Telit Communications PLC BAMES update (0698U)
July 09 2018 - 11:45AM
UK Regulatory
TIDMTCM
RNS Number : 0698U
Telit Communications PLC
09 July 2018
Telit Communications PLC
BAMES update
London, 9 July 2018 - Telit Communications PLC (AIM: TCM,
"Telit", the "Group"), a global enabler of the Internet of Things
(IoT), announces an update on the legal proceedings regarding the
Group and Bartolini After Market Electronic Services Srl
("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. Telit was not and is not formally involved in these criminal
legal proceedings but has been closely monitoring their
development.
Telit has been informed, following a court hearing on 9 July
2018, that the administrators to BAMES have taken steps to bring a
civil claim against Telit regarding its involvement with BAMES.
Telit considers, after having taken legal advice, that the claim is
without merit and intends to vigorously defend its position. It
remains the case that at this early stage it is not possible to
quantify any possible liability to Telit.
Enquiries:
Telit Communications PLC Tel: c/o Instinctif Partners
Yariv Dafna, Finance Director
Tel: +44 20 7220 0500
finnCap (Nomad and joint broker)
Henrik Persson/Giles Rolls/Hannah Boros
Berenberg (Joint Broker) Tel: +44 20 3465 2722
Chris Bowman/Mark Whitmore/Ben Wright
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) 2018 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.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
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END
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