3A Finance PLC
3A Finance PLC : 3A Finance Group has finalized a letter of intent to acquire 51% of TESEO Systems Ltd.
3A Finance PLC / Key word(s): Letter of Intent Media Release: 3A Finance Group has finalized a letter of intent to acquire 51% of TESEO Systems Ltd. London/Zürich, 26 September 2011 – 3A Finance PLC is pleased to announce that it has finalized a letter of intent for the acquisition of 51% interest into TESEO Systems Ltd. (www.teseosystems.com). TESEO Systems Ltd. develops high-performance, cost-effective, best-of-breed technology solutions for the emerging markets of Africa and The Middle East. TESEO introduces the concept of inWiMAX, a turnkey, end-to-end wireless connectivity solution for voice, data, multimedia and mobile services in emerging markets from tens of thousands to millions of subscribers. inWiMAX is a wireless broadband platform that could contribute significantly to a reduction in the present African digital divide. Other products of the ICT division of TESEO are new 4G and WiMAX networking devices, multimedia consumer products, advanced communication appliances, and other, supporting devices to enable consumers, telecommunication operators and service providers to deploy multi-play communication networks in emerging markets. TESEO is estimating to complete the fiscal year 2011 with approx. 5,7 million EUR in revenues and approx. 0,14 million EUR in net profits, and it is forecasting in 2012 an estimate of 20,3 million EUR in revenues and approx. 4,2 million EUR in net profits. The company has total assets of approx. 10 million EUR. 'We believe in 3A's innovative Business model and we are ecstatic and excited to work with 3A's experienced management team' Stated Marco Pissarello, Chief Executive Officer of TESEO. He added: 'Our core Business is the delivery of innovative telecommunication solutions to the emerging markets of Africa and we deeply believe with the support of 3A Finance, we will expedite our company's growth and become one of the major global players in the telecommunications scene on the African continent', and continued 'after the completion of the acquisition, TESEO will be happy to lead and manage the Telecommunications & Networking division of 3A Finance'. 'We definitely have an aggressive strategic acquisition plan for 2011,' stated Antonio Galvez, Chief Executive Officer of 3A Finance. He continued: 'It is apparent that after completing the acquisition, 3A Finance will be consolidating the financial results of TESEO into 3A's financials', and he added: ' I am very confident to complete the due diligence process and the acquisition within 45 days from the date of the signed LOI and I am already happy and pleased to welcome TESEO's management team and employees into the 3A Finance Group'.
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