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Elektrobit Oyj STOCK EXCHANGE RELEASE Free for publication on July 4, 2008 at 2.00 pm. (CET+1)
EB, ELEKTROBIT CORPORATION, SELLS ITS PROPERTY IN OULUNSALO
EB and RL-Nordic Oy have today signed an agreement, under which EB sold the property located at Automaatiotie in Oulunsalo to RL-Nordic Oy.
The debt free purchase price for the sold property is EUR 7.9 million. The cash consideration is about EUR 2.1 million. In connection with the sale EB has committed to a three years lease-back contract on the sold property. EB's intention is to focus its own business operations to Oulu and lease the Oulunsalo property to third parties.
The property sales transaction will not lead to significant capital gains. As a consequence of the property sales EB will recognise a non-recurring income item of approximately EUR 1.9 million in the third quarter of year 2008. Simultaneously EB will book a provision for approximately the same expenditure related to the utilization rate of the leased Oulunsalo property. The cash-flow impact for the second half year of 2008 is estimated to be EUR 1.8 million.
On October 31, 2007, EB announced as a part of actions to rationalize the company cost structure that it was assessing possibilities to sell its properties located in Oulu and Oulunsalo. On December 28, 2007, EB announced the sale of its property in Oulu.
July 4, 2008
Elektrobit Corporation Board of Directors
Further information: Pertti Korhonen CEO Tel. +358 40 344 5148
DISTRIBUTION: OMX Nordic Exchange Helsinki Principal media
EB, Elektrobit Corporation EB creates advanced technology and turns it into enriching end-user experiences. EB is specialized in demanding embedded software and hardware solutions for automotive and wireless industries. The net sales for the year 2007 totalled MEUR 144.3. Elektrobit Corporation is listed on OMX Nordic Exchange Helsinki. www.elektrobit.com
RL-Nordic Oy RL-Nordic delivers financial solutions to corporates, municipalities and state. RL-Nordic is a part of Raiffeisen-Banking-Group Austria and is a subsidiary to Raiffeisen-Leasing GmbH in Austria. www.rl-nordic.fi
