Financial Closing of Consortium Agreement

RNS Number : 1718J

BATM Advanced Communications Ld

12 July 2013

 



12 July 2013

BATM Advanced Communications Limited

("BATM" or "the Group")

Financial Closing of Consortium Agreement

Consortium established to roll-out fiber optic broadband and internet services in conjunction with Israeli Electricity Corporation

Further to the Group's announcement of 17 June 2013, BATM Advanced Communications Limited (LSE: BVC; TASE: BATM), a leading provider of real-time technologies for the networked telecoms and medical laboratory equipment markets, is pleased to announce the financial closing, yesterday, of the transaction to establish a new company ("the New Co") for the roll-out of fiber optic broadband and internet services throughout Israel. The New Co comprises a consortium led by ViaEuropa and including BATM, which was selected to deliver Israel's third communications infrastructure venture, in conjunction with the Israeli Electricity Corporation ("IEC").

In addition to ViaEuropa, the consortium includes Rapac Group, BATM, Zisappel Assets and Tamares Holdings, and Cisco Systems will be the technology leader. The New Co is 60% owned by the consortium (of which BATM holds 12.5%) and 40% by the IEC. This contract was included in the Group's expectations of its financial performance for both the current and coming year.

BATM will provide equipment for the fiber optic network together with Cisco Systems and others. It is expected that the layout of the network will begin in the first quarter of 2014.

Enquiries 

BATM Advanced Communications
Dr Zvi Marom, Chief Executive Officer	[phone]
Ofer Bar-Ner, Chief Financial Officer
Luther Pendragon
Harry Chathli, Claire Norbury	[phone]

 

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