Teleca finalises agreement regarding the major components of Geoworks' UK Operation
Teleca finalises agreement regarding the major components of Geoworks' UK Operation Teleca and Geoworks have entered into an agreement whereby 27 Geoworks' UK staff will be allowed to transfer to Teleca from the 1st February 2003. Teleca will also acquire some assets and assume an office lease from Geoworks UK subsidiary. Teleca has also reached agreements with customers to assume responsibility for Geoworks' projects. Teleca has agreed to pay Geoworks approximately USD 0.5 M. On 24 September Teleca and Geoworks signed an agreement for Teleca to purchase Geoworks' UK subsidiary. The agreement was unanimously recommended by Geoworks' board of directors but required the approval of Geoworks' shareholders. Geoworks was unable to secure a quorum of shareholders to vote on the proposal, and therefore the transaction could not proceed, although of those who voted, a majority of approximately 8-1 were in favour. The core competence of the Geoworks team is in the development of software for Smart Phones and the team will continue to support customers in this area. "The addition of this new operation is inline with Teleca's strategy to develop UK operations and our mobile device business, and is expected to deliver good margins from day one," says Nick Stammers, CEO Teleca AB. "I am delighted that we have been able to bring aboard the Geoworks UK staff," says Nick Wood, Senior Vice President for Teleca Mobile Devices". "We have always valued the skills and experience of this team, and we have also had them recommended highly by mutual customers. They will be a valuable asset as we continue to build our world class team of mobile device experts." For further information, contact: Nick Stammers, CEO Teleca AB, mobile +44 7768 32 35 35 Nick Wood, Senior Vice President, Teleca Mobile Devices, mobile +44-7774 723 623 Teleca is a European consulting group focused on new technology and R&D. Our business concept is to strengthen our customer's market position and time-to-market. This is achieved by providing professional teams with specialist technical expertise, working in partnership with development-intensive companies world-wide. The group has more than 2,400 employees in 15 countries with a strong presence in the Nordic region, UK, and France. Teleca is quoted on the Attract40 list of Stockholmsbörsen. www.teleca.com. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/02/04/20030204BIT00170/wkr0001.doc http://www.waymaker.net/bitonline/2003/02/04/20030204BIT00170/wkr0002.pdf