Tous Actualités
Suivre
Abonner Amitelo AG

Amitelo AG

AMITELO AG provides details of the Group's new structure as well as the announcement of a new investor

Zurich (euro adhoc) -

The  Supervisory  Board  and  Group   Management   Board   have   
approved   the restructuring of AMITELO AG; a group of investors have
made up  to 2.5  million US dollars in outside capital available
  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.
companies/Restructuring Holding
Zurich, 13th December 2007. AMITELO AG  decided
during its  Supervisory  Board Meeting to dispose off all its 
subsidiaries bundled together to date in  Amitelo International Ceuta
SL (AIC). The core business of MediaCard and Median  Telecom - the 
primary generators of sales - will be expanded and the  profitable  
mobile wireless activities in Iceland commenced.
In future, AMITELO AG will focus primarily on the above named  
competencies  and significantly modify  the  structure  of  the  
company.  The  first  fundamental measure in this regard was 
undertaken at the Supervisory Board meeting with  the decision to 
transfer the shares in AIC  to  the  US  investor  Cimarron  Capital 
Ltd., New York. The Group's structure to date and its new one are  
presented  on the company's homepage www.amitelo.ag.  The buyers have
undertaken to pay up  to eight million euros within the next 36 
months from the income of these  demerged business units (as an  
"earn  out  agreement")  -  regardless  of  whether  this revenue is 
generated by the sale of parts of the business or from the  operative
business itself.
With  this  step,  AMITELO  AG  has  not  only  divested  the  Group 
of   those subsidiaries belonging to AIC, at the same time  it  has  
eliminated  the  risks linked to this arising from a commitment 
provided by one of  our  own  operative units. Furthermore this 
measure serves to  streamline  the  Group's  structures, through 
which the calls by investors for a higher degree  of  transparency  
have been taken into account.
A further element of the agreement with the transferee of AIC is the 
ceding  of the shares in LVT AG ("AmiVois"), as the further 
development of this  technology for a softphone no longer fits into 
the Group's new alignment. The  transfer  of the LVT shares is a 
component of the earn  out  agreement  as  described  above. From the
viewpoint of the Supervisory Board and the management  of  AMITELO  
AG, an expected value adjustment requirement will result from this 
restructuring  of more than twelve million euros on the  goodwill  in
the  balance  sheet.  As  a consequence of the restructuring measures
mentioned above it is  also  necessary to revise the forecast profit 
for 2007 as provided to date. The one-off  effects will lead to a 
negative EBIT at an amount equivalent to  the  value  adjustment. The
conclusive examination of the valuation of  the  company's  assets  
and  the open debts are the responsibility of the statutory auditors 
in  the  course  of their audit of the annual financial statements.
The 2008 plans forecast turnover of approx. 60 million euros  with  
an  expected EBIT of 1.5 million euros. In this regard it is 
essential to take  into  account that the start-up costs for the 
constructing and operating  a  GSM-1800  network ("Tender 1") in 
Iceland will lead to a negative impact on the  result  in  2008. 
Further details of this significant AMITELO AG project will be 
provided  shortly by the company.
As to Iceland newspaper reports in participating in the  tender  for 
a  GSM-900 network ("Tender 2")  AMITELO  AG  will  publish  a  
statement  on  the  company website.
Against the background of the comprehensive restructuring of  AMITELO
AG,  last week an investment agreement was signed with the US  
investor  Genesis  Merchant Partners,  LP,  with  offices  in  
Greenwich  Connecticut  and  New  York  City. Following an extensive 
due diligence of the company's  activities,  the  Genesis Group gave 
its commitment to taking a leading role in a loan consortium  for  an
amount of up to 2.5 million US dollars. AMITELO AG's liquidity  basis
has  been significantly strengthened by this.
In addition, further intensive discussions are being conducted at  
present  with investors who intend to make external capital available
to the company  for  the financing of the activities in the new 
structure of AMITELO AG.
"The restructuring of the Group and our focus on the  core  business 
areas  are the fruits of our labour over the last few months. It has 
become  crystal  clear to us that we have to part company with a 
range of activities  in  order  to  be able to continue operations in
a slimmer and more focussed form.  In  future  we will only be active
with our own companies  in  those  areas  where  we  have  a 
realistic opportunity of  having  a  direct  influence  on  their  
success.  The discussions we have held with a range of professional 
investors  over  the  last weeks and months and ultimately the 
conclusion of  the  agreement  with  Genesis too have confirmed the 
view that the future corporate policy  of  a  sustainable "less is 
more" in terms of the  number  of  projects  that  can  be  
implemented represents the path which the "New AMITELO"  will  
stride.  This  new  structure will help all of our investors and 
partners  to  better  understand  the  future alignment of our 
company," as Christian Schild, the Supervisory  Board  Chairman and 
its delegate on the Group Management Board of AMITELO AG, explained.
"Our loan commitment is the result of intensive due diligence at 
AMITELO AG.  We are looking forward to working together over the 
years to come and hope  we  can make a contribution to the further 
development of  AMITELO  AG,"  as  Tim  Doede from Genesis Merchant 
Partners, LP, outlined.
AMITELO AG: AMITELO AG (www.amitelo.ag) based in Zurich is a  
technology  company  operating on an international level and 
specialising  in  fast-growing  telecommunications fields  including 
mobile  wireless  and  other  services   related   to   these 
activities. In this regard AMITELO AG pursues an aggressive growth  
strategy  in which both organic and inorganic growth are closely 
linked  together,  making  a clear contribution to achieving the 
turnover and earnings targets of the Group.
Genesis Merchant Partners, LP Genesis Merchant Partners, LP is 
managed by  Sands  Brothers  Asset  Management, LLC. Genesis Merchant
Partners, LP  seeks  to  provide  financing  solutions  to companies 
facing unique opportunities and in niche and under the radar  
markets.
Contact:
AMITELO AG
Investor Relations 
ir@amitelo.ag
end of announcement                               euro adhoc

Further inquiry note:

AMITELO AG
Investor Relations
ir@amitelo.ag

Branche: Telecommunications Equipment
ISIN: CH0003307706
WKN: A0F5YA
Börsen: Börse Frankfurt / free trade/entry standard

Plus de actualités: Amitelo AG
Plus de actualités: Amitelo AG
  • 28.09.2007 – 15:14

    AMITELO AG presents its Half-Yearly Figures

    Stable sales, new CFO appointed, Ernst & Young selected as auditors Zurich, 28th September 2007. AMITELO AG, supplier of telecommunications services, released today its half-yearly report to 30th June 2007. ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for the content of this announcement. finances/finances Zürich (euro adhoc) - In the first half of 2007, revenue increased by 22% ...

  • 09.10.2006 – 20:00

    AMITELO AG wins orders in Columbia

    ots-CorporateNews Deutschland. Für den Inhalt der Mitteilung ist das Unternehmen verantwortlich. Zurich, 9 October 2006 (ots) - Telecommunications provider AMITELO is launching its activities in South America with a number of projects. Contracts include interconnecting AMITELO with Columbia's telecommunication networks, installing a digital telephone system and providing call shops in rural areas. Having established itself as a successful telecommunications ...