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Friday,
8 July 2005
+++ Settlement Agreement in force: INTRACOM and INTRAROM
receive first instalment from Cosmorom +++
The Settlement Agreement between INTRACOM S.A., acting
on its behalf as well as on behalf of its Romanian subsidiary Intrarom
S.A. and Ericsson AB, on the one part, and Cosmorom S.A., Romtelecom S.A.,
OTE SA and OTE International Investments Ltd. (OTEI), on the other part,
entered into force yesterday, 7 July 2005.
Pursuant to the terms of the Settlement Agreement, INTRACOM
and Intrarom will receive € 78.2 million (seventy eight million
two hundred thousand Euro) in three instalments (27.6 million, 27.6 million
and 23 million Euro respectively). The first instalment was paid today,
8 July 2005, while the second and third are to be paid on 7 July 2006
and 7 July 2007 respectively. The payment of the second and third instalments
is secured by two unconditional and irrevocable first demand bank guarantees.
About INTRACOM
Founded in 1977, listed on the Athens Stock Exchange since 1990 and included
in the FTSE/ASE-20 LargeCap index, INTRACOM is the largest multinational
Information & Communications Technology (ICT) solutions provider headquartered
in Greece. INTRACOM serves the government, telecommunications, defense,
banking, and large enterprise market sectors, focusing on Southeast Europe,
the Middle East and North Africa. INTRACOM Group's products and services
reach 60 countries all over the world. INTRACOM, besides Greece, operates
subsidiaries in 16 countries.
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