Elektrobit Group Oyj - EB, ELEKTROBIT CORPORATION, EXITS FROM RFID BUSINESS
February 02, 2009
EB, ELEKTROBIT CORPORATION, EXITS FROM RFID BUSINESS
STOCK EXCHANGE RELEASE
Free for publication on February 2, 2009 at 8.30. (CET+1)
EB, ELEKTROBIT CORPORATION, EXITS FROM RFID BUSINESS
EB exits from RFID technology business by selling 7iD Technologies GmbH to the acting management of the said company in Austria.
RFID business has been part of Wireless Sensor Solution business in EB and it has 20 employees. Due to this transaction Wireless Sensor Solution business ceases to exist. The write-offs caused by the transaction are included in the earlier announced (20 November, 2008) maximum EUR 5 million non-recurring restructuring costs and write-offs for the second half of 2008. The transaction will not have significant impact on EB's balance sheet or result. The parties have agreed not to publish the purchase price or other agreement terms.
Further information:
Antti Sivula
Senior Vice President, Wireless Communication Tools
Tel. +358 40 843 5839
Outi Torniainen
Director, Communications and Marketing
Tel. +358 40 512 1375
DISTRIBUTION:
NASDAQ OMX Helsinki
Main media
EB, Elektrobit Corporation
EB develops advanced technology and transforms it into enriching end user experiences. EB specializes in demanding embedded software and hardware solutions for the automotive industry and wireless technologies. The company's net sales for the year 2007 totaled EUR 144.3 million. Elektrobit Corporation is listed on NASDAQ OMX Helsinki Ltd.
www.elektrobit.com
