C2SAT AND XINGUO IT SIGNS LICENSE AGREEMENT
(NGM: C2ST B)
STOCKHOLM, SWEDEN, June 11 2009 – C2SAT (NGM Stock Market Exchange, C2ST). C2SAT has today entered into a license agreement with Shanghai based Xinguo IT for local production of the C2SAT stabilised antenna systems in China. Xinguo IT will also be responsible for marketing, sales, installation and after-sales services of C2SAT products in China, Hong-Kong, Macao, Taiwan, Laos and Myanmar. The agreement which is initially valid for a period of three years, but can be extended, gives Xinguo IT the exclusive license rights provided that minimum volumes are reached within specified intervals.
“After months of intensive negotiations the agreement with Xinguo IT is finally in place. Xinguo IT is a well recognised supplier on the Chinese telecommunication market and has significant experience in production and a well established sales and distribution organisation. We expect production to be up and running in about six months. C2SAT has accordingly identified a long term partner on the Chinese market which will generate both positive earnings and cash flow for C2SAT” says Fredrik Nygren CEO of C2SAT.
On May 5, C2SAT announced the order of seven C2SAT 2.4m C-band antennas for delivery of a period of six months to Xinguo IT. This is the company’s largest single order to date.
For more information:
Fredrik Nygren, CEO C2SAT
Telephone: +46-(0)8 748 01 40 or e-mail fredrik.nygren@C2SAT.se
About C2SAT
C2SAT headquartered in Solna, Sweden, is a Swedish company developing, manufacturing, marketing and selling innovative stabilised VSAT antenna systems used in two-way satellite broadband communication from vessels in motion. The system is protected by a series of global patents. C2SAT holding AB is listed on the NGM Stock Market Exchange with the ticker C2ST and with Mangold as Market Maker. C2SAT is a registered trademark.
About Shanghai Xinguo IT Ltd
Shanghai Xinguo IT Ltd is a high tech enterprise founded in 1993 headquartered in Shanghai, China and local branches in Beijing, Xian and Lanzou, China. Established in 1993 and has today more than 200 employees . Shanghai Xinguo IT specialises in developing, designing and manufacturing telecommunication products where “Subscriber line system” is the leading product. 30 items have been patented, over 20 software compilation products have been authorized to reserve the computer software copyright. The company is owned by Shanghai Fuxin Development Co Ltd.