Tecnotree and Lap GreenN renew strategic partnership and agree on receivables
Stock Exchange Release
8 April 2013 at 3.15 pm EEST
Tecnotree and LAP GreenN have agreed to renew their strategic partnership and as part of that process have amicably resolved their disputes related to past dues as previously reported in the financial statements of Tecnotree. The parties have agreed on the terms and conditions of their future collaboration and the total value of the agreement is USD 5.5 million, payable across 2013 and 2014. As part of the agreement, Tecnotree resumes full support services to LAP GreenN and updates software in use to latest available versions within the next 18 months. Tecnotree will book the income after confirmation of each payment. Along with the new agreement, the parties express their intention to deepen their partnership also in new fields.
Kaj Hagros, Tecnotree President and CEO comments: “Tecnotree is very excited to resume business with LAP GreenN, an important operator group in the African continent. The settlement announced today has been reached in good spirit and collaboration, reconfirming the active partnership to maintain and develop existing solutions while seeking to expand the scope and reach.”
Wafik Al Shater, Group CEO of LAP GreenN says: “We are pleased to have reached agreement to cement our on-going relationship with our key partner Tecnotree. LAP GreenN is operating under a new executive management team and planning to grow its operations beyond Ivory Coast, Uganda and South Sudan. We look forward to working further with Tecnotree, our partner in supplying business support systems across our portfolio of mobile network operating companies.”
Kaj Hagros, President and CEO, tel. +358 40 849 1749
NASDAQ OMX Helsinki Ltd.
Tecnotree is a global provider of telecom IT solutions for the management of products, customers and revenue. Tecnotree helps communications service providers to transform their business towards a marketplace of digital services. Tecnotree empowers service providers to monetise service bundles, provide personalised user experiences and augment value throughout the customer lifecycle. With over 1100 telecom experts, Tecnotree serves more than 1100 service providers in over 70 countries. Tecnotree is listed on the main list of NASDAQ OMX Helsinki with the trading code TEM1V. For more information on Tecnotree, please visit www.tecnotree.com
About LAP GreenN
LAP GreenN, operating now under the brand Green Networks, is the telecommunications investment arm of Libyan African Investment Portfolio (LAP), focusing on the telecommunications sector in emerging markets. Green Networks is a provider of total communication solutions, offering mobile & fixed voice, data, internet and business continuity services with operations in East and West Africa.