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2009-09-30 07:30:00 CEST 2009-09-30 07:31:44 CEST REGULATED INFORMATION Elcoteq - Company AnnouncementElcoteq Chooses a New Strategic Partner in the Equity Process and Ends Negotiations with KaifaElcoteq SE Stock Exchange Release September 30, 2009, at 8.30 am (EET) Elcoteq SE announced on July 22 that it has signed a conditional Letter of Intent with Chinese industrial company Shenzhen Kaifa Technology Company Limited. After mutual re-assessment, the parties have concluded that the sufficient prerequisites for entering into a definitive agreement will not be met and negotiations concerning an equity investment have ended. Instead, Elcoteq has signed a non-binding Letter of Intent with another Asian strategic investor. This transaction aims at strengthening Elcoteq's financial position and it also offers clear business synergies. The Board of Directors has given authorization to proceed with the due diligence and final contract negotiations with the new investor and the parties are aiming at a rapid process to conclude the negotiations. The company will disclose further details, including the anticipated transaction timetable and the name of the new investor, within one week. Elcoteq and the new investor proceed with the negotiations regarding the debt restructuring as previously announced. Successful senior and subordinate debt restructuring is also a precondition for concluding the definitive agreement with the new investor. ELCOTEQ SE Minna Aila Director, Communications and Corporate Responsibility Further information: Jouni Hartikainen, President and CEO, tel. +358 10 413 11 Mikko Puolakka, CFO, tel. +358 10 413 1287 About Elcoteq Elcoteq SE is a leading electronics manufacturing services (EMS) company in the communications technology field. Elcoteq's global service offering covers the entire lifecycle of products, from product development to after-market services. By further combining mechanics expertise into its service offering, Elcoteq's vision is to be a leading integrated electronics manufacturing services (IEMS) company. Elcoteq provides global end-to-end solutions consisting of product development services, supply chain management, NPI, manufacturing, and after market services for the whole lifecycle of its customers' products. These products include Consumer Electronics products such as mobile and wireless phones, their parts and accessories, set-top boxes, flat panel TVs and other consumer products as well as System Solutions products such as wireless and wireline infrastructure systems and modules, enterprise network products and other industrial segment products. The Group's consolidated net sales for 2008 totaled 3.4 billion euros and it employs approximately 13,000 persons. Elcoteq SE is listed on the Nasdaq OMX Helsinki Ltd. For more information visit the Elcoteq website at www.elcoteq.com. |
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