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 &euro 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.
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.