Acquisition
Intec Telecom Systems PLC
6 August 2002
Intec Telecom Systems acquires South African reseller
London, 6 August, 2002: On 31 July 2002, Independent Technology Systems Limited,
a wholly owned subsidiary company of Intec Telecom Systems PLC ("Intec")
(ITL.L), a global provider of operations support systems, has agreed to acquire
its current distribution partner in South Africa, Interconnexxion Africa (Pty)
Ltd ("Interconnexxion"). The consideration amounts to £209,000, which will be
satisfied by the issue of 822,835 new ordinary shares of 1p each. Pursuant to
the agreement Intec has acquired all assets of Interconnexxion, including
customer licensing and support contracts and equipment. Interconnexxion has an
outstanding loan of £351,000 which Intec has agreed to satisfy by the issue of
1,381,890 new ordinary shares of 1p each. In 2001, sales in Africa contributed
£814,000 to Intec's total 2001 turnover of £39.8 million.
Intec will apply to the UK Listing Authority and the London Stock Exchange for
(i) admission to the Official List of the UKLA and (ii) trading on the London
Stock Exchange's markets for listed securities of 2,204,725 new ordinary shares
of 1p each. It is expected that admission of these shares will become effective
on 9th August 2002.
Kevin Adams, Intec's CEO commented: "Africa is a region with high growth
potential in telecommunications, particularly in the wireless sector.
Interconnexion has successfully helped us open up this market, but we believe
that we can do a lot more together by managing the opportunity in Africa
directly. We can eliminate some cost, invest more effectively in sales
resources, and provide closer support to new and existing customers."
Intec now has three customers in South Africa, the PTT, Telkom South Africa, and
mobile operators MTN and Cell-C. The new operation will also target customers in
other key emerging markets in Africa such as Nigeria.
FOR MORE INFORMATION:
Georgia Hanias/Andrew Rodaway Cubitt Consulting
Intec Telecom Systems Fergus Wylie
+44 (0) 1483-745954 +44 (0) 20 7367 5100
andrew.rodaway@intec-telecom-systems.com Fergus.wylie@cubitt.com
georgia.hanias@intec-telecom-systems.com
Intec Telecom Systems
Intec Telecom Systems is an award-winning worldwide Operations Support Systems
("OSS") vendor for fixed, mobile and IP/next-generation networks, with more than
285 customers for its products worldwide. Founded in 1997, Intec was listed on
the London Stock Exchange (Code: ITL.L) in June 2000. Intec is the market leader
in intercarrier billing systems and convergent mediation software. The company
is currently listed in Deloitte Touche Tohmatsu's top 500 fastest growing
companies in Europe, and received the prestigious Queen's Award for Enterprise
in April 2002 for its success in growing international sales by almost 400% in
3 years. Intec's portfolio includes:
• Inter-mediatE(TM) - convergent mediation solution
• InterconnecT(TM) - intercarrier billing including US CABS and ITU
• Inter-activatE(TM) - flow-through provisioning and activation
• Maxi-routE(TM) - least cost routing solution
Intec's customer base includes, among others, AT&T, BellSouth, BellSouth Peru,
Brazil Telecom, Cable & Wireless, Cesky Telecom (Czech Republic), COLT
Telecommunications, EBT (Taiwan), France Telecom, Hutchison 3G, ITXC, Maroc
Telecom, Maxis (Malaysia), Singtel Optus (Australia), Orange, Telecom Argentina,
Telecom Egypt, Telecom Italia, TPSA (Poland), Swisscom, T-Mobile International,
Telia (Sweden), Telkom South Africa, Telstra, US Cellular, Westel (Hungary),
Vodafone and Verizon. For more information on Intec Telecom Systems, visit the
website at http://www.intec-telecom-systems.com.
This information is provided by RNS
The company news service from the London Stock Exchange