Stock Exchange & Press Releases 1999

Print Print this release
Elektrobit Group Oyj - JOT AUTOMATION GROUP PLC AND KOREA MECHATEK CO., LTD BEGIN COOPERATION

April 22, 1999

JOT AUTOMATION GROUP PLC AND KOREA MECHATEK CO., LTD BEGIN COOPERATION


JOT Automation Group Plc has today entered a cooperation agreement with Korea Mechatek Co., Ltd. The cooperation comprises a marketing and sales agreement and a letter of intent to establish a joint venture in the Republic of Korea.

According to the marketing and sales agreement, Korea Mechatek Co., Ltd will be responsible for marketing and sales of JOT Automation Group's products and complete systems and also for providing After Sales services in the Republic of Korea.

According to the agreement of intent, the parties will establish a joint venture in the Republic of Korea. The joint venture will be responsible for marketing and sales of JOT Automation Group's and Korea Mechatek's own products in the Far East.

"We have achieved a good market position in Europe and the USA. As a logical continuation we have decided to begin marketing our products and services in the Far East, also. Last summer we have established our own sales office in Hong Kong, China. We have chosen the Republic of Korea as the next target country,"says president Jorma Terentjeff. "We believe the newly signed cooperation agreement will help us reach a significant position in the Republic of Korea's developed electronics industry market in the coming years. According to the agreement of intent we will establish a joint venture with our new partner this year. The joint venture will assume responsibility for marketing, selling and servicing the products of both companies."

Korea Mechatek Co., Ltd was established in 1988. The company manufactures and markets production automation equipment for the electronics inductry. The company's net sales in 1998 came to about 10 million USD, and it employed 45 people.

JOT Automation Group specializes in manufacturing and marketing production automation for the electronics industry. The group has subsidiaries in eight countries. On Dec. 31, 1998 the group employed 479 people and its net sales totaled 399.1 million FIM. The company's shares are listed in the Helsinki Exchanges.

Oulunsalo, April 22, 1999

JOT Automation Group Plc, Board of director
Jorma Terentjeff, President, CEO