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Electronics Production | October 15, 2004

Elektrobit to buy PJ Microwave

Elektrobit Group Plc. has entered into a preliminary share purchase agreement according to which it shall purchase approximately 80 per cent of PJ Microwave Ltd's shares. As a result of the acquisition PJ Microwave Oy shall become a wholly-owned subsidiary of Elektrobit Group.
PJ Microwave Oy, operating in Oulu, Finland, delivers research and development services relating to microwave technology. The company employs 20 people and the net sales in 2003 amounted to approximately 1.8 million euro. It is estimated that the acquisition shall not have any significant impact on the Elektrobit Group's operating profit level during 2004.

The value of the shares to be purchased amounts to approximately 1.6 million euros. The acquisition price shall be paid by issuing 3.315.924 new Elektrobit Group Plc. shares in a targeted share issue to the current share holders of PJ Microwave Oy. The final purchase agreement shall be signed prior to the release of the third quarter results November 3, 2004.

Two thirds of the 50 per cent of the new shares, issued to the present major share holder, shall be subject to a transfer restriction. As regards one third the restriction shall cease 2005 and as regards one third the restriction shall expire 2006.

Through the transaction Elektrobit Group's shareholding in Ylinen Electronics Oy shall increase from 60 per cent to 90 per cent. Ylinen Electronics Oy, operating in Kauniainen, Finland, is also a company active in microwave technology.

Elektrobit is an expert in the field of mobile technologies, life-cycle testing of electronic products and production automation. The core competence of PJ Microwave Oy is the development of microwave based instruments for process industry, adaptive antenna systems, RFID applications and communication and sensor systems for defence forces.

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