Elektrobit Oyj - Company Announcement

Sale of Elektrobit Corporation's (EB) Automotive business to Continental AG has been closed and the name change to Bittium Corporation has been registered

Stock Exchange Release

Free for publication on July 1, 2015 at 3.15 pm (CEST+1)

Sale of Elektrobit Corporation's (EB) Automotive business to Continental AG has
been closed and the name change to Bittium Corporation has been registered

Bittium  Corporation (former Elektrobit Corporation, the "Company" or "Bittium)"
has  today  closed  the  sale  of  its  Automotive  business  to  Continental AG
("Continental"). The share purchase agreement with Continental was signed on May
18, 2015, and   the   transaction   was  closed  on  July  1, 2015. The  closing
conditions,  such as the approval of EB's Extraordinary General Meeting, receipt
of  the required authority approvals and other customary closing conditions have
been fulfilled. The purchase price of the transaction was EUR 600 million, which
was fully paid in cash upon the closing of the transaction.

As  the transaction has been closed, the name of the Company has been changed to
Bittium  Corporation,  Bittium  Oyj  in  Finnish,  and  the name change has been
registered  in the trade register on  July 1, 2015. The Company will continue to
carry on its Wireless business and will continue to be listed on NASDAQ Helsinki
with  its new  name. Bittium's  new trading  code in  the stock exchange will be
BITTI,  and  the  new  trading  code  is  estimated  to enter into force on July
2, 2015. The  amendments do not  require any actions  from the shareholders. The
Company's website address will be www.bittium.com as of July 1, 2015.

The  Company estimates that the transaction  has a non-recurring positive effect
of approximately EUR 530 million on net profit and approximately EUR 575 million
positive  effect on  net cash  flow of  Bittium group  in the year 2015. The net
profit  and net cash flow impacts are estimates based on the currently available
information  and  the  estimates  of  the  management of Bittium, and the actual
impacts  will depend  on the  actual assets  on the  balance sheet of Elektrobit
Automotive sub-group at the time of the closing, and on the actual costs related
to  the transaction.  The Company  plans to  give more  precise estimates on the
financial  effects of the transaction in the Interim Report January-June 2015 on
August 6, 2015.

Bittium  plans to  transfer a  major part  or all  of the  net proceeds from the
transaction  to its shareholders and to hold an Extraordinary General Meeting in
September 2015 to decide on the distribution of funds. Preparation of a separate
interim  financial  statement  will  be  required  for the Extraordinary General
Meeting to decide on the contemplated distribution of funds.

In  the Interim Report January-June  2015, Bittium will report Wireless business
as continuing operations and the Automotive business as discontinued operations.

The transaction was initially announced in a stock exchange release published on
May  19, 2015, and the related resolutions  of the Extraordinary General Meeting
were published in a stock exchange release on June 11, 2015.



Oulu, July 1, 2015

Bittium Corporation
Board of Directors



Further Information:

Jukka Harju
CEO
Bittium Corporation
Tel. +358 40 344 5466



Distribution:

NASDAQ Helsinki
Main media



Bittium

Bittium  is  specialized  in  developing  reliable and secure communications and
connectivity solutions using the latest technologies and deep knowledge on radio
technology.  Bittium provides innovative products and customized solutions based
on  its product platforms, and R&D services for customers in various industries.
Bittium  also  offers  high  quality  information  security solutions for mobile
devices  and portable computers. Net sales  of continuing operations in 2014 was
EUR  53.0 million and operating profit was EUR 1.0 million. Bittium is listed on
Nasdaq Helsinki. www.bittium.com




[HUG#1933328]

Attachments:

Sale of Elektrobit Corporation s Automotive business has been closed.pdf