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Funkwerk AG successfully completes sale of its Enterprise Communication business unit

Another milestone in the realignment achieved

(PresseBox) (Kölleda, ) Funkwerk AG has concluded the sale of Funkwerk Enterprise Communications GmbH, hitherto a group subsidiary. The entire Enterprise Communication (EC) segment has been sold to Teldat, a Spanish group based in Madrid. As expected, liquid funds totaling some EUR 8.5 million will accrue to Funkwerk AG from the transaction. In other words, together with the sale of Alpha Meß-Steuer-Regeltechnik GmbH in November 2011, Funkwerk has booked a cash inflow of around EUR 18 million, appreciably stabilizing the company's financial base.

The sales contract, which as reported was signed on October 18, 2011, was completed with Teldat S.A. of Spain and duly notarized on January 13, 2012, after fulfillment of all conditions precedent. The transaction covers Funkwerk Enterprise Communications GmbH in Nuremberg and its subsidiaries Funkwerk IP-Appliances GmbH (Nuremberg), Funkwerk Aphona GmbH (Vienna, Austria), Funkwerk Enterprise Communications France S.A.S. (Gradignan Cedex, France) and Funkwerk Enterprise Communications Italia S.R.L. (Milan, Italy), which thus are no longer part of the Funkwerk group and are deconsolidated.

With the successful closure, Funkwerk AG has achieved another milestone in the realignment of the group and its refocusing on its core areas. Since 2011 Funkwerk has concentrated exclusively on growth areas with strong margins and has spun off peripheral activities in order to bring company resources to bear more meaningfully and likewise optimize the organization's structure.

As reported, Funkwerk's annual financial statements for 2011 will noticeably reflect the realignment measures. Figures for the 2011 business year will be released on March 29, 2012.