Inside Information: Finnish Ministry of Defence Decided on a Partnership Agreement with Bittium Wireless Ltd, a Subsidiary of Bittium Corporation
Bittium Corporation
Inside information
Inside Information: Finnish Ministry of Defence Decided on a Partnership Agreement with Bittium Wireless Ltd, a Subsidiary of Bittium Corporation
Bittium Corporation, Stock Exchange Release, April 5, 2024, at 4.00 pm (CEST+1)
The Finnish Minister of Defence, Mr. Antti Häkkänen has authorized the Finnish Defence Forces to sign a partnership agreement with Bittium Wireless Ltd, a subsidiary of Bittium Corporation, for the years 2025–2036. The aim is to sign the agreement during the year 2024.
The basis for the partnership is the maintaining and development of defense readiness for the purposes of normal and emergency circumstances. The partnership agreement secures the availability, performance and usability of Bittium-supplied products and services critical for the Finnish Defence Forces in all conditions. The partnership agreement creates mechanisms for planning joint operation in emergency circumstances, which enables Bittium to plan and provide product manufacturing, servicing, repair, maintenance, and development related functions.
The partnership agreement covers command and control systems used by all branches of the Defence Forces, including Bittium’s tactical communications system and related products (Bittium Tactical Wireless IP Network™, Bittium Tough SDR™, Bittium Tough VoIP™). The aim of the agreement is that the partnership will become a fixed part of the comprehensive national defense.
“When realized, the partnership agreement will enable systematic planning and execution of cooperation in a cost-efficient manner that benefits both parties. Partnership with the Finnish Defence Forces would add the credibility as reliable partner also in the international markets”, says Johan Westermarck, CEO of Bittium Corporation.
The monetary value of the agreement will depend on the yearly armament needs and funding of the Finnish Defence Forces.
Oulu, April 5, 2024
Bittium Corporation
Johan Westermarck
CEO
Further information:
Tommi Kangas
Senior Vice President, Defense & Security
Tel. +358 40 344 2789 (Group Communications)
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Nasdaq Helsinki Oy
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Bittium
Bittium specializes in the development of reliable, secure communications and connectivity solutions leveraging its over 35-year legacy of expertise in advanced radio communication technologies. Bittium provides innovative products and services, customized solutions based on its product platforms and R&D services. Complementing its communications and connectivity solutions, Bittium offers proven information security solutions for mobile devices and portable computers. Bittium also provides healthcare technology products and services for biosignal measuring in the areas of cardiology and neurophysiology. Net sales in 2023 were EUR 75.2 million and operating loss was EUR -4.3 million. Bittium is listed on Nasdaq Helsinki. www.bittium.com