C2SAT SIGNS A FRAME AGREEMENT WITH SEANET
(NGM:C2ST)
STOCKHOLM, SWEDEN, October 29, 2008 – C2SAT (NGM Stock Market Exchange, C2ST) has signed a frame agreement with Seanet Communications AB (publ) for the delivery of 60 stabilised VSAT antenna systems. Initially two antennas will be delivered to Seanet for immediate test installation on ships.
Seanet will focus on the business area's maritime GSM services which the company in the autumn received several new orders. Seanet announced recently that the company aimed to focus and concentrate on maritime GSM services, and decided to cancel the antenna project C-Max. The decommissioning involves cost savings of around 300,000 SEK per month and the possibility to more focus as a Maritime operator. In connection with the now signed framework agreement, C2SAT will take over some equipment from Seanet’s discontinued antenna project.
“We welcome the cooperation with C2SAT. There are great synergies between our companies that address the same markets. The agreement provides us with the reliable antennas which significantly increase the level of service to our customers around our communications solutions to ships, "says Klas Lundgren, CEO Seanet.
“The agreement with Seanet gives us greater predictability in our antenna deliveries. Seanet’s client portfolio is impressive, and with our reliable antennas, their revenue per vessel will increase. The agreement also allows us to act jointly in sales efforts towards ships with a strong proposal, "says Fredrik Hånell, CEO C2SAT Group.
To date, Seanet has a total of 23 contracts for communications solutions for ships of which 12 are now deployed. Seanet receives traffic revenue from deployed ships.
For further information:
Fredrik Hånell, CEO, C2SAT Group, telephone +46 8 748 01 40, www.C2SAT.com
Klas Lundgren, CEO, Seanet, cell +46 735 34 60 78, www.seanet.se
About C2SAT
C2SAT communication AB, headquartered in Solna, Stockholm, Sweden is a world leader of innovative stabilised VSAT antenna systems used in two-way satellite broadband communication from vessels and vehicles in motion. C2SAT holding AB (publ) is listed on the NGM Stock Market Exchange with the ticker C2ST. C2SAT is a registered trademark. .
About Seanet
Seanet is a global telecom operator at sea. Seanet installs and deploys mobile telephony and broadband on board ferry, cruise and merchant ships. In parallel, Seanet develops a new generation of stabilizing VSAT antennas with high technology. Seanet Maritime Communications AB (public) is listed on First North, which is an alternative market operated by NASDAQ OMX. Companies whose shares are traded on First North are not obliged to follow the same rules as listed companies, but a less comprehensive set of rules adapted to preferably smaller companies and growth companies. The company's Certified Advisor is Glitnir AB.