Telit Communications

Hew,

I think this should go someway towards answering your questions. Taken from the Telit website.


Feb 28, 2005
Telit Communications PLC to seek admission to trading on the Alternative Market of the London Stock ExchangePolar Investments Ltd will list Telit Communications PLC on the London Stock Exchange Alternative Investment Market (AIM). Telit will raise approximately $35 million based on a value of $100 million. Telit's sales in the year 2004 have been of around $100 million.


Polar Investments, of the Shrem, Podim, Kelner Group, is planning to seek admission to trade for Telit Communications PLC on the London AIM. Telit will raise $35 million at a company value of $100 milllion. Polar Investments is expected to make, at the end of the raise, a capital profit of 55 million Israeli Shekels (ILS). The raise of the capital is planned to be towards the end of March 2005.


It has to be said that this is the second listing of the Polar Investment Group on the London AIM in this passed year. In July 2004 Nipson, controlled by Polar Communications, which deals with the manufacturing and international marketing of digital printers for commercial black and white printing, has raised approximately $18 million on the AIM Stock Exchange at the value of approximately $57 million. Today the company is traded at a value of U$71 million.

Telit, controlled by the Polar Investment Group, is an Italo-Israeli company which specialises in the development, design, production, marketing and sales in international and Israeli markets of cellular devices.


The company has two main activities:

The Data Products Business Unit develops, produces and markets a wide range of cellular products, which allows to transfer data on real time, for the machine-to-machine (m2m) market.


The Branded Enhanced Added Value Reseller Division (Branded EVAR) distributes cellular telephones and accessories under the Telit brand to cellular operators and to the open market.


The Company intends to capitalise further on the strong growth of the cellular m2m market and to increase revenues from its Branded EVAR Division by building on the Company's success in the Israeli and Italian markets, increasing the Company's market share in those existing markets and diversifying the business model into other geographical regions where the Group is already setting up sales and marketing operations


Telit's revenue in the year 2004 summed up to approximately $100 million.

The company has 155 employees located in Italy and in Israel.


Tsachie Apeloig is Telit Communications PLC's Chairman and Oozi Cats the CEO.

Seymour Pierce Investment House has been chosen to manage the process of the emission in England

Dibbs