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Eltek settles Cyprus case


August 12, 2011 - London

Eltek ASA and several other parties have entered into a settlement agreement with Digimed Communication in Cyprus, under which Eltek has agreed to pay USD 100,000 to Digimed. This fully and finally settles all disputes between Eltek, Digimed and the other parties to the settlement agreement.

Digimed had put forward claims towards nine legal entities, including Nera ASA, related to issues that arose before Eltek merged with Nera in 2006, and Eltek retained the responsibilities associated with the claim when Nera Satcom was divested the same year.

Reference is made to note 29 in Eltek's Annual Report for 2010, where the combined claims from Digimed towards the nine legal entities were preliminary estimated to approximately NOK 100 million.

 

For further information, please contact:

CFO Pål Skistad, Eltek ASA, tel: +47 908 50 378

About Eltek ASA:
Eltek is a strategic technology partner within power solutions through Eltek Valere, and a regional supplier of transmission systems, satellite communications and infocomm systems through Nera Telecommunications.The Company reported revenue of NOK 4 billion in 2010, and has close to 2,700 employees in close to 40 countries.Following the divestment of Nera Networks, Eltek focuses on its core business in telecom power and power electronics solutions for industrial applications and renewable markets such as solar power and electric vehicles. Eltek is listed on Oslo Stock Exchange and headquartered in Drammen, Norway.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Eltek ASA via Thomson Reuters ONE

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