in
development.
"We would also like to take this opportunity to thank the
Italian Ministry of Economic Development for the confidence it has
shown in Telit by approving this award."
Enquires:
Telit Communications PLC Tel: +39 06 4204601
Oozi Cats, CEO
Yosi Fait, Finance Director & President
Canaccord Genuity Limited (Nominated Tel: +44 20 7523
Adviser and Joint Broker) 8000
Simon Bridges/Cameron Duncan
Berenberg (Joint Broker) Tel: +44 20 3465
Chris Bowman/Ben Wright 2722
Instinctif Partners Tel: +44 20 7457
2020
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,
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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