TELEKOM Advanced Systems purchases majority control of FACIT Group.BURLINGAME, Calif.--(BUSINESS WIRE)--May 26, 1997-- TELEKOM Advanced Systems and FACIT create a technology group with access to distribution channels in 100 countries TELEKOM Advanced Systems Corp. (TKV TKV Telekommunikations-Kundenschutzverordnung (Germany: telecommunication customer protection ordinance) TKV Thick Veins TKV Twin Kingdom Valley (Commodore 64 video game) - Montreal Stock Exchange Montreal Stock Exchange See Bourse de Montreal, Inc. (Canadian Derivatives Exchange) ) announced today that its wholly owned California subsidiary, Mobile Computing Using a computing device while in transit. Mobile computing implies wireless transmission, but wireless transmission does not necessarily imply mobile computing. Fixed wireless applications use satellites, radio systems and lasers to transmit between permanent objects such as buildings Systems Corporation, has acquired the FACIT Group by purchasing the majority control of FACIT AB. FACIT, a multinational trading and distribution company headquartered in Sweden with annual sales exceeding 55 million US dollars, will provide a well established strategic distribution channel for TELEKOM Advanced Systems' technologies integrated into FACIT products. FACIT has a unique corporate history that dates back over 100 years. Since the early seventies, FACIT established its worldwide reputation by providing value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. solution oriented products and applications. Focusing principally on data management peripheral equipment, FACIT shares TELEKOM Advanced Systems' philosophy of providing value added products and services. Present in more than 100 countries, FACIT complements TELEKOM Advanced Systems international organization as a perfect vehicle to deliver new value added products based on TELEKOM's technologies. "This acquisition is a great opportunity for both companies to move into the next millennium with a powerful combination of technology, international distribution and financial strength," said Dr. Barjoyai Bardai, President, TELEKOM Advanced Systems Corporation. "We are looking forward to a complete integration of FACIT into the TELEKOM organization as a key point on our road map for the future," went on to say Stefano Tombetti, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , TELEKOM Advanced Systems. TELEKOM Advanced Systems will furnish FACIT with the opportunity to become a fully integrated technology company. "As a technology company we have clear understanding of the strategic role telecommunications plays in the future of our industry," said Mats Gabrielsson, Chairman of the Board of FACIT AB. "Joining TELEKOM Advanced Systems offers FACIT an exciting opportunity to secure its presence in this strategic value added market." With several new products slated to be released by the end of 1997, TELEKOM Advanced Systems wants to ensure that an established and efficient worldwide distribution infrastructure is in place to deliver its products to the market. TELEKOM Advanced Systems does not anticipate any changes to its capital structure or new share issue in connection with the acquisition of FACIT by its subsidiary Mobile Computing Systems. The transaction is subject to the approval of the Montreal Stock Exchange. FACIT AB is a multinational company specializing in the distribution and support of value added technologies and products for data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a systems. With headquarters in Stockholm, Sweden and fully owned subsidiaries in all the major European countries and Japan, FACIT has distributors and agents in more than 100 countries. FACIT shares are traded on the SBI SBI Special Background Investigation SBI Subsidiary Body for Implementation SBI State Bank of India SBI Secure Border Initiative SBI Small Business Institute SBI Stockholm Brain Institute SBI Serious Bacterial Infection SBI Society of Breast Imaging list at the Stockholm Stock Exchange The Stockholm Stock Exchange (Swedish: Stockholmsbörsen) is a stock exchange located in Stockholm, Sweden. Founded in 1863 [1] it is the primary securities exchange of the Nordic Countries. . TELEKOM Advanced Systems Corp. is a multinational technology company focused on designing and marketing advanced telecommunication devices and software applications for value-added service A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. providers. With headquarters in Burlingame, California Burlingame is a city in San Mateo County, California, which is the second wealthiest county in the state, as well as the fourteenth richest in the country. It is located on the San Francisco Peninsula and has a significant shoreline on San Francisco Bay. , and product development facilities in the Silicon Valley and Malaysia, Telekom Advanced Systems (TKV) is a public company listed on the Montreal Stock Exchange. CONTACT: TELEKOM Advanced Systems 415/696-1294 415/696-1299 (fax) e-mail: TASUS@aol.com or FACIT AB 46 (8) 705 30 00 46 (8) 705 30 68 (fax) e-mail: info@facit.se |
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