The consideration for One RF acquisition is 1.3 million new ordinary shares of 1p each in the capital of Telit. The company’s total issued share capital, following the issuance of the new shares, is 44.51 million ordinary shares of 1p each and one voting right per share.
The 15 employees of One RF will be integrated with the 40 employees Telit has in its Solutions R&D center located in Sardinia. One RF’s strategic acquisition is expected to enable Telit to capture machine to machine market segments that require short range solutions or combined solutions integrating short range and cellular technologies.
Recently the company declared its interim results for the six months ended on June 30 2008. The report said that research and development expenses, excluding share-based payments, were €5.2 million, compared to €4.0 million in H1 2007. Sales and marketing expenses, excluding share-based payments, were €6.3 million, compared to €4.1 million in H1 2007, with a majority of the increase stemming from the formation of new sales offices in the Republic of South Africa and Brazil and the increase in the number of employees in China.
The overall operating loss for the period was €2.6 million up from a loss of €2.0 million in H1 2007. Loss before tax was €3.5 million, compared to a loss of €1.2 million in H1 2007 due to the increase in operating losses of €0.6 million, higher net finance costs of €0.4 million and the inclusion in H1 2007 of a gain of €1.3 million on the partial deemed disposal of a subsidiary. Net loss for the period from continuing operations was €3.2 million compared to €1.3 million in H1 2007.
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