Business
Financial Closing of Consortium Agreement
Financial Closing of Consortium Agreement.
About this update from Batm Advanced Communications Ltd.
[{"type":"text","content":"\n \nRNS Number : 1718J BATM Advanced Communications Ld 12 July 2013 \n \n\n12 July 2013\n \nBATM Advanced Communications Limited\n(\"BATM\" or \"the Group\")\n \nFinancial Closing of Consortium Agreement\n \nConsortium established to roll-out fiber optic broadband and internet services in conjunction with Israeli Electricity Corporation\n \nFurther to the Group's announcement of 17 June 2013, BATM Advanced Communications Limited (LSE: BVC; TASE: BATM), a leading provider of real-time technologies for the networked telecoms and medical laboratory equipment markets, is pleased to announce the financial closing, yesterday, of the transaction to establish a new company (\"the New Co\") for the roll-out of fiber optic broadband and internet services throughout Israel. The New Co comprises a consortium led by ViaEuropa and including BATM, which was selected to deliver Israel's third communications infrastructure venture, in conjunction with the Israeli Electricity Corporation (\"IEC\").\n \nIn addition to ViaEuropa, the consortium includes Rapac Group, BATM, Zisappel Assets and Tamares Holdings, and Cisco Systems will be the technology leader. The New Co is 60% owned by the consortium (of which BATM holds 12.5%) and 40% by the IEC. This contract was included in the Group's expectations of its financial performance for both the current and coming year. \n \nBATM will provide equipment for the fiber optic network together with Cisco Systems and others. It is expected that the layout of the network will begin in the first quarter of 2014.\n \n \n \nEnquiries \n \n\n\n\n\nBATM Advanced Communications\n\n\n\n\n\n\n\nDr Zvi Marom, Chief Executive Officer\n\n\n+972 9866 2525 \n\n\n\n\nOfer Bar-Ner, Chief Financial Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nLuther Pendragon\n\n\n\n\n\n\n\nHarry Chathli, Claire Norbury \n\n\n+44 20 7618 9100\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END NRAEADXFFSSDEAF\n ","length":4458,"tagName":"div"}]