Eltek ASA

Eltek announces renewal of contract with key cu...

Eltek announces renewal of contract with key customer in North America

Drammen, January 21th, 2014. Eltek today announced that it has renewed a frame agreement for deliveries of power systems to a key customer in North America.

"The renewal of the frame agreement with one of our most important customers in the North American market confirms our competitive edge. The contract opens opportunities for further expansion of our business, including new high efficiency products and solutions, with this customer.  The revenue value could be in the range of NOK 50 to 60 million per annum.  The frame agreement will allow continued deliveries to this customer for more than 2 years." says CEO in Eltek Colin Howe.

North America represents an important market for Eltek. As a market with early adoption of 4G/LTE and advanced development of the data center business, its importance is expected to grow further.  The announced contract represents a strengthening of the base from which Eltek sees future growth in the market, says Howe.

For more information, please contact:

CEO Colin Howe:+44 776 846 6446
CFO Björn Wigström:   +47 905 31 304

About Eltek ASA:
Eltek is a strategic technology partner within power solutions. The Company reported revenue of NOK 3.5 billion in 2012, and has approximately 2,500 employees and operations in almost 40 countries. The company focuses on power electronics markets, where the company is one of the leaders in telecom power and a growing force within industrial applications. Eltek also holds growth opportunities within datacenters. Eltek is listed on Oslo Stock Exchange and headquartered in Drammen, Norway.

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eltek ASA via Globenewswire