EuroTelecom Comm - Acquisition
19 April 2000 - 9:03AM
UK Regulatory
RNS Number:3228J
EuroTelecom Communications Inc
19 April 2000
EuroTelecom Communications, Inc.
ACQUISITION OF TIMTEC INTERNATIONAL
EuroTelecom Communications Inc. ("EuroTelecom"), the AIM
quoted company whose application linking' technology is used
to create the communications backbone for intelligent
buildings, has acquired the business including a number of
contracts in progress, the assets and the right to use the
name of Timtec International ("Timtec") for a cash
consideration of #600,000 plus legal costs.
Based in Alfreton, Derbyshire, Timtec is a high quality
interior contractor and shop fitter. The acquisition of
Timtec will provide EuroTelecom with a 20-strong team of
professionals for installing the group's technology and
systems within buildings, both as behind the scenes'
infrastructure and front office' equipment.
In the 18 months to 30 June 1999, Timtec's turnover was #9.6
million and an operating loss of #235,000 was incurred on a
significantly larger workforce. The net assets being acquired
are valued at #350,000. The business will trade as Timtec
International as part of EuroTelecom's subsidiary, Chunlan
Ltd.
Phil Derry, EuroTelecom's Chief Executive said :
"The acquisition of Timtec will provide an extra set of skills
which will help EuroTelecom to offer its customers a complete
technology package for intelligent buildings - from the
installation of the optical fibre backbone through to
supplying and setting up individual user's equipment."
For further information, please contact :
EuroTelecom
Phil Derry, Chief Executive 01709-590899
Buchanan Communications
Steve Liebmann / Kirsty Robeson 020-7466-5000
END
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